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Home Questions Buying Transferring home to our name
Transferring home to our name
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January 29, 2009, in Buying

We have a house for sale in Marietta, Ga that has not sold yet. My husband's grandmother offered to let us move into her house down in Savannah and not purchase it until our house sells. She wants to go ahead and have the house put in our name(without exchange of money)and have us pay the taxes and insurance. Should we do this? Will there be any problem getting a loan if we do this before our house in Marietta sells? Are there any tax benefits in doing this? Thank you so much for your help.

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1 vote
Joel Owens    January 30, 2009

Does your grandmother own the house outright with no mortgages???

If so she would do a QUIT CLAIM deed in your names and then you would own the property.

If there is a mortgage on it the QUIT CLAIM title would be in your names subject to any senior liens (morgtgages,tax liens,judgements,etc.)

Your first home you are selling now most likley has the homestead exemption on it.

As far a purchasing the home it depends on what your debt ratio is. For instance some people would qualify to own 2 mortgages. You also could rent out the home in Marietta that didn't sell and count that towards your debt ratio income to purchase the property in Savannah.If values have dropped and you can't selll the house it might be better to rent until the market returns to a price you can sell it at.

You need to talk to a mortgage broker for options.

no legal advice