Posted on: 19th Oct, 2006 04:12 pm
Hello
My brother-in-law has recently bought a 3 acre tract. He is family dividing me 1 acre. I am getting a loan for the purchased amount. The loan process will probably take 45 days. In the meantime, he did a Quitclaim deed. He is showing the purchase amount on the Quitclaim deed. Can I go ahead with the process of taking it to the courthouse and then to the appraiser before the land goes through? I wont have any problem as far as the land, but we would like to hurry things up
My brother-in-law has recently bought a 3 acre tract. He is family dividing me 1 acre. I am getting a loan for the purchased amount. The loan process will probably take 45 days. In the meantime, he did a Quitclaim deed. He is showing the purchase amount on the Quitclaim deed. Can I go ahead with the process of taking it to the courthouse and then to the appraiser before the land goes through? I wont have any problem as far as the land, but we would like to hurry things up
Hi George,
You should complete the title interest transfer in your name first as the loan company will also require you to have the title of the property before they will give the loan.
Jeff
You should complete the title interest transfer in your name first as the loan company will also require you to have the title of the property before they will give the loan.
Jeff
Hi George,
You can go through the details provided in this article on quit claim deeds for more information about the actual procedure by which your brother-in-law can transfer the property interest in your name.
Thanks
Colin
You can go through the details provided in this article on quit claim deeds for more information about the actual procedure by which your brother-in-law can transfer the property interest in your name.
Thanks
Colin
If I am going with the same finance company my brother-inlaw used, what are they going to do if he deeds me over one acre and he has a lien on it? He has a construction loan on all 3 acres. Would the Quitclaim deed be suffecient enough for the finance company or would they need a realestate contract? If the land is now in my name, how would I get a loan to pay my-brother-in law? Thats how the finance company is looking at it. I am getting a loan to pay him for the land.
The finance company, since it the same one your brother-in-law has taken the loan from can agree to the transfer of property in your name.
In that case their will be a second lien on the same property, the first one for which payment liability will be your brother-in-law's and the second liability will be yours.
In that case their will be a second lien on the same property, the first one for which payment liability will be your brother-in-law's and the second liability will be yours.
Hi George,
Since your brother-in-law has taken a construction loan which is a short term financing option, so he has to get rid of that lien within a short period of time. So, you can take a loan against your share of interest in the property. But there being a previous lien on your share of property, the finance company may charge you a high interest. This is because at present the lien on the 1 acre property due to your loan will be subordinate to that of the lien on account of the first loan taken by your brother-in-law.
I believe the quit claim deed will be sufficient but different companies have different preferences. So, the finance company can ask you top sign a real estate contract. It is better if you talk to them directly over this matter.
Thanks,
Sara
Since your brother-in-law has taken a construction loan which is a short term financing option, so he has to get rid of that lien within a short period of time. So, you can take a loan against your share of interest in the property. But there being a previous lien on your share of property, the finance company may charge you a high interest. This is because at present the lien on the 1 acre property due to your loan will be subordinate to that of the lien on account of the first loan taken by your brother-in-law.
I believe the quit claim deed will be sufficient but different companies have different preferences. So, the finance company can ask you top sign a real estate contract. It is better if you talk to them directly over this matter.
Thanks,
Sara