Posted by Dave on November 02, 2001 at 18:16:59:
Thanks Michael. I would definitely get title insurance from a party that I don’t know. In this case my brother and I are very close and actually own other property together. The only chance of a lien on the property would be one that he isn’t aware of either. I will verify this when I go down to the recorders office.
property transfer - Posted by Dave
Posted by Dave on November 02, 2001 at 17:14:34:
I purchased a rental from my brother a few years ago and never bothered to transfer title into my name. Now I would like to refinance and I’m wondering what would be the easiest way to transfer title. I’m assuming that I’m going to have to put it into my name vs a trust in order to satisfy the bank.
Get Title NOW! - Posted by Michael Morrongiello
Posted by Michael Morrongiello on November 02, 2001 at 17:51:03:
Dave;
Technically, if your brother did not DEED you the property in some form or fashion, you didn’t purchase the rental home from your brother.
You should have either obtain a quit claim deed or warranty deed of some sort (even better) from your bro conveying LEGAL TITLE and ownership to you for this property ASAP.
Be sure to have a title search done first or even better yet, obtain title insurance on his conveyance to you.
Now, heres the rub… many lenders WILL NOT allow you to quickly refinance this property and /or attempt to pull any cash out since legally you have just taken title and ownership.
As for the Trust issue, I would suggest you DO NOT put this property into any type of Trust title taking vehicle UNTIL you have gotten you financing in order.
To your success,
Michael Morrongiello
Get Title NOW! - Posted by Michael Morrongiello
Posted by Michael Morrongiello on November 02, 2001 at 17:50:11:
Dave;
Technically, if your brother did not DEED you the property in some form or fashion, you didn’t purchase the rental home from your brother.
You should have either a quit claim deed or warranty deed of some sort (even better) convey LEGAL TITLE and ownership to you for this property ASAP.
Be sure to have a title search done first or even better yet, obtain title insurance on his conveyance to you.
Now, heres the rub… many lenders WILL NOT allow you to quickly refinance this property and /or attempt to pull any cash out since legally you have just taken title and ownership.
As for the Trust issue, I would suggest you DO NOT put this property into any type of Trust title taking vehicle UNTIL you have gotten you financing in order.
To your success,
Michael Morrongiello
Re: Get Title NOW! - Posted by Dave
Posted by Dave on November 02, 2001 at 18:01:17:
Thanks for the input. So if he signs a quit claim deed (I assume this has to be notorized) can I take this down to the county recorder and have the property put in my name? I probably won’t take any money out of the property so I don’t think seasoning should be an issue. My brother purchased title insurance when he bought the property. Why would I need to get this again?
Re: Get Title NOW! - Posted by Michael Morrongiello
Posted by Michael Morrongiello on November 02, 2001 at 18:08:03:
Dave:
Yes, if the quit claim deed properly recites the parties, legal description, etc. it should do the trick.
As for the title insurance or at the very least a title search, its really a precautionary measure (thats why its called insurance);
eg. lets suppose your brother who has owned this property for a short while, had some creditor obtain a judgement against him. That judgement creditor “perfected” their judgement and recorded it in the County where this property is located. Now its quite possible that when agree to accept that quit claim deed (or any deed for that matter) to this property from your brother, you will be taking title to this property with that lien attached as well. This is the reasoning on WHY whenever you are being given a deed, you make sure the title being conveyed is MARKETABLE and in also if you wish it INSURABLE.
Do you need title insurance? You’ll have to weigh that how to answer that question…
To your success;
Michael Morrongiello