Here’s the drill; the title has to be free of clouds in order for you to sell the property with no clouds on the title. Sounds a bit redundant. BUT, if you want to buy the place with a messy title, you can keep it and use it as a rental for however long you wish. You can even sell it, as long as your buyer is aware of the title problems and signs an affadavit.
Should you buy a property with a cloudy title? It depends on what is on there. Talk with a title co. and have them explain to you the ramifications. I hope I did not confuse you. I still have a rental with a messy title. The liens on there will never go away, but I am making $600 a month positive on the place, and I know I can sell it tomorrow for a nice profit even with the title the way it is.
I’ve come across a situation with a house that could be renovated and rented/resold at a profit. The problem is that the mother and daughter are fighting over who really owns the property… I’d guess this is going to take a long time to resolve. Anyone ever try and buy a house in this sort of situation? Ideas?
Who owns the property is not that difficult… - Posted by David Krulac
Posted by David Krulac on February 28, 2002 at 13:53:55:
whose name is on the deed? In the absense of no other recorded document, such as sales agreement, option, contract for deed, then the person on the deed is the owner and any other verbal assurances, contentions, or assertions to the contrary is just that TALK.