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Fathers Home Deed
My father is 82 and wants to Quit Claim his home to me for the purposes of me refinacing the home for improvements. My mother died this past Dec 06 and I have 9 other siblings. The bank wants my name on the Deed in order for the refinace to take place. Can I just add myself with a Quitclaim with my Dad to get the loan, or do I have to have sole ownership from the bank's point of view? I also would like to add my siblings later on, is this possible? Thanks
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Your dad can quit claim the property to you and him as joint tenants. That should be enough to satisfy the lender. However, there may be some tax implications since, essentially your dad is gifting you half the value of the home.
You will run into a similar problem if you add siblings later. |
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