Posted by David Alexander on January 28, 2000 at 21:20:19:
Havent read his course in awhile but, if the seller is transferring interest with a quitclaim deed only nad doesnt have an interest in the propety you dont either.
Bill, also has a warranty deed in his course with all the Trust language, I know that’s that’s the deed I started with.
David Alexander
Deeded a house - Posted by Terry (Dallas)
Posted by Terry (Dallas) on January 27, 2000 at 18:14:16:
In Texas if you are lucky enough to have a person deed you their house my question is:
What do you have them sign?
A warranty deed? A deed of trust? a quit claim deed? Not in a hurry but if a person wants to give me one I would like to know which one to pull out.
Thanks
Terry
Re: Deeded a house - Posted by David Alexander
Posted by David Alexander on January 27, 2000 at 19:13:29:
A Warranty deed is by far the best. It is a guarantee that they have an interest in the property.
A quit claim deed just deeds you any interest in the property they may or may not have.
In other words I could quit claim you my rights to the golden gate bridge, but since I dont have any interest you dont either.
A deed of Trust is a trust that becomes in effect in the event of default, it is was gives you your security interest to the deed.
David Alexander
Re: Deeded a house - Posted by Terry (David)
Posted by Terry (David) on January 27, 2000 at 20:04:35:
Thank you both. I have both forms so I am armed with this knowledge.
Terry
Re: Deeded a house - Posted by Stacy (AZ)
Posted by Stacy (AZ) on January 27, 2000 at 19:31:12:
I use a Warranty Deed to Trustee, since I want the property deeded to the land trust. It’s different from a regular Warranty Deed, with specific clauses having to do with the trust and trustee. Maybe I could use a Warranty Deed for this and accomplish the same thing. I don’t know.
Stacy
Re: Deeded a house - Posted by David Alexander
Posted by David Alexander on January 27, 2000 at 19:39:08:
No your right to deed to a trust you have to have that trust language in there giveing the trustee the authority to handle things for the beneficiary.
A normal deed doesnt have that language.
David Alexander
Re: Deeded a house - Posted by Barbara(AZ)
Posted by Barbara(AZ) on January 28, 2000 at 12:46:31:
According to Bill Bronchick’s Course the seller is transferring title by quitclaim deed into trust.
Any comments?