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fozzy
realtor/investor
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getting the deed
Wednesday, July 12 2006 08:01 PM
what is it that we use when doing a sub 2 to get the deed, do we just use a quit claim deed? and this is what we record at the court house correct?
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Randy Hughes
Master Advisor-39 years of experience
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Re:getting the deed
Thursday, July 13 2006 08:17 PM
Foz,
No, you need to get a full warrantee deed that conveys ALL rights and title that the seller owns.
Randy Hughes
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fozzy
realtor/investor
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Re:Re:getting the deed
Thursday, July 13 2006 08:38 PM
can i get this from a title company?
why cant i use a quit claim deed?
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Randy Hughes
Master Advisor-39 years of experience
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Re:Re:Re:getting the deed
Friday, July 14 2006 09:22 AM
Foz,
Yes, you can get a Warrantee deed from a title co. or any office supply store. However, I would use an attorney because you cannot prepare a deed for someone other than yourself (your own property). This would be called practicing law without a license. It is a good idea to use an attorney anyway to protect your interests in this transaction.
Randy Hughes
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fozzy
realtor/investor
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Re:Re:Re:Re:getting the deed
Friday, July 14 2006 01:47 PM
so anytime you do a sub 2 or a lease option you always have to use and attorney for the deed? what if i use a quit claim deed? i just want to transfer that over
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Jim Hughes
Investor
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Re:Re:Re:Re:Re:getting the deed
Friday, July 14 2006 06:19 PM
You dont have to have an attorney for a Sub 2 or a L/O paperwork, but until you know the ropes yourself it would be our recommendation to use an attorney. As Randy also said, dont complete warrantee deeds or lease option agreements for other investors. You need an attorney to do this work.
It would be to your best interest to learn as much as you can about buying property on a "Sub2" agreement. Lease Options are a great way to sell properties.
Secondly, Fozzy, I would highly recommend that you become a member of PrePaid Legal Services, Inc. so that any document or legal question could be answered or reviewed by an attorney without being charged an HIGH hourly rate. For $26.00 a month you can buy the family expanded plan with Prepaid Legal Services, Inc. The HOME BASED BUSINESS RIDER can be added to the membership for an additional $14.50 per month. This allows you to have up to 3 documents a month with 15 pages or less reviewed for no cost to you by an attorney who specializes with the type of law related to the document submitted.
Go to www.prepaidlegal.com/info/jhughes28 and watch the video with a full explanation of this valuable coverage. Then if you decide you want to become a member then simply call me at 847-741-9797.
Hope this helps.
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