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I will be moving to Las Vegas shortly and I wanted to know if my father purchases a home (around 150k) with a minimal down payment and then quit claims the property to me- is he totally free from financial responsibility for the property? Will I need to qualify for the loan before the property can be changed into my name?

3 Thoughts on two questions about quit claims?
  1. Reply
    xpatinasia
    February 10, 2014 at 2:17 pm

    Why would your father do that? Your post reads as though the two of you are trying to cheat someone. Your father can only quit claim a home that he owns, and he does not own the home. For your father to have no further financial responsibility for the home, it has to be properly deeded to you, and that would require you to be able to assume the financial burden. That is, you have to either have to qualify for a mortgage, or have the financial resources to buy the home with cash.

  2. Reply
    the kid
    February 10, 2014 at 3:10 pm

    Quit claim gives up OWNERSHIP, it doesn’t get him off the mortgage. His mortgage company will not allow him to quit claim the property without satisfying the mortgage.

    Yes, you would have to qualify for A loan, not THE loan, b/c you can’t just take his loan. You would have to qualify for your own mortgage and buy the house from him.

    Your plan won’t work.

  3. Reply
    Landlord
    February 10, 2014 at 3:10 pm

    He will not be able to quit claim off it if there is a mortgage, you can only change title while the title is clear. You would need to obtain a mortgage in your name in order for him to do this.

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