Posted by JohnP SFL on September 18, 2004 at 07:50:23:
Leland,
Yes, you should have the deed recorded immediately. If you don’t record you don’t own. Anyway are you giving them any money? If you are wait till they are out of the house. Also do a title search before you hand them money. You also need to hold the property either in a trust or an LLC. This will help with the due on sale clause. DO NOT GIVE THEM MONEY UNTIL THEY LEAVE. I hope this helps.
JohnP
S FL
Sub2 Question - Posted by Leland
Posted by Leland on September 16, 2004 at 13:58:49:
What if: I have just made a deal to buy a property subject to the existing financing. The deed has been signed over to me. Should I have the deed recorded immediately? The former owners say they will vacate the house in three days. What if they don’t move out as they agreed to do? Are there any other problems that could arise that I should be aware of short of the mortgagee accellerating the loan?
Any and all advice is apprpeciated.