[WKENNEDY]

I am living in a relatives home and paying rent. My relative wants to Quit Claim the deed to me so that I can refinance the mortgage in my name. My relative has not lived in this home for over a year and she wants to get rid of this obligation a cheaply as possible. How can we do this, legally? (In Georgia)

[LisaB4657]

The way you've described it, your relative would be selling the home to you. The quit claim deed transfers your relative's ownership of the property. It sounds like there is currently a mortgage on the property, so you would apply for a mortgage now for the purchase of the property. When the mortgage is ready for closing your relative would provide a deed and the title closer would use your new mortgage to pay off the current mortgage.

This is not a simple transaction so I strongly recommend that you retain an attorney to handle it for you, or at least have it handled by a title insurance company. They will take care of the paperwork, including the title search, payment of taxes and closing fees, mortgage payoff and transfer of title.

[Fr_Chuck]

You will not be able to quit claim the deed over to you until you get a new mortgage, what you are doing is not a re-finance since you don't have an old mortgage, but you are going out to get a new mortgage and you are going to BUY the property, they are offering to sell it to you on a quit claim deed ( If I was buying it I would prefer a warranty deed but a quit claimwill do. But you can't transfer ownership with an existing mortgage on it, the mortgage now on it,has to be paid off to be properly transferred to a new owner.