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I am seriously considering an owner financed home in TX. Papers drawn up include a Deed of Trust, and a Warranty Deed. I have a couple of questions:

1. What do these terms mean exactly?

2. If I purchase, am I eligible ( I and the purchase price fall within guidelines) for the $8000 stimulus tax credit on this type of purchase?

3. The home and mortgage, ie; all paperwork will be in my name. My fiance will be living with me in the home. Is there a way I can add him to the deed, without risking the home to any leins (unpaid income tax) that may be in his name? I have worked very hard and want to protect my home. I DO NOT want to marry under community property laws.

smithsussane · Posted: Thu Feb 11, 2010 10:35 pm Post subject:

Hi cynthia!

Welcome to forums!

Warranty deed is a property deed drawn up to transfer property from one person to another. To know more about it, check out the given page: http://www.mortgagefit.com/warranty-deed.html

To know about deed of trust, check out the following page:
http://www.mortgagefit.com/deed-trust.html

As far as I know, you will be able to able to claim the tax credit though you are purchasing a property through owner finance. If you add your fiance's name to the property deed, he will become one of the owners of the property. If he has defaulted in paying his creditors, then they can place a lien on this property.

Sussane

Guest

Thanks for the info. I will keep it in my name until he pays his debts.

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