A friend referred me to this website because she’s interested in getting into rei and I have a dilema that she said I could probably find the solution to it here in these forums.
Here’s my dilema; will appreciate any feedback. My brother passed over to me a lot at a camp resort. I took possession and took over the payments. Nothing signed. The thing is now, I want to sell it. Actually have someone very interested in purchasing it so that is why now I want to sell. The gentleman is ready and anxious to take possession of this land. How would I do it? This gentleman even gave me a check to show how serious he is. I called my brother and advised him of what was going on and he sent me a deed but it’s a Quit Claim Deed he filed about 5 years ago, releasing another person that was once on the deed as well. My brother is willing to sign whatever needs to be signed so I can make this sale happen. We just don’t know what steps we need to take. What do you experienced investor believe to be the route I should take? My concern is that there is still a balance owed on the property and it’s still under my brother’s name as well as the deed. I’ve been making the payments for past three years and my brother acknowledges the land to be mine. Will my brother have to sell the property instead? Any feedback will be appreciated. Thank you.
You did not give all the details in your post, but I will give it a shot. I will assume that the deed is still recorded in just your brother’s name. If unsure, a simple court-house/web site search should confirm it 90%. Or, just call a title company or title attorney.
Going on that assumption, you can either do two separate transactions: have your brother quit claim it to you, then separately, you sell to your buyer,
OR
have the title company/attorney do a double closing where both transactions are closed in the same day
OR
leave the deed in your brother’s name; then sign an “assignable” purchase contract with your brother for the pay-off amount, then you assign the contract to your buyer for your price.
Should be fairly straight-forward, but would need more info to know the implications with each of these options.
Thank you, Turborocket for responding.
On your first suggestion, you suggested I do a Quit Claim. I should have my brother sign over a QC and take it to courthouse to file. Correct? Then once file, take to title company and let them handle the rest? The title company will make sure that if anything is still owed on the lot, even though under my brother’s name, it will get paid off at closing? Correct? All this can be done and my brother needs to be there at closing too or just me?
So sorry for my ignorance, but with so much information found here in these forums, I will learn. I’m glad I was recommended into this website. I now want to learn more about rei. I may have found my “bright future” here. And well without knowing it at first, I’m doing my first rei deal.