Posted on: 02nd Dec, 2006 12:17 am
i have an investment group with several properties carrying loans under the names of differrent members of the investment group. the monthly mortgages are paid from the investment group bank account. what is the best way to transfer ownership from each investors personal name to the investment group? through a quit claim deed and then refinance?
Hi Seanmcgrew,
The owners of the individual properties can sign over a quit claim deed even though I feel that a warranty deed is preferable. This is because the latter guarantees that the individuals transferring the property are the legal owners prior to the transfer.
However, the quit claim will not help to transfer the loan in the company's name. For this, the loan should be refinanced in the name of the company after the property has been transferred through quit claim deed.
Thanks,
Caron.
The owners of the individual properties can sign over a quit claim deed even though I feel that a warranty deed is preferable. This is because the latter guarantees that the individuals transferring the property are the legal owners prior to the transfer.
However, the quit claim will not help to transfer the loan in the company's name. For this, the loan should be refinanced in the name of the company after the property has been transferred through quit claim deed.
Thanks,
Caron.