Posted on: 04th Dec, 2006 08:02 pm
Hi, I am about to buy property from my friend but recently I discovered that: my friend bought the foreclosed property from the bank and earlier than that there had been twice ownership change on the property in 2004. my friend had quit claimed the property to a LLC for tax reasons but now the company has quit claimed it back to my friend and I am buying it. Is it possible to get a loan to purchase this property with such a title.
Hi Jaggers,
If the company has quit claimed the property in your friend's name, then I don't see why you shouldn't get the loan. But prior to approaching any lender, I think you should check the records in the county recorder and just check if the property is currently in your friend's name.
If the company has quit claimed, your friend should have recorded the deed in order to make the transfer valid. And, as you say that there have been ownership changes twice on the property, you can also do a title search on it. This will clarify whether any of the previous owners have had any lien on the property. For that you need to contact a title company.
Hope this is going to help you.
God bless you
Samantha
If the company has quit claimed the property in your friend's name, then I don't see why you shouldn't get the loan. But prior to approaching any lender, I think you should check the records in the county recorder and just check if the property is currently in your friend's name.
If the company has quit claimed, your friend should have recorded the deed in order to make the transfer valid. And, as you say that there have been ownership changes twice on the property, you can also do a title search on it. This will clarify whether any of the previous owners have had any lien on the property. For that you need to contact a title company.
Hope this is going to help you.
God bless you
Samantha
Hi Jaggers,
I think this will depend upon the lender. But in general there may not be any problem. Only the lender would like you to have clear title on the property.
Thanks,
Sara
I think this will depend upon the lender. But in general there may not be any problem. Only the lender would like you to have clear title on the property.
Thanks,
Sara
