John Locke "quietly Taking The Deed" ?
Can anyone explain what John Locke means when he says he 'quietly takes the deed'. We have several propertys which we have taken Subject To via Trust.
John points out he does not use a trust this is very interesting to me how does he do this?
thx for your help!
You can use a Warranty Deed to transfer the ownership of the property directly to you or the entity of your choice. He chooses to not create a trust and transfer the interest in the trust, and all that goes with it. You now own the property and make payments on the seller's loan. Nice QUIET transaction.
Jeff thx for the reply.
i must assume he is recording this warranty deed, If so....is this not breaking the chain of title? in which the Title co. would notify the lender as a transfer of ownership has occured.?
You may order a title search, or abstract, or do one yourself. You should always do your due dilligence. If all comes up as expected, nothing prevents you from filing your warranty deed at the county recorder's office yourself. Don't overcomplicate the process. This does not break the chain of title. you have all of the necessary paperwork to document that you are rightfully in posession of title.
The process john teaches is very simple and can be done with
only a notary. You can record the deed yourself at the recorders office.
Jeff / REi, Thank you for the info I really appreciate it. I was to the understanding that if I did not place the propertys we took Subject To in a Trust the lender would find out and call the loan due. So using the Warranty Deed as you have described is encouraging news to me, i would like to use this process over using another trust on the next Sub To we do.
Thanks again!