Home Buying in Los Angeles>Question Details

yperret, Home Buyer in Metairie, LA

My husband and I have our names as buyers on purch agrmt. Can we take our names off & put our daughters name instead?She qualifies for loan by herself

Asked by yperret, Metairie, LA Thu Jul 10, 2014

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I would talk to your real estate agent about this. If you are in contract with the sellers then you and the sellers would probably need to agree to this before you do it.
2 votes Thank Flag Link Thu Jul 10, 2014
The answer just prior to mine is correct. If your daughter did not sign the purchase agreement, she is not a party to the contract. In order to change anything in the contract, especially who one of the parties to the contract is, requires agreement between the buyer and seller. As long as your daughter qualifies, and you prefer that it be in her name then an amendment can be made by escrow for you and the seller to sign. You should not close in your name, and then use a quit claim deed to your daughter, because the loan would be in your name not hers. and the lender could call the loan. That would require obtaining a new loan with loan fees and lender title policy, and escrow fees to be paid again, all duplicate costs. It's possible that they would allow an assumption, but there would be a cost for that if they allow it. Find out if she qualifies, but be ready to co-sign and go on title with her if she does not.
Flag Tue Jul 15, 2014
As long as she can qualify for the loan, you can put her name on as the buyer, and remove yours on the offer paperwork. It does depend upon where you are in the process. Have you just made an offer or has the property already closed escrow?
If the sale is completed, it's more complicated but it can be done via a Quit Claim Deed. Have your agent help you and the escrow company.
1 vote Thank Flag Link Thu Jul 10, 2014
It might be simpler to quitclaim the deed after the escrow has closed. Again, ask your Realtor or the Escrow company about this.
1 vote Thank Flag Link Thu Jul 10, 2014
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