Drafting and recording a deed is fairly easy, but you want to have an NC attorney do it. If your parents take out a loan to buy it, there will likely be a due on sale or transfer clause that requires them to pay off the loan if they sell or transfer ownership. If the financing is private (your parents pay cash), then it might not help your credit as much as having a mortgage in your name. I would get my credit fixed first, then talk to a credit union about getting a very small loan on it so that I built credit after I owned it. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.