"ask for, or get the deed" terminology? - Posted by Brent_IL

Posted by Jim KC on February 13, 2002 at 19:35:12:

Get the deed or ask for the deed simply means when all is done you own the property (deeded to you) vs a Lease option or Contract for Deed when you get the deed only when you pay off the debt. I own four currently where I was deeded the property (thru a land trust) If the seller does not trust you or is very credit conscious he probaly will not deed you his or her house. He may lease it too you, or CFD you.

“ask for, or get the deed” terminology? - Posted by Brent_IL

Posted by Brent_IL on February 12, 2002 at 22:31:13:

I’m behind on RE jargon. When people say to “get the deed” or “ask for the deed” are they saying that lease options are bad? Are they saying to do subject-to deals?

I tried the archives, but couldn’t find a direct answer.

Every house I ever saw came with a deed at closing. Why would I have to ask for one?

So, if I’ve got this right, - Posted by Brent_IL

Posted by Brent_IL on February 14, 2002 at 24:57:38:

The phrase, “get the deed” is an admonition to acquire ownership of property instead of an equitable, or option interest.

Is that it?

Thanks, Russ and Jim.

Re: "ask for, or get the deed - Posted by Russ Sims

Posted by Russ Sims on February 13, 2002 at 19:42:34:

Lease/options aren’t bad, but it’s better if you can get the deed. If you have the deed you have full control over the property: you can sell by lease/option or owner contract. And once you have the deed there’s no way creditors from the previous owner can rack up judgements or liens against the home (which they certainly can do with a lease/option although there’s steps you can take to minimize this risk).

Certainly a ‘subject to’ deal is preferred over a lease/option or Real Estate Contract because it puts the deed in your hand.