Legal Question in Wills and Trusts in Florida
Transfer of Deed to a Child
How do we transfer our house to our childs name? Do we use a quitclaim deed or a warranty deed? Also, does the child have to qualify with the mortgage company that holds the loan? If the deed is transfered can our child obtain a loan off the property? For example a home equity loan. Thanks
2 Answers from Attorneys
Re: Transfer of Deed to a Child
You can transfer your rights to real property with a quitclaim or warranty deed. As the second part of your question, many mortgage companies will require the mortgage be paid off whenever there is a change of ownership. You need to examine your own note and mortage. The question I must ask is what are you trying to accomplish by transferring property to your child? I think you need to fully discuss this matter with an attorney you trust.
Re: Transfer of Deed to a Child
If your "child" is a minor, you should set up a trust so that you can still have control. Otherwise,you cannot sell or mortgage it. Worse yet, your child could lose it if he's irresposible,getting a divorce,bankrupt,etc.
WHY WOULD YOU WANT TO DO THIS ?
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