mortgage transfermy father would like to pay off his mortgage transfer the house to me. How much does something like this usually cost?...

Question

mortgage transfer

my father would like to pay off his mortgage & transfer the house to me. How much does something like this usually cost?

Answer

Re: mortgage transfer

This depends on the size of the mortgage and the value of the house. You may have to pay transfer taxes which can amount to 3% of the value of the property. You may also have a prepayment fee that you need to pay in order to pay off the mortgage early. If you would like to talk more about this contact me at the address below and we can sit down and figure out the exact details.

Answer

Re: mortgage transfer

The transaction is not complicated it would ivolve drafting a new deed and recording it. You would have to get a payoff figure from the mortgage company. They should then complete and file a mortgage satisfaction so that it shows on the record that the mortgage was paid . this would avoid problems in the future if it still showed up on credit reports. There would not be a transfer tax as it is a tax free transfer from parent to child unless it was being transferred to another unrelated party.