Posted by Dave T on August 22, 2004 at 20:38:46:
If both you and your dad are on title, then execute a Quit Claim Deed which transfers ownership from you and your dad together to yourself alone or to your trustee if you already have your trust established.
The rest of your transaction depends upon whether your dad will put a lien on the property as security for the promissary note. Your attorney can walk you through the steps.
No need to have two deeds.
Buying the other half of my rental house - Posted by Daniel_NC
Posted by Daniel_NC on August 20, 2004 at 21:27:37:
My Dad & I own a rental house together. He is ready for me to buy his half, taking over his portion of the mortgage and making interest only payments to him for his equity until I sell. So while this is happening I want to move this property into a trust like my others. Are these the correct steps:
1-We sign a purch & sell agreement specifying sub2 and referencing the int only loan.
2-Create the actual loan document (we’ll use promissory note)
3-Prepare two Warranty Deed to Trustee docs with me deeding my half to trust and him doing the same.
So do I need to reference his 50% portion anywhere in this paperwork? I’ve never done paperwork for buying half a house.
Thanks, Daniel