Posted by Bill Bronchick on March 16, 2004 at 12:42:01:
There’s a good reason the title company won’t do it - they cannot practice law. You need to either hire an attorney to do it or learn to do it yourself. My “Real Estate Lawyer” course has this kind of information and forms. Or, you can pay a lawyer a few hundred bucks to prepare the docs.
Question on Land Contract - Posted by Bob-- Michigan
Posted by Bob-- Michigan on March 14, 2004 at 20:50:43:
I have a Land Contract on a house in which I have substantial equity. As the person I bought from still holds the deed, I am unable to borrow against this equity. The person I bought from is willing to convert this to a mortgage and take a note for the outstanding balance. However, when I contacted the local title company, they said they couldn’t help with this kind of transaction. My question is… What is necessary to do this kind of transaction? I could get conventional financing, but the person I bought from is willing to convert with no additional costs…versus a couple of thousand in closing costs if I go with conventional financing. Is it possible to just have him Quit-Claim or sign a Warranty deed to me and then me give him the Note and the Mortgage? Thank you in advance… Any help would be greatly appriciated.