Quit claim deed and refinancing

[Zayna Callier]

My grandmother is planning on signing a quit claim deed to grant me ownership in our family home since she is getting older. There is still a small mortgage on the house which I have been paying for the last few years. My question is how long do I have to wait to refinance the house to put it only in my name and take her off the mortgage? My second question is once that happens am I able to to get cash out to do renovations? Any advice is much appreciated! Thank you.

[Veronica Frieling]

You could typically record the quitclaim deed at the time of the refinance. If you record the quitclaim prior to a refinance, the quitclaim will be "uninsured" meaning- it was recorded without having title insurance and will show up on title as an uninsured deed. When you go through the refinancing process, your grandmother will need to execute an Affidavit of Uninsured Deed that declares that quitclaim was true and correct. That document will then need to be notarized.

I'd just refi and execute the deed at the same time so you don't need to do double the work.