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"transfering a title"

  • Kimberly67
    Posted: May 15, 2010 08:17 PM
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    Petoskey, MI
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    My In-laws own 2 houses. My in-laws live in one house, my husband and I live in the other. Its paid off but in his parents name. They want to give us the house. Can they transfer the title to us or will we have to buy the house from them? Thanks.


  • #1
    Triad DMM
    Posted: May 30, 2010 10:42 PM
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    Triad DMM
    Winston Salem, NC
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    Hello again, Kimberly!

    In most states, you can file what is known as a "Quitclaim Deed." Essentially, this procedure is used when one party ("the grantor") wants to disavow its entire interest in a real property and transfer that interest to another party ("the grantee"). Most often, this procedure is used in divorce proceedings when one spouse keeps the house instead of selling it and splitting the proceeds. However, it may be used for purposes similar to this. A real estate attorney could probably make this happen pretty quickly for you.



    Triad Daily Money Management, Inc.

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