Minnesota  |  Real Estate Law

Legal Question

Asked on: 8/04/12, 12:22 pm

My in-laws are looking to transfer their home and mortgage to my wife and I. We both have good to very good credit. 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. Thank you very much for your help.

1 Answer

Answered on: 8/06/12, 4:19 am by Daniel Reiff

It is impossible to answer this question without first examining your in-laws loan paperwork and speaking with all involved. There is likely a due on sale clause, although I can't say at this point. It is also necessary to know more about what everyone wants out of the transaction and the finances of all involved.

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