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Owner Financing and deed transfer in Texas

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bnorris776 Joined: 10 Feb 2009 Posts: 2 1.87 Dollars($)	Posted: Tue Feb 10, 2009 10:26 am    Post subject: Owner Financing and deed transfer in Texas Like 0 Dislike 0 My parents want to transfer deed to my sister and I. The problem is that my parents owner financed this house. The seller does not have a mortgage on this house. Can my parents do a warranty deed to us even though they don't own the house yet? The seller has a warranty deed with vendor's lien on the property.
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Wed Feb 11, 2009 1:26 am    Post subject: quitclaim deed vs warranty deed Like 0 Dislike 0 Hi bnorris, A Warranty deed is used to transfer property which is clear and free of any lien. But since you say the property has a lien on it, I think using a Quitclaim deed would be a better option. A quitclaim deed can help an individual convey his/her share in the property to another person without the guarantee that he/she is the actual owner of the property and whether the property has any lien on it. You can refer to a previous discussion on this topic in the following link: http://www.mortgagefit.com/deed/quitclaim-warranty.html#38958
bnorris776 Joined: 10 Feb 2009 Posts: 2 1.87 Dollars($)	Posted: Thu Feb 12, 2009 9:43 am    Post subject: Like 0 Dislike 0 If we (my sister and I) file at quit claim deed would the insurance and taxes be put in our names instead of our parents? Also, we want to do some home improvements to the house. Would we be able to apply for a home equity loan once the quit claim is filed with county?
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Fri Feb 13, 2009 3:32 am    Post subject: Like 0 Dislike 0 Hi bnorris, Once the property is quitclaimed to you, you become its owner and thus become legally and financially responsible for it and have to pay taxes. I think you'll be able to apply for a home equity loan. But it's completely at the lender's discretion whether they'd approve it. However, this is not a legal advice and consulting a legal expert in this regard would be a good option.

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