getting a deed?
Hello All,
I sent a lead to an experienced investor in town and he'll let me tag along to learn. This owner is divorced but his ex is still on the deed (it's a condemned house). My investor says that he'll see first if 1. the wife will sign off and 2. if the owner will also sign over the deed to make this deal happen. I am trying to figure out what everyone means when they say "get the deed" or have it signed over to another person. Is there an actual piece of paper that is signed or is it another contract that we bring to the homeowner to sign? Thanks, Ty
[ Edited by tntmoz on Date 04/18/2003 ]
It's an actual form that is used to transfer the deed or relinquish their interest in the property to someone else. Examples are a "Warranty Deed" or "Quit Claim Deed." Each form has it's own purpose, you have to know which one to use.
It's great to hear that an investor is showing you the ropes. Most people learn quicker that way.
Tanya
Hi Ty,
The deed is a piece of paper you have the homeowners sign and notorize that transfers title to the property to you. Once you take the deed to the county courthouse and file it, you are the new owner. You can get deeds from an office supply store or from a title company/attorney in your area. There are two basic types... Warranty and Quit Claim. We use Warranty Deeds. It is a better deed in the event of trouble.
Talk to you Monday,
Dwan
Thanks for the answers, It was just what I needed!
Dwan, my investor is Jon from the seminar!! It does work if you'll work it!
Ty
Ty,
I'm looking forward to hearing about your deal.
Dwan
[quote]
On 2003-04-19 02:10, DwanBent-Twyford wrote:
Hi Ty,
The deed is a piece of paper you have the homeowners sign and notorize that transfers title to the property to you. Once you take the deed to the county courthouse and file it, you are the new owner. You can get deeds from an office supply store or from a title company/attorney in your area. There are two basic types... Warranty and Quit Claim. We use Warranty Deeds. It is a better deed in the event of trouble.
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Dwan,
I am soooooooo very new at this, and you seem to be in the know....... Can you tell me........if I have the owner sign a "Quit Claim Deed" on a pre-foreclosure property then am I responsible for all taxes, back interest and liens listed in the foreclosure? Does anything fall off? Then do I contact the bank and pay off the existing balance with them? I ordered a book on pre-foreclosures but it hasn't come yet. Any help would sure be appreciated.
Charon
Hi Charon,
Dwan and her partner Sharon are teachers here at tci. They have a shortsale class that will teach you about buying pre-forclosures. Don't pay full price for any property without learing about shortsales first!! Welcome aboard!
Ty
Ty
You were talking about a class on Pre foreclosures, I'm interested as well in that class, can you tell me were to find it?? Thanks Greg
Ty,
It's obvious you now know what getting the deed means. FYI...many investors, ourselves included, get a lot of properties like this. We take over the deed, and keep the current financing in place. This is no money down, you just take over someone else's mortgage.
To answer Charon's question, when you take over the deed you get all the problems with it if you have not first done your due diligence...do a Title Search, before taking over a property like this.
Glad to hear you have somebody working with you.
Juan
Hello all,
for the classes here at tci just click on the school tab at the top of the page!
Ty
Hi Ty,
The way I see this you are going to need a Quit Claim Deed from the wife to the husband and a Grant Bargain and Sale Deed or Warranty Deed from the husband to you with the Quit Claim recorded first.
So now the wife has signed off to the husband and then the husband has now sold the property to you.
This way all sellers have now signed off to you the new buyer.
Best of luck
John (LV)
Wow John!
I'm kinda glad I'm just following along on this one!! The rehab is way too extensive for me to even consider. At least someone gets a deal and I get to learn the process.
Thanks to everyone for your responses!
Ty