No. You can "NOT" because you did not qualify for the loan. Second, you can not do a quit-claim after close. The bank has 180 days waiting period to "season" the loan before the bank sell to somebody else and will check title. Once it is transferred, it will trigger "Due on Transfer Clause" and can call the entire loan DUE and payable. Second, you can not add your name to title either immediatley afer the close. It will trigger the same action. SO no Quit Claim and no add name to house title. Then what you do?
Do a Land Trust on the Property, naming you as the Trustee for the House and Your Parent as the Beneficiary of the Property. This will qualify for the Bank's requirement that
The original borrow is the beneficiary and "equity title" of the property and you has the power of control as the "trustee and holds legal title" which satisfied your requirement.
The Title of the Trust shall be
Susan Ross, Trustee of the Ross Trust, dated 11/8/2014
As long as the beneficiary is your parents there will be NO TRANSFER TAX
other than county filing fee of $25 dollars.
Just Google "Land Trust or Land Trust Title" you can do it yourself if
you hire others to set up it be around $1,500 or if you do it on Rocketlawyer.com
it will be $19.00 per month and you can cancel after 3 months.
As long as the beneficiary is your parents the title insurance will still
cover them under the landtrust.
Once you add your name to the title like Quit Claim method or just add your name to it, there is no title insurance to cover YOU if title issue involved.
However, anything you do with the property must have their permission and they know about it with "consent" that is being a good servant and as in this case "Trustee" of the Trust.
Upon sale, the money will be PAID to you and all rent is PAID to you and
you can distribute how and which ever they like as long as they DO NOT OBJECT.
f. liu, trustee & co.