Posted by Paul-FL on October 06, 2003 at 07:18:28:
This person can Quit Claim Deed this property to 100’s of people at the same time as they are QCD’ing to you. Get him to DEED you the property. Then you are the true owner. Make paymets, sell, whatever.
No NOT do this transaction with a quit claim. Quit Claims are for people who for example are married and both on deed but now are getting divorced. One person will quit claim deed to the house to the other.
Get a DEED!
Help…Help!! Quit Claim Deed? - Posted by Michael
Posted by Michael on October 05, 2003 at 10:37:19:
Help! Help! Quit Claim Deed?
Hello everyone,
I have a tough situation at hand. A friend of ours (who is very wealthy and we are not:-) owes $15K on his 3bdr home with 15 Acre of land here in Vermont. He is moving out of state soon and don’t have the time to deal with Realtors. He offer to me to either assume the mortgage or to buy for what he owes the bank which is $15K (I checked). Initially he was going to move out of state & notify the bank to take the property. My life savings is only $9K (bonds, shares, CD, etc) but I don’t want to liquidate everything to buy this property and then stay broke. I read once that owners can Quit Claim their Deed. Can he sign a Quit Claim Deed and transfer the property to me? This way will not raise any flags with his mortgage company. The payments will continue, of course on his name, but by title the property is mine? Could someone help me please. He is a long time friend…there is no problems with the property at all…$270/month is the PITI…he has no knowledge of the transaction.
Please email me to majestry_group@yahoo.com. Will post the results.
Thank you,
Michael James
Vermont
Re: Help…Help!! Quit Claim Deed? - Posted by terry
Posted by terry on October 06, 2003 at 02:24:05:
hi michael
i am in virginia and what i do is leave the mortgage in his name and have the payments made by a third party
so that no red flags are raised. he just needs to tell the mortgage company that he is doing it this way to protect his assets.
you could have him sign a quit claim that you have notorized but you keep it in your files until you sell it.
next you want to file with the local courthouse a memorandum of agreement or option.
this clouds the title so that your friend cannot change his mind later when the stock market wipes him out and they have to deal with you to finalize the sale.(worst case senerio)
go to resultsnow.com get their free book and buy the 2 others; these guys give excellent advice.
never put any of your money in a deal unless you are getting instantly reimbursed.
i suggest you do rent to own with your purchaser.
or find someone to buy it at a discount and make a healthy profit.
but make sure you do all your home work before you go into the deal and make sure you have an escape clause so you do not get burned.
good luck and have a great day!
terry