Posted by Jim on March 26, 2001 at 02:51:12:
nt
Transfer of deed - Posted by Tom
Posted by Tom on March 24, 2001 at 22:02:02:
When you transfer title, you transfer word for word, correct? If the sellers deed has the names of both on it with one name Quit Claimed, do you still copy word for word on your GWD ? This is what I did and shot a copy of the Quit Claim. I’m sure hoping this is right. This is my first deal…whoopeeee, and I don’t want to mess it up. Thanks for all your help.
Copying word for word is a problem… - Posted by David Krulac
Posted by David Krulac on March 25, 2001 at 12:57:27:
if there is an error on the original deed. Creating new deeds is not for the novice and probably not for most other people too. In some locals the attorneys have claimed that writing a deed is practicing law without a license!
Re: Transfer of deed - Posted by Bud Branstetter
Posted by Bud Branstetter on March 25, 2001 at 11:51:10:
Not that Joe is wrong about doing your own deeds when you don’t know what you are really doing but his rethoric may have come across a little harsh. It is time to learn. Set down with a title company rep or their attorney and find out why you would use a warranty deed vs a quitclaim deed. Or what a special warranty deed is. Some of these have been discussed and can be found in the archives.
Bill may have meant that the legal description should be word for word, caps and puncuation. A wrong name can be signed then the correct one under it. Even Legrand talks about cuting and pasting the legal description. Would he lead you wrong?
Re: Transfer of property! - Posted by JoeKaiser
Posted by JoeKaiser on March 24, 2001 at 23:17:30:
Tom,
You’re talking about deeds as though this is monopoly. Sure, real estate may very well be a game, but it’s played for keeps and drafting your own deeds when you don’t have a clue about how and why it’s done is a sure way to get creamed . . . for keeps.
Spend the $100 for an attorney to do the thing right. I’ve bought and sold hundreds and hundreds of properties, and although I occassionally create the paperwork (but not often, we use escrow companies here), it’s always paperwork an attorney put together originally.
You “don’t want to mess it up.” I suspect you already did.
It is finanial suicide to take this sort of mindset into your beginning real estate efforts. Just the opposite is required. Since we don’t know everything, we hire people who do to handle the stuff that has the potential to get us into deep trouble . . . and you should do the same.
Joe
Re: Copying word for word is a problem… - Posted by Tom
Posted by Tom on March 25, 2001 at 13:06:19:
Thanks David, so if you buy a property and want to get the deed, and also sign a P&S to tie up the property, what do you do? What contracts do you use? I appreciate any help you might give.
Re: Transfer of deed - Posted by Tom
Posted by Tom on March 25, 2001 at 12:57:51:
Hi Bud, thanks for the info. What I really need to know is,IF I transfered the legal correctly, what about the other info on the title. When you have a Quit Claim (that’s recorded), giving title to one of the parties, do you still put both names on the GWD. I am still going to have a title co. do the closing, someone told me to get the title since I’m buying for back taxes, subject to sellers loan. I also signed a P&S agreement with the seller. Any help would be greatly appreciated.
Re: Transfer of deed - Posted by Tom
Posted by Tom on March 25, 2001 at 12:56:38:
Hi Bud, thanks for the info. What I really need to know is,IF I transfered the legal correctly, what about the other info on the title. When you have a Quit Claim (that’s recorded), giving title to one of the parties, do you still put both names on the GWD. I am still going to have a title co. do the closing, someone told me to get the title since I’m buying for back taxes, subject to sellers loan. I also signed a P&S agreement with the seller. Any help would be greatly appreciated.
Re: Transfer of deed - Posted by JoeKaiser
Posted by JoeKaiser on March 25, 2001 at 12:20:03:
Bud, you’re correct, of course. A deed is not usually a complicated document, and creating your own not generally problematic.
However, it’s that one in a hundred you created that jumps out and bites you in the rear end that makes paying for the other 99 worth the money.
Case in point . . .
Back before “cut and paste” was a computer term, I literally cut and pasted a legal description from the old deed into a new deed I’d created (we’re talking scissors and tape here). Seemed like a good idea at the time. Recorders office wouldn’t accept it and the gal removed the taped in legal and had me hand write the legal while I’m there at the counter.
Result? Two years later, I still couldn’t sell the property. Made an error in the legal, seller died before problems were detected. It was ulimately resolved, but at a tremendous costs of time and money. Yep, thousands of dollars and years of time and trouble. All would have been avoided had someone who knew what they were doing been involved.
There are places to save money in this business, but cutting corners on document creation on your first deal isn’t one of them.
Joe
Re: Transfer of property! - Posted by Rose
Posted by Rose on March 25, 2001 at 12:23:36:
Joe, how much do you pay for escrow company when you use them? Is this another cost besides your attorney cost $100 bucks.
I am new in business and really don’t want to do take any chances of messing up paperwork. Any other input appreciated.
Re: Transfer of property! - Posted by Tom
Posted by Tom on March 25, 2001 at 06:02:27:
Joe, thanks for your help. I was buying this property for back taxes only, planning on having a P&S signed when someone told me to go ahead and get the deed while I was there. Bronchicks course said to transfer deeds, word for word. These unmarried people bought this 4yrs ago and the guy has since Quit Claimed his half to her. It has been recorded also. I’m still planning on having the escrow co. do everything else, I was just getting her title, I thought. If I didn’t do this right, I’m sure it won’t be a problem to write it again, or just do without it till close.
If my original post made it sound like I was playing a game, my apologies. I’ve played monopoly many times before and I don’t remember this big knot in my stomach when I bought Park Place. I just want to make sure it’s done right. Thanks for all your help.
Re: Transfer of property! - Posted by sassylassy
Posted by sassylassy on March 25, 2001 at 05:22:24:
Beware a quitclaim gives you claim over “EVERYTHING” THE ‘GOOD’’ THE ‘BAD’ AND THE ‘UGLY’!!! Ah memories (: (: Many many mooons ago …I too was excited and did a deal with a quitclaim! Oh yes I got the property and oh so much more!!!Medical claims that amounted to over one third of the mortgage payment and these claims (medical) cannot be released these liens follow the property and the new owner…YOU! In addition, A mechanic’s lien which the contractor faithfully renewed at the public recorder’s office cos t him about 5 minutes of his time and a re filing fee of $15.00. It was to the tune of a whooping 7,200.00 and he was not willing to budge an inch! Needless to say you don’t steal in slow motion so i was a real 'greenhorn" and jumped on the ‘bronco’ and boy what a ride! I managed to rent it out for a while then find a leasor/option to buy buyer to wrap this nightmare and pass on the mess with a break even money in my pocket but a real goldmine of 'EXPERIENCE" of what NOT TO DO on the next deals! Fortunately it was in a good neighborhood and very cute bread and butter home that was easy to ‘flip’ ! Good hunting!!! Keep me posted to your sucesses talkie later…sassylassy
iamsassylassy@yahoo.com talkie to me if you want have a lot of info and experiences I would love to pass on to help out you and everyone else…history does not need to be repeated if one is willing to listen to the veterans …Trust me as a ("nothing Down investor of the 80’s) I am indeed a vet in the battles of RE investments worked with all of 'em… HUD, VA, REPOs was an agent and a RE broker and worked mortgages(refi’s) and escrows to boot! Have worked many counties and many years and have the battle scares to prove it! Great job!!! Keep going (: (: Ask me questions!!! Sassylassy is here to help!!!
Excellent Post! - Posted by Jim
Posted by Jim on March 25, 2001 at 24:18:38:
You said a mouth full here Joe.
Excellent Post.
You’ve said it a million times and yet not many seem to learn.
Jim
Re: Copying word for word is a problem… - Posted by David Krulac
Posted by David Krulac on March 25, 2001 at 17:43:08:
I get a copy of the deed when I get a title search, which I often do before writing the contract. I use standard realtor contracts. There are 2 differect contracts for the 2 realtor associations from different
counties here. Even when doing a private tranaction I use the realtor contract. Which is totally different from the original question about writing a new deed for settlement.
Re: Transfer of deed - Posted by dewCO
Posted by dewCO on March 27, 2001 at 12:24:23:
You ansered your own Q. The quit claim has already transferred (amended) the ownership of the property (IF it is valid and correct). So why would you go back an name names that presumeably aren’t on title??? And you are thick—still beating this horse after Joe K’s excellent advice below.
Grrrrrrrrrrr - Posted by JoeKaiser
Posted by JoeKaiser on March 25, 2001 at 13:28:21:
“Someone told me” is generally not much of a reason for doing anything.
Go to the title company, open escrow, and ask them what they need. Their’s is likely to be the only opinion that matters with regard to the insurablility of title. And in the process, all document related questions are answered at no additional cost to you. Even better, title companys have attorneys that will provide you this information (and more, if you’re smart enough to just ask), again, at no additional cost to you.
I could give you what I believe to be the correct answer to your question, but my opinion as to what is correct and what is not is based on the limited info you’ve provided and may be 100% in error. And even if I got it right, what I believe to be correct matters little here. Again, the title company decides what will fly and their’s is the only opinion that matters. Go ask them.
Joe
Re: Transfer of deed - Posted by Tom
Posted by Tom on March 25, 2001 at 13:01:37:
Sorry for the duplicate post
Re: Transfer of deed - Posted by Jim
Posted by Jim on March 25, 2001 at 12:28:30:
Consider the profit your making opposed to the cost of having this done safely.
It really don’t make much sense to cut that little corner.
I agree with Joe 1000%
Jim
Re: Transfer of property! - Posted by Terry (Houston)
Posted by Terry (Houston) on March 25, 2001 at 19:30:41:
“David, thanks for answering my question. I think after hearing the responses today, getting a copy of the deed would be a good idea. All I really need, initially, is the P&S agreement, from then on, I’ll let the Title Co. do the rest. Thanks for all the helpful info.”
Between the above post and the initial reply to Joe I think you got it. It is not always easy to keep asking questions until you are sure you have it right.
Good luck and come back wih a success story.
Terry
I would like to hear your war stories - Posted by evelyn (FL)
Posted by evelyn (FL) on March 25, 2001 at 07:05:04:
since I am a newbie, and don’t want to make the same mistakes. Tell us your stories Sassylassy, especially the REPOS, since two are within a block of me!!! One is a real doll house, the other is a junker.
Some of us new ones will be taking notes!!!