Posted on: 12th Feb, 2008 06:33 pm
two friends and I have bought a house to flip. they got a mortgage and I put in cash. what is the best way to show owner for each of us....
Welcome Sml,
The best way is to use a quitclaim deed and put 3 of your names on the title. The title reflects who the owners are. And, it should only reflect it when the quitclaim deed is notarized and recorded at the county recorder's office.
I would have suggested a grant deed but since there is a mortgage already on the property, therefore a quitclaim deed would serve best here.
The best way is to use a quitclaim deed and put 3 of your names on the title. The title reflects who the owners are. And, it should only reflect it when the quitclaim deed is notarized and recorded at the county recorder's office.
I would have suggested a grant deed but since there is a mortgage already on the property, therefore a quitclaim deed would serve best here.
Hi Sml,
Welcome to the forum.
Three of you have bought the house. So haven't you used a Warranty deed for that reason? If not then you should use a Warranty deed and all three of you should be on the deed.
Warranty deed will be the best option to use a sit will assure you that the title is free from lien and the seller has the legitimate right to sell the property.
Feel free to ask if you have any further questions.
Thanks,
Larry
Welcome to the forum.
Three of you have bought the house. So haven't you used a Warranty deed for that reason? If not then you should use a Warranty deed and all three of you should be on the deed.
Warranty deed will be the best option to use a sit will assure you that the title is free from lien and the seller has the legitimate right to sell the property.
Feel free to ask if you have any further questions.
Thanks,
Larry