If my Mother quitclaims a house to me will I be considered a first time home buyer?
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If my Mother quitclaims a house to me will I be considered a first time home buyer?
My Mother & her sister own the house I live in currently but we are trying to figure out a way for them to put the house in my name so I would be the owner & be a first time home buyer. The biggest reason we are trying to do this is to get the first time home buyer tax credit so I can fix some the things wrong with the house. Another issue we think we may have is that I may not be able to get the tax credit being that I am buying the house from a relative.
Asked on June 9, 2009 under Real Estate Law, Florida
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
You quit claim a property means you are given a house without any warranties. I am unsure if the first time home buyer laws require a house with warranty deeds. In other words, your quit claim may negate any benefits you receive. Your best bet, is to contact the lender and find out if a quit claim will negate any program you wish to enroll in.
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