I have a property which I have negotiated a short pay-off already. I have people interested in buying the property. Should I have the owner deed over the house to me. Or should I just have the owner go to the actual closing to do the paperwork? This happens to be the first of deals for me so I apologize for any repetitive questions.
Thanks.
Jay.
I know investors that do it both ways. Personally, I have never accepted a deed prior to closing. By the time I get to closing, my relationship with the client is such that they will do whatever I ask them to do. What type of investor are you? Can you manage control or do you need complete control?
Mr Newbie,
I would have had the deed under control right from the start.
It doesn’t matter what kind of people they are or how good your relationship is ALWAYS stay in control.
for a number of reasons.
say your sellers have had enough and move to Alaska, and you can’t find them… your deal goes south.
You complete the short sale and the buyer talks to the seller and they do the deal… your part of the deal goes south.
Another investor moves in and offers youir seller more than you do… yuor deal goes south.
Even if you are in love with the sellers and the will polish your shoes and everything for you because the love you so much …
BUT what if the third party buyer requires financing and the lender questions chain of title / seasoning issues because your purschase and sales agreement doesn’t reflect the owners name …
THEN what… your deal can go south. But not if yo ualready have the deed and it’s in th etrust name.
MR Newbie,
Keep your self right. no matter how new you are always get the deed and stay in control.
It’s nothing personal it only business.
I would seriously disregard the last post and always get hte deed before you do anything. Youare here to help people but not to your cost or detriment.
I wonder what the Trumpster would do ?
stay in control or take a chance ?
It’s all about choices.
GQ
green queen-
I agree with you that you must keep as much control as you can but if the seller really wants out of the deal are you going to risk an expensive legal fight. I know most of the people we are dealing with do not have the money to hire a lawyer but I would hate to come under the microscope of the states attorney general office. Even if your contracts are ironclad who needs that type of aggravation.
So will a quitclaim deed suffice in this scenario.
NO
So Which One Should I Get From The HO
Disclaimer: I am not an attorney or any legal body, you should speak to an attorney in the state you work.
OK, I take every property into a land trust.
This will allow you to control and resell the property when you wish.
the husband and wife sign a warranty deed to trustee ( which was also created when you created the Land Trust.)
THis document will allow you to sell as the owner anf also keep your name off public record.