Posted on: 12th Mar, 2010 02:01 am
hello,
i'd like to know what contracts i have to fill out when i buy a house just taking over the existing loan (loan stays on the sellers name. i'm aware of that the seller is breaking a contract with a bank). i guess there are 3 contracts - purchase agreement, quit claim deed and some closing document. what rights i have before closing when we have done the purchase agreement and quit claim deed?
i'd like to know what contracts i have to fill out when i buy a house just taking over the existing loan (loan stays on the sellers name. i'm aware of that the seller is breaking a contract with a bank). i guess there are 3 contracts - purchase agreement, quit claim deed and some closing document. what rights i have before closing when we have done the purchase agreement and quit claim deed?
Welcome Guest,
If you want to get the property transferred in your name, then you will have to ask the owner of the property to sign a quit claim deed in your favor. After you transfer the property in your name, you will have to refinance it. If you don't do so, the lender may call the loan due immediately.
If you want to get the property transferred in your name, then you will have to ask the owner of the property to sign a quit claim deed in your favor. After you transfer the property in your name, you will have to refinance it. If you don't do so, the lender may call the loan due immediately.