Legal Question in Real Estate Law in Georgia
Transfering loans/quitclaim deeds
My husband has the deed to our house in his name only. Do I need to have my name added to our current deed in order to take over and assume the mortgage in my name instead of his name? Or should we just get a quitclaim from him over to me into in my name and transfer the loan/mortgage thereafter to me? We want to make the loan assumption/transition as smooth as possible. Only I will be on the loan from now on and not him. I don't want to purchase the property from him, just have it in my name in ownership and mortgage.
2 Answers from Attorneys
Re: Transfering loans/quitclaim deeds
You do not "transfer" a loan, or somehow remove his liability, without the consent of the lender. Basically, that means you go out and apply for loans in your name only, and have a closing where you both sign all appropriate paperwork to tranfer title to you and assure his loan is paid off.
Re: Transfering loans/quitclaim deeds
Contact the lender. Generally, loans are not assumable. Generally, you have to refinance the loan to get it in your name. This means you have to apply to a lender. If he wants to transfer the equitable interest to you he would generally do that using the quit claim deed.
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