Selling subject to property - Posted by Ed_IL
Posted by Ed_IL on January 19, 2000 at 16:06:11:
I took title on a home in a trust subject to the existing mortgage. I did so at a kitchen table closing and I did record the deed. Now I’m approaching selling it. I know there are several ways to sell: L/O, O/F, Cash, Sell the note, etc.
My questions are:
#1 Am I liable for a transfer tax when I bought?
#2 When I have a closing at a title co. when I sell, do I now have another transfer fee for passing title to my buyer?
#3 Is there a way without assigning a contract to take title to a property, record it, and then pass to a buyer w/o having two deed transfers?
I think I’m talking about doing a similtaneous closing senario. However, when I recorded the deed I may have eliminated that option and may have a double closing type senario.
Any advice. I WILL find a way to get it done one way or another.