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    songbud's Avatar
    songbud Posts: 2, Reputation: 1
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    #1

    Sep 2, 2007, 07:36 AM
    What does a deed mean?
    I owe my brother $5000.00 he wants a deed to my house for the $5000.00. The house is now worth about 250,000. If I give him this and it gets recorded, will my mortgage company have a fit? Will he get my house for this paltry amount? Will I be able to re-finance my house? Is it a good Idea to give him a deed for my house for this amount or should I just give him an IOU?

    Please answer quickly - he wants it by Monday.
    Thank you.
    cal823's Avatar
    cal823 Posts: 867, Reputation: 116
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    #2

    Sep 2, 2007, 07:45 AM
    Isn't a deed like... ownership of the house?
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #3

    Sep 2, 2007, 07:55 AM
    A deed is a document that transfers ownership of property. If you give your brother a deed he will own your house and you will no longer own it. It will be his house, not your house. I strongly suggest that you NOT give him a deed.
    cal823's Avatar
    cal823 Posts: 867, Reputation: 116
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    #4

    Sep 2, 2007, 08:00 AM
    Any brother that demands ownership of your house is a lowlife.
    Don't give him the deed to your house
    Also, next time maybe try taking loans from more trustworthy family members who are more kind, or from professional banks or whatever?
    Or just don't get yourself into any kind of debt in the first place.
    songbud's Avatar
    songbud Posts: 2, Reputation: 1
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    #5

    Sep 2, 2007, 06:53 PM
    Thank you - Now that I know what a deed is I really feel better. When I needed the money he was the only one that would help me and he was really nice about it too-but, now two weeks later he's yelling at me and not very nice. I thought it was like an iou for only the amount of the loan, but, now you've answered my question I'm not giving him that. So I will give him a promisory note or an IOU. That I understand.
    Thank you very much.
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