Posted by Bud Branstetter on July 06, 2001 at 11:52:11:
If you send them a recorded copy of the deed the seller does not need to sign a letter. I had an underlying private note sold to FNAC. They sent an unrecorded assignment and no letter from the seller. Just plain sloppy work.
Do I own the House??? - Posted by Robby_ATL
Posted by Robby_ATL on July 05, 2001 at 21:39:07:
I hand Seller check for $6000
Seller signs Warranty Deed “subject to” existing loan.
I file Warranty Deed with county.
I continue to make payments on property until I sell it?
Is it this easy or am I missing something?
I have done a thorough title search and will get title insurance, prior to transanction.
If I need to do more, will a title company, do the closing even though it is “subject to”
Thanks
Re: Do I own the House??? - Posted by Scott (AZ)
Posted by Scott (AZ) on July 05, 2001 at 22:37:55:
Did you and the seller also sign a purchase agreement (I’m not necessarily saying that one is required… I’m just curious if you used one).
Also, are you using a Land Trust? What are you going to about property insurance.
Scott
Re: Do I own the House??? - Posted by Ronald * Starr
Posted by Ronald * Starr on July 05, 2001 at 22:23:48:
Robby ATL-------------
You have outlined the basic real estate transaction. Often people use an escrow company or person to hold the money and the deed, so that neither side can cheat the other one. The deed is recorded when the money is able to be handed over to the seller.
You understand that sometimes houses have problems? Structural, title, location, etc. You want to make sure you know what you are buying. You may want to hire people to investigate the house for you: termite inspectors, roofing experts, soils engineers. How about a “building inspector?” Or perhaps you could get some help from some very sophisticated investors in your area.
You want to be sure about the location of the property – is it going downhill? Uphill? Even?
What about zoning? Does the property conform to current zoning laws? How about conforming to current-day building requirements? It would be a shame to have a fire-damaged building on your hands and find that the county or city will not let you rebuild it as it was.
Oh, you ditn’t mention insurance. Is the house eligible for standard insurance?
There are a lot of ways to lose money with real estate. If you don’t know what you are doing, I hope you will have some advise from people who do.
Good Investing********Ron Starr**********
Re: Do I own the House??? - Posted by Robby_ATL
Posted by Robby_ATL on July 06, 2001 at 24:27:26:
A purchase agreement has been overnighted to the owner and I hope to have it in hand before the middle of next week.
I will take title in a trust. I am still investigating the property insurance. This is my first subject to deal. Any experience??
Robby_ATL
Re: Do I own the House??? - Posted by Robby_ATL
Posted by Robby_ATL on July 06, 2001 at 24:23:20:
Thanks ofr your info Ron.
Yes, I have check out all the details, as far as property values, where the N’hood is going. The property is not that old and is a well established suburban n’hood. It is a rental and the owner is out of state and needs a little cash, so they are willing to let go a lot of their equity.
The most work for me is a letter to notify the tenant of the change in ownership and a 60 day notice to vacate, a little clean up and the retail it out.
Robby_ATL
Re: Do I own the House??? - Posted by JohnBoy
Posted by JohnBoy on July 06, 2001 at 11:07:13:
I think you will need a letter signed by the seller informing them of the sale of the property and where to send all future rent payments. Then a follow up letter by you. Make sure you also verify and clarify any security deposit issues that the tenant may have paid.
You stated you will serve the tenant a 60 day notice to vacate. Do they have a signed lease or are they on a month to month? Usually if they have a signed lease the buyer will have to honor the balance of the lease unless your state has specific laws that allow otherwise.