How Do I Get The Deed Of Trust?
I live in San Antonio, Texas where lenders secure their loans with Deeds of Trust. I have a property that I am not sure how to aquire. What document do I use? I only know about a warrenty deed from the Sub2 courses I have studied.
1. Warranty Deed
2. Affidavit (Thats states you owe no more money to seller)
3. Purchase Agreement that states that you are purchasing Subjct To: existing mortgage.
4. Power of Attorney to manage real estate.
5. Make sure you get all the sellers personal info.
SS#, Birth date, Mother maiden name, etc.
I know all of that. So, are you saying after having them fill out the quit clam; I fill out the warrenty deed. What about the mortgage companies deed of trust. Answer that and I think I will understand.
Why do you not file a quit claim? That means the seller will still have ownership, Right??? I mean the quit claim removes there claim to the property and gives it to me. Right?
[ Edited by Gerald2005 on Date 04/08/2005 ]
Gerald2005,
Quit Claim Deed
# Transfers the entire interest that a person has in real property. It does not warrant that there are no encumbrances other than those listed on the deed.
# Transfer property between people well-known to each other, such as family members or divorcing spouses.
# Clear up questions of full title when a person has a possible, but undetermined interest in property.
You could have partners you did not realize you had, as this deed only transfers and interest in the property.
Warranty Deed
# used where the grantor can fully warrant good clear title to the property, free from any encumbrances that are not listed on the deed.
# used in most real estate deed transfers, as it provides the greatest protection of any deed.
# also known as a Grant Deed in some jurisdictions.
Best way to go in the situation you are talking about.
John $Cash$ Locke
[addsig]
Therefore, I do not need to worry about the Deed of Trust. Just file the quit claim deed and warranty deed and take over the payments?
I got William Tingles course. I was taught to file a Quit Claim Deed and a Warranty Deed. Is this not correct?
Gerald2005,
Ok, what would you file the Quit Claim deed on?
What would you file the Warranty deed on?
Since you were told to file two deeds.
We will figure this out so you understand, but you will have to give us the above information.
John $Cash$ Locke
[addsig]
I will file the Quit claim deed to relinquish owners interest in the property. I would file a warranty of deed which will convey title to the property to me with mention of the existing lien.
I see. What is the purpose of a quit claim. If the seller does not want to guarantee the title then they use a quit claim?
Gerald2005,
If a seller does not want to give you a Warranty Deed you do not want the property and make no mistake about it, do not do the deal.
A Quit Claim Deed is used for instance in divorce situations where one spouse Quit Claims their interest in the property to the other spouse. Another case where it is used to clean up a title and this is normally done by the title company. These are acceptable applications where this type of deed is used.
John $Cash$ Locke
[addsig]
I understand now. Thank you. I have to have mis-read. Thank you, Thank you...
make sense to me! thanks