Is Title Clear/Deed In Leiu Of
I have an expensive SS as it turns out. And estate sale, that has never been probated (after a year and a half), the woman I am dealing with is the daughter of the deceased and wants nothing...great SS and it has been accepted by the bank...but now I will need to get the estate probated which could run 2-5k depending on what they find. Yes I know DD!...but if the woman does a deed in leiu of will that clear the title?
Thanks, as always...
A DIL (deed-in-lieu) of foreclosure is a conveyance of ownership interest by deed from a foreclosed mortgagor to the mortgagee...
Generally, by accepting a DIL, the mortgagee agrees to discontinue the foreclosure, and release the mortgagor from his/her responsibilities under the mortgage/note.
I'm not sure that you want the Estate to deed the property back to the lender...
Deed in leiu of what. Usually a deed in leiu is in leiu of foreclosure which transfers ownership to the bank without foreclosure. The bank may still have recourse against the owner for any stortage they realize i the subsiquent sale of the property unless the deed in leiu is without recourse. A deed does not clear title but merely transfers title. There may still be judgements etc against the owner and the property that may cloud the title. If it is in probate there is no way to deed the property out by the heirs until the court action. You may want to get a deed from her just the same to insure she does not change her mind. An earnest money contract should be enough but a deed would be better. Also have a title search done, You may find more judgements than you can settle.
Good LUCK and Thank You
Hope this helps some
Ted Jr
Tedjr hit it right on the head. I would get a title search done or do one yourself to determine if title is clean. If title is clean then make sure that all parties have conveyed their rights to you. If the property has already gone to SS, when you pay off the mtgee you should get a sheriffs deed at closing.