You may need the loan officerâ€™s help documenting the funds to close. That is the only sticky point I see in what you described. They may require documenting a gift to your parents of the down payment and closing cost which is okay based on your description. Your parents cannot borrow the funds from you but they need to show they have access to the money. Hope this is helpful,
Oscar R. Barajas
Atlantic and Pacific Real Estate
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.
Short Answer, yes you can be on title if you are not on the loan.
It sounds like your parents will be living in the home not you. Are you helping them by providing the down payment and closing cost, or are they helping you buy a home?
Kawain Payne, Realtor
Adding someone required a grant deed of some type. When I got married (21 years ago this month) I deeded my home as follows (paraphrased somewhat): Bob, who acquired this home as a single guy deeds to Mary and Bob, as a married couple.
The issue that screams out in your question is not so much can you, (you can easily do this â€“ just have the titled owners grant the property similar to what I described above,) but should you? I would make sure that whatever identity issues you have are absolutely taken care of before you get added to the title of a home. The last thing you want to do is be added to title and have a lien placed on the home.
Probably have all the answer you can handle.
Almost all the answer is right.
You can add your name to title.
Either before closing or after you close.
Your best rsource is the Title comapny
or Escrow company once you start the deal.
It's a win win situation for you and your
parents. You own a place, have your parents
a place they can call their own and share the
Good Luck Susan.
Century 21 Action!
2679 Long Beach, CA 90806
CA DRE Lic#: 01362188
Cell: (310) 597-5686
Best of luck to you!!!
Kawain Payne, Realtor
It depends on the lender, but to be put on title before closing escrow you need lender permission. After the fact a title company can handle this for a modest fee, but you should check your loan docs to see if permission is needed after the fact. Generally it isn't.
Lance King/Owner-Managing Broker
Title and Loan are two seperate things as you have surely figured out. You should simply put the 20% down payment plus any additionals, in at closing as "gift funds". Any lender you work with should be able to to do this and will guide you in how the process works. Its easy to do and available on most loan programs these days. if you would like a loan quote let me know, I can help!
Heather Raphael...Main Street Realtors, Long Beach,CA 90803...thank you
You're going to "pay back' your parents who are going to be the ones qualifying for the loan & when the deal closes they'll be the ones on title.
But, within a week after you close you can file a Quitclaim deed to be added to the title, you & your parents can work out whatever equity position you want & there you go. Just ask the escrow officer you're working with about getting this done.
If you have any other questions, just shoot me an email directly, I don't look back here on Trulia for answers posted after mine.
Realtor Since 1996
Main Street Realtors
More than likely you will not be able to. You could write up a seperate contract and make your parents sign that. I could refer you to a great lender I deal with on a regular basis. However, if you would like my help, I am an honest and down to earth realtor.
As a bonus, I will credit you up to 1% of the home price back through escrow on any home purchase of over 125,000! This could save you thousands!
Call or text me anytime...
Erik Bottema, Realtor http://www.SoCalCashbackRealty.com
Meridian Capital Real Estate
DRE #01895909, Member SRAR, NAR, CAR
Cell: (818) 426-1700
PO Box 311, La Canada, CA 91012