If my in-laws are looking to transfer their home and mortgage to my wife and I, what would be the best option for this transfer?

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If my in-laws are looking to transfer their home and mortgage to my wife and I, what would be the best option for this transfer?

Quitclaim title transfer and then refinance? Contract for deed? Assume the loan? Also, we will be renting out our current property for the first time (within the next month), so for that money to qualify towards new loan we would need 12 months of rental history first. We both have good to very good credit.

Asked on August 4, 2012 under Real Estate Law, Minnesota

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The best way to accomplish the real estate transaction that you are planning to do with your in-laws, you need to have a formal contract and escrow set up setting forth price and terms. In the interim you need to apply for a loan to do the purchase where when escrow closes you take title by way of a grant deed with a brand new loan in place assuming the terms are better than the one already in place.


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