Posted on: 05th Dec, 2006 02:50 pm
I am buying my parents condo and want to know what is the best way to transfer the property. IT is paid off, but I will be getting a mortgage on the property. I want to put it in my companies name. Pls advise?
After you buy the condo from your parents, use a warranty deed to transfer the condo ownership into company's name.
Get it properly filed at the county recorder's office where the condo is located.
Get it properly filed at the county recorder's office where the condo is located.
hi guest,
if you have bought property, you should first transfer the title in your name and then in your company's name.
warranty deed is used to transfer title which is clear and free from any lien. but you will be getting title to the property against which there is a mortgage. so, a quit claim deed will be the right one to go after.
when the property is yours, you can transfer it in your company's name again by a quit claim. you will be the grantor here and the company will be the grantee.
james
if you have bought property, you should first transfer the title in your name and then in your company's name.
warranty deed is used to transfer title which is clear and free from any lien. but you will be getting title to the property against which there is a mortgage. so, a quit claim deed will be the right one to go after.
when the property is yours, you can transfer it in your company's name again by a quit claim. you will be the grantor here and the company will be the grantee.
james
Hi Sales,
When you transfer mortgaged property in your name to your company, you can use various types of deeds with respect to the warranties the transfer will provide. It can be a quit claim deed if there is a mortgage or any lien on the property. Otherwise, if the title is free from liens or defects, one can go for a warranty deed. Since you are transferring a mortgaged property to your company, you can use the quit claim deed to make the transfer effective.
You can only transfer property to the company after you have paid any unpaid debt against it. Or else, it can be done only when the lender agrees to the transfer in spite of there being an existing debt against the property. Whether or not the lender will agree depends upon certain conditions. For instance, the lender may allow the company to assume the loan, with or without changes in the terms and conditions. Or else, he may require that the company get a new loan in its name and use the proceeds to repay the existing loan. Also, as the new loan will be made to a company and not a private individual, the lender may ask for personal guarantees from the members of the company or any other collateral.
However, once the lender agrees to such a type of property transfer, you can seek help from an attorney and have the deed prepared in the company's name. The deed should then be recorded at the County Recorder's Office. But do they get it notarized by a notary public before recording.
Thanks,
Caron.
When you transfer mortgaged property in your name to your company, you can use various types of deeds with respect to the warranties the transfer will provide. It can be a quit claim deed if there is a mortgage or any lien on the property. Otherwise, if the title is free from liens or defects, one can go for a warranty deed. Since you are transferring a mortgaged property to your company, you can use the quit claim deed to make the transfer effective.
You can only transfer property to the company after you have paid any unpaid debt against it. Or else, it can be done only when the lender agrees to the transfer in spite of there being an existing debt against the property. Whether or not the lender will agree depends upon certain conditions. For instance, the lender may allow the company to assume the loan, with or without changes in the terms and conditions. Or else, he may require that the company get a new loan in its name and use the proceeds to repay the existing loan. Also, as the new loan will be made to a company and not a private individual, the lender may ask for personal guarantees from the members of the company or any other collateral.
However, once the lender agrees to such a type of property transfer, you can seek help from an attorney and have the deed prepared in the company's name. The deed should then be recorded at the County Recorder's Office. But do they get it notarized by a notary public before recording.
Thanks,
Caron.