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    hess68d's Avatar
    hess68d Posts: 1, Reputation: 1
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    #1

    Oct 26, 2007, 01:03 PM
    Quitclaim deed to daughter
    I want to give my home to my daughter as a wedding gift. If she wanted to get a loan on the house to fix and start her credit would she have to wait for some equity?
    Could she use the home as collateral? I paid cash for this home 6yrs. Ago so I'm not sure
    How that would work for her. She has new credit, but some money in the bank.(invested).
    I want the best for her so Im not sure if this would work to her benefit.Any info would be greatly appreciated.:confused: :)
    Choux's Avatar
    Choux Posts: 3,047, Reputation: 376
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    #2

    Oct 26, 2007, 02:05 PM
    The quitclaim deed is a bad idea.

    To transfer the property properly, that is get a title search and get a clear deed to the property transferred to your daughter you have to sell her the house, so to speak, for a nominal amount.

    She wouldn't be able to get a home equity loan on the property without proper ownership documentation, or use the property as collateral for anything.
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