OfflineI want to do a quit claim and put myu house in my companys name. I asked my local laywer for a quit claim form and he said there is no such form. He said he can put toghther a quit claim deed and the fee was 150 plus expenses. Has anyone ever done a quit claim, is he right or is there a form I can just fil out?
Thanks,
Darren - DE
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Don't Wish the Past, Create the Future! - DH
Have you checked with WWW.LegalZoom.com? They may have a form.
DG doesn't have one on this site?
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CHECKED on this site and found a Quit Claim Form
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Good Luck & TAKE ACTION!
I belong to CAREI (Colorado Area Real Estate Investing) and I downloaded a Quit Claim form from their website. I can scan and email it to you if you like. Just email me at svonhurst@greenstreetinvesting.com
Darren you might mean a quick claim deed?
No. This is a common mistake. Quit Claim is correct.
is it true that I can NOT transfer (using quit claim) to anyone else or my company until the property is paid off?
Thanks,
D
Don't Wish the Past, Create the Future! - DH
Good question, D. Did someone tell you that?
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
I read it in BARM On page 163 under what is a mortgage.
thats how Iunderstood it....unless I read it wrong!?!?
D
Don't Wish the Past, Create the Future! - DH
Guess I better read it again.
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Thanks,
D
No.. This is wrong. You can transfer the property at any time to anyone. Of course unless they or you pay OFF the mortgage then it's still in your name and payments still have to be made or the bank will foreclose.
Thanks,
D
No.. This is wrong. You can transfer the property at any time to anyone. Of course unless they or you pay OFF the mortgage then it's still in your name and payments still have to be made or the bank will foreclose.
So if I transfer to my LLC, will it then actually be in my LLC's name? Or since the mortgage is still in my name, will it then also remain in my name?
Also...what is page 163 referring to then.
Thanks
D
Don't Wish the Past, Create the Future! - DH
Thanks,
D
No.. This is wrong. You can transfer the property at any time to anyone. Of course unless they or you pay OFF the mortgage then it's still in your name and payments still have to be made or the bank will foreclose.
So if I transfer to my LLC, will it then actually be in my LLC's name? Or since the mortgage is still in my name, will it then also remain in my name?
Also...what is page 163 referring to then.
Thanks
D
You would have to quote p. 163. I dont have the book in front of me.
As to your question... your LLC would own the property.
The mortgage would be in your name and you would be responsible. Non-payment goes on YOUR credit report.
The owner of the property and the person on/responsible for the mortgage are 2 different things.
Normally, they are the same person(s) but not always.
Here is another example. Hub and wife buy a house together. Both are on the mortgage AND on the deed.
Hub and wife split up. Wife gets the house so hub Quit Claims the house to wife.
Wife owns the house. Hub does not. Wife can sell the house without hub's permission and without needing his signature.
HOWEVER... hub and wife are BOTH still on the mortgage so that if wife stops making payments, hub gets dinged too.
thanks!
Is there a way to get the mortgage into the new transfered name also?
D
Don't Wish the Past, Create the Future! - DH
Re-financing will do it.
The bank could release you.. but they really dont like to do that.
thats how Iunderstood it....unless I read it wrong!?!?
D
What he is talking about is the due on sale clause ie if your mortgage has a due on sale clause and you transfer the property to someone else, the bank can call the loan.