Expired Statue Of Limitations On Unpaid Note On Property
Have someone who is interested in getting rid of a "time share" . After initial purchase did not make any more payments. Lender went into Ch.11. RTC took over, Note, lender disappeared etc., Long story short Statue of limitations of 20 Years expired. No lender or note. How can i get clear title to the property he is willing to just "give" me?Its on the Beach......
[addsig]
there is no lien recorded.....?
Yep... get a Quit Claim Deed for "$10.00 and other valuable considerations", record the deed and initiate a Quiet Title suit with an experienced foreclosure attorney. That should do it.
[addsig]
Make sure you get title insurance.
If there is no lien recorded then the title is clear.
When you buy it (or shortly thereafter) get title insurance.
No need for a suit to quiet title if the title is clean.
He has been paying taxes and maint. to avoid foreclosure. Tried to get the Assoc. to take it but they did not respond.
Thanks for all the replies....DG
Management fees on a rental generally run from 5% (many properties or minimal effort required) to 10% (doing everything) of gross rent.
Ed,
There are eight ways to take title, six of them allow for co-ownership:
1) Community Property;
2) Joint tenancy;
3) Tenancy in Common;
4) Tenancy in Partnership;
5) Title Holding Trust
6) Community Property Right of Survivorship.
For a truly independent analysis, here is an excellent report from Chicago Title Company that should answer many questions. I find it to be very helpful and recommend that you download it. Enjoy:
http://www.chicagotitle.com//pdfs/8ways.pdf
Da Wiz