How hard is it to switch a deed into my name?

Asked by Brittney, Charlotte, NC Tue Oct 22, 2013

If my parents buy/finance a house for me, how hard or easy would it be to switch everything into my name once I get my credit right?

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Daniel Fisher, Agent, Charlotte, NC
Mon Nov 4, 2013
Good evening, Brittney:
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.
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My NC Homes…, Agent, Chapel Hill, NC
Tue Oct 22, 2013
Very easy, you'll simply have the same attorney you use for the closing revise the Deed it will cost roughly $100 to do this.
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Rich Russell, Agent, Charlotte, NC
Tue Oct 22, 2013
You should definitely meet with a real estate attorney so they can give you guidance on the best method for making changes. There are different types of deeds for different purposes and it is critical that they are done properly. As the previous broker mentions a mortgage (if one exists) can complicate matters as well. An attorney should be able to give you guidance there as well. I'd be happy to recommend one in Charlotte for you to talk to if interested. Just send me a private message and I'll respond with the contact information.
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Tim Moore, Agent, Kitty Hawk, NC
Tue Oct 22, 2013
Changing the deed is not hard, a lawyer can do it and record it. That is not the same with the mortgage and that requires you to refinance it out of what it is to in your name. If you can't get a lender to give you a loan your folks might want to leave it in their names since the deed shows the owner while the mortgage shows who is expected to pay for it.
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