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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 46887
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Buying a second home. Would like to get my daughters on the

Customer Question

Buying a second home. Would like to get my daughters on the deed and also like them to get tax benefit . They are not on the loan
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. In order to put your daughter on the title, you will need to sign a quit claim deed transferring an interest in the property to your daughter. The deed would need to be witnessed, notarized, and then recorded in the real property records of the city/county in which the property is located. Since you have a mortgage on the property, your loan documents are likely going to require the lender's consent to a transfer of any interest in the property, but since you are also remaining on the title, you are transferring an interest to a family member, and you remain on the loan, the lender should be willing to consent. If you need a form for the quit claim deed, let me know and I'll be happy to provide one for you.



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Customer: replied 1 year ago.
Several concerns.
1. One daughter had a foreclosure in 2011 and I understand not eligible to buy property until 7 years .she does have good credit rating. That is he reason why I I'd not put her on the loan . However I would like her to get the tax benefit and own a percentage of he property.

2 my second daughter does not have ood credit. She is owing on it. I also want her to have ownership in the property.

Can you outline for me he steps to take to accomplish the a be goals and can you send my the forms I may need.
Can you alo tell me the time frames that this can be done?
Just closed escrow on the property on 7/20/13
Thanks for your help
Thank ou
Expert:  Richard replied 1 year ago.
Thanks for following up. 1) As long as the lender consents to the transfer, you can put her on the title without putting her on the mortgage. The lender should consent because the lender is in no worse position. 2) Same thing with the second daughter!

I have provided you the quit claim deed form below. You first want to contact your lender, tell them what you want to do, and ask their consent. Then, prepare the quit claim deed, sign it, have it witnessed and notarized, and then record it in the real property records of the city/county in which the property is located. That's it!


STATE OF _______________ )
) QUIT-CLAIM DEED
COUNTY OF __________ )


KNOW ALL MEN BY THESE PRESENTS that ________________________., (hereinafter "Grantor") in consideration of the sum of One Dollar ($1.00) to the Grantor in hand paid at and before the sealing of these presents by _________________________________ (hereinafter called "Grantees"), the receipt of which is hereby acknowledged, has granted, conveyed, remised, released, and forever quit-claimed, and by these presents does grant, convey, remise, release and forever quit-claim unto Grantees, their heirs and assigns, all of its right, title and interest including any remainder interest, in the following described property:

[Property Description]


Together with all and singular the rights, hereditaments and appurtenances to said premises belonging or in anywise incident or appertaining; to have and to hold all and singular the premises before mentioned unto the Grantees, and the Grantees’ heirs and assigns forever, so that neither the said Grantor nor Grantor's successors and assigns, nor any other person or persons claiming under Grantor shall at any time hereafter by any way or means, have, claim or demand any right or title to the aforesaid premises or appurtenances, or any part or parcel thereof, forever.
WITNESS the Grantor's hand and seal this _____ day of ________________, 20__.


{Signatures appear on following page} 

Signed, sealed and delivered in the [Grantor Signature Block]
presence of the following witnesses:


_______________________________


_______________________________


STATE OF ________________ )
) A C K N O W L E D G M E N T
COUNTY OF ___________ )


Subscribed, sworn to and acknowledged before me by ____________________, Grantor, this ________ day of ____________________, 20__.


(L.S.)
Notary Public for _____________
My commission expires:


Customer: replied 1 year ago.
1 Is this commonly done and what percentage of lenders agree to this transaction.

2 what will or could happen if I I'd not ask the lender and just do the quit claim and they are not on the mortgage

3 when can this be done seeing that I just closed escrow. Is there a waiting period?
Thanks
Expert:  Richard replied 1 year ago.
1) Yes, it is commonly done as family planning and typically a lender will agree to this. 2) It's very possible the lender would do nothing. 3) There is no waiting period...you can do it anytime.
Customer: replied 1 year ago.
Can you draft a statement for me how to ask the lender to consent to this .
Thanks
Expert:  Richard replied 1 year ago.
I'm not allowed to actually draft the letter under my terms of service with Just Answer. But, you basically want to say: i) you're doing some family estate planning; ii) that you'd like to transfer an interest in the property to each of your daughters; iii) that you will remain on the title and the mortgage; iv) that this will in no way have any adverse impact on the lender; and v) that you are requesting their consent to the transfer. Then end it by thanking them in advance for the consideration.
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 46887
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Richard and 2 other Real Estate Law Specialists are ready to help you
Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help! For easy access, my bookmark is: http://www.justanswer.com/law/expert-legalbeacon/

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Richard
Richard
Real Estate Lawyer
46887 Satisfied Customers
32 years of experience as lawyer in Texas. I'm also a Real Estate developer.