Posted on: 29th Jan, 2010 02:11 am
one of my husband's friend's companies moved him to CO, at frist they weren't sure how perment the move would be but they have found they like it out there but still have their home here in MI. when they frist moved we offered to take over payments but they thought they had the house sold, the deal fel through or they were full or hot air because they are back in town and we offered again. I'm not sure at this piont weather they will take us up on our offer this time or not but my question is what kind of legal paperwork would need to be or should be done? land contract? something with the mortage company? etc. I just want to make sure that everyone invovled is being protected and covering our own asssets.
Sarah
Sarah
hi,
if you want to take over the ownership of the property from your husband's friend, you can use a warranty deed to change the ownership. a warranty deed is one of the secure ways of transferring real estate properties as it comes with the warranty that the transferred property is free and clear of any liens.
however, there is an existing mortgage on the property and you will have to talk with the lender first. if you qualify for a refinance, you can pay off the existing mortgage. in case you do not qualify, you can ask the lender if he'd allow you to assume the mortgage.
if you want to take over the ownership of the property from your husband's friend, you can use a warranty deed to change the ownership. a warranty deed is one of the secure ways of transferring real estate properties as it comes with the warranty that the transferred property is free and clear of any liens.
however, there is an existing mortgage on the property and you will have to talk with the lender first. if you qualify for a refinance, you can pay off the existing mortgage. in case you do not qualify, you can ask the lender if he'd allow you to assume the mortgage.