Real Estate Agent · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
We had a discussion about a tenant in common property with a loan on it. One of the members deeded over the property without signature (acknowledgement) of the second party and now the lender thinks that the second party is responsible for the whole loan.
Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
10y
A deed has to have offer and acceptance to be valid. However, even if the deed was valid it does not release one from liability on the note. A release or partial release of lien is the only instrument that will get one released from the note
Real Estate Agent · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
10y
Thanks I know a deed in lieu has to be agreed upon I just dont think someone can deed their interest in a property without permission along with their loans and encumbrances Being a lender have you ever ran across that situation? @Charlie Fitzgerald
Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
10y
A deed has to have offer and acceptance to be valid. However, even if the deed was valid it does not release one from liability on the note. A release or partial release of lien is the only instrument that will get one released from the note
Rental Property Investor · Rockwall, TX · Member since 2015 · 891 posts · 701 votes
10y
@Account Closed
As @Charlie Fitzgerald suggested, you should speak to a real estate attorney. In my (unprofessional) opinion, I think you are dealing with two separate issues here. Whomever is on the mortgage/promissory note, is ultimately responsible for the loan, regardless of who is currently holding title to the property. Second, one tenant in common can not convey another tenant's interest in the property unless they have the power to do so (like a power of attorney or business agreement, etc). It doesn't sound like that was the case, which voids any attempted transfer of ownership.
Real Estate Agent · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
10y
Thanks @Christopher Brainard I did not think so and I would think that the lender would have to remove one party from the loan and transfer it to the second with agreement
Real Estate Investor · State College , PA · Member since 2009 · 594 posts · 173 votes
10y
@Account Closed
I could obviously be wrong but a tenant does not need permission to sell their interest in a property. They would need a court order in order to force the sale of the shared asset but that is about it. The loan is up to the terms and how the bank wants to handle it.
Real Estate Agent · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
10y
i know that but can they sell(transfer in this case) it to the other tenant in common without acknowledgement permission a acceptance,etc @Account Closed
Real Estate Investor · State College , PA · Member since 2009 · 594 posts · 173 votes
10y
@Account Closed
Oh i c. Is that different then me deeding my house to your without your consent? I would not think so. I would expect the deed used for the transfer would require the grantees name and signature, just as any other deed.
I am sure you get a better answer than mine. Keep us posted.
TIC carries a 100% interest in the property for all joint owners ...this is a legal issue ...
I think you're thinking of Joint Tenancy, which would be equal and undivided. The original post indicated they were tenants in common, so the ownership could be split up any which way and allows for transfer of one tenants ownership individually.
TIC carries a 100% interest in the property for all joint owners ...this is a legal issue ...
I think you're thinking of Joint Tenancy, which would be equal and undivided. The original post indicated they were tenants in common, so the ownership could be split up any which way and allows for transfer of one tenants ownership individually.
-Christopher
That is correct and the other party does not have to get permission for the transfer but there still has to be acceptance and acknowledgment of a transfer
Rental Property Investor · Rockwall, TX · Member since 2015 · 891 posts · 701 votes
10y
Originally posted by @Account Closed:
@Account Closed
Oh i c. Is that different then me deeding my house to your without your consent? I would not think so. I would expect the deed used for the transfer would require the grantees name and signature, just as any other deed.
I am sure you get a better answer than mine. Keep us posted.
I checked all my deeds and they only have the Grantor's signature (the person conveying their rights) and do not have the signature of the Grantee (the person receiving the rights). In theory, I guess you could transfer property to someone without them knowing, however, that doesn't transfer any of the financial responsibility or get you out of the loan in any way.
Oh i c. Is that different then me deeding my house to your without your consent? I would not think so. I would expect the deed used for the transfer would require the grantees name and signature, just as any other deed.
I am sure you get a better answer than mine. Keep us posted.
I checked all my deeds and they only have the Grantor's signature (the person conveying their rights) and do not have the signature of the Grantee (the person receiving the rights). In theory, I guess you could transfer property to someone without them knowing, however, that doesn't transfer any of the financial responsibility or get you out of the loan in any way.
-Christopher
excellent so the note would be a separate transfer?
Rental Property Investor · Rockwall, TX · Member since 2015 · 891 posts · 701 votes
10y
Originally posted by @Account Closed:
Originally posted by @Account Closed:
@Account Closed
Oh i c. Is that different then me deeding my house to your without your consent? I would not think so. I would expect the deed used for the transfer would require the grantees name and signature, just as any other deed.
I am sure you get a better answer than mine. Keep us posted.
I checked all my deeds and they only have the Grantor's signature (the person conveying their rights) and do not have the signature of the Grantee (the person receiving the rights). In theory, I guess you could transfer property to someone without them knowing, however, that doesn't transfer any of the financial responsibility or get you out of the loan in any way.
-Christopher
excellent so the note would be a separate transfer?
Can you better explain the situation and what is going on? The mortgage isn't going to transfer unless the lender approves (probably would issue a new note and require new qualification), which I haven't seen before.
Oh i c. Is that different then me deeding my house to your without your consent? I would not think so. I would expect the deed used for the transfer would require the grantees name and signature, just as any other deed.
I am sure you get a better answer than mine. Keep us posted.
I checked all my deeds and they only have the Grantor's signature (the person conveying their rights) and do not have the signature of the Grantee (the person receiving the rights). In theory, I guess you could transfer property to someone without them knowing, however, that doesn't transfer any of the financial responsibility or get you out of the loan in any way.
-Christopher
You can transfer a deed without acknowledgement but that does not make the deed valid. Validity is only upon acknowledgement which is customarily done with consideration($$). In Texas and Nevada, the grantee does not sign to acknowledge
Read this, and your right, grantee never signs. Never thought about it but it sounds crazy.
Oddly enough, the person receiving the interest does not sign the deed. In most states you can file a disclaimer or deed of disclaimer that says specifically you were placed in title without your knowledge or consent and disclaim the deed.
Read this, and your right, grantee never signs. Never thought about it but it sounds crazy.
Oddly enough, the person receiving the interest does not sign the deed. In most states you can file a disclaimer or deed of disclaimer that says specifically you were placed in title without your knowledge or consent and disclaim the deed.
it is wild you can be given something without knowledge and might attach a liability
Oh i c. Is that different then me deeding my house to your without your consent? I would not think so. I would expect the deed used for the transfer would require the grantees name and signature, just as any other deed.
I am sure you get a better answer than mine. Keep us posted.
I checked all my deeds and they only have the Grantor's signature (the person conveying their rights) and do not have the signature of the Grantee (the person receiving the rights). In theory, I guess you could transfer property to someone without them knowing, however, that doesn't transfer any of the financial responsibility or get you out of the loan in any way.
-Christopher
excellent so the note would be a separate transfer?
The note is typically not a recorded document in Texas or Nevada and can be transferred but that would be a lender to lender transaction. The borrower obtains a release of lien when the note is satisfied or can release a co-borrow via a partial release. Typically, a partial release is very difficult to obtain as the lender has no incentive