, my brother in law its trying to sell my second house(investment) by a quitclaim deed? he ask me to give him the warranty deed, he said he will go to the title company and do the tranfer to the " byer"
how this work?, what happens with the mortgage (loan), ?
2006-11-18 11:05:32 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Giving the deed to your brother means you will lose all right to the property, yet be responsible for the mortgage/loan.
In a normal transaction, you give the deed to an escrow company (a nuetral third party) and the buyer puts his money with the escrow company. The escrow company then exchanges the money for the deed and you and the buyer walk away happy.
Regards
2006-11-18 13:12:24 · answer #1 · answered by Anonymous · 1⤊ 0⤋
A quitclaim deed really eliminates your call from the identify - when you consider that your mom isn't already on the identify, this can accomplish not some thing. have you ever talked to her about promoting the living house and her stepping right into a senior residence complicated? the money from the sale of the living house would not could bypass to her all in a unmarried lump sum - you may open a mark downs account and draw a lot a month for her living expenses or purchase a cellular living house or some thing outright for her that way there is no loan on your call and it would not impression her incapacity. only a concept...
2016-11-25 03:02:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I'm sure your brother-in-law may be well meaning, but unless he is a lawyer, I would run it by someone who is. It's buyer beware in that case. But seller beware in case of a lawsuit.
2006-11-18 14:23:50 · answer #3 · answered by D. S 2 · 1⤊ 0⤋
i am suspicious.
why don't you go to title with them?
for a legit transfer the buyer has new financing that will pay off your loan.
2006-11-18 12:48:38 · answer #4 · answered by elmo o 4 · 1⤊ 0⤋
i hope you trust your brother in law?
2006-11-18 11:13:25 · answer #5 · answered by george 2 6 · 0⤊ 1⤋