So about a year ago I found a house for a buy and hold but my sister decided to purchase this house to start her real estate investments. The house is a cash flowing property. I helped my sister out through out the entire process. Now fast forward a year and she has decided real estate is not for her. The property is still cash flowing but she no longer wants to deal with the hassle of it. Luckily I have been following this house for the last year helping my sister. We also share the same property manager so she has been keeping me up to date on my sister property.
We have discussed the option of a quitclaim deed for me to take over the property immediately and then file for mortgage right after under my LLC.
This will be my first quitclaim deed. Has anyone dealt with quitclaim deeds with family members? Any advice on quitclaim deeds?
Are you absolutely sure that you are fully aware of any liens attached to the property as well as the title status?
I'd want to have a title search done and get insurance...it doesn't add that much time and can be done separate from the lending package.
That being said, people buy QC all the time, but it's definitely buyer-beware. Good luck and congrats on the new property!
Talk to a lender First. They can advise you how to do it to best get financing. Of course buying in a llc limits your financing.
Thank you JM Payne I was able to get the deal done and everything checked out on the title. My sis is happy to not have to worry about the property anymore.
Thanx Wayne brooks I was able to find a mortgage broker before we signed. I explained my situation and as soon as the property transfers into my name he will be able to give me zero down financing as long as it appraises for the value I gave him. Which it should. And no seasoning period but I have to get the loan in my name then transfer the property into the LLC.
A quit claim deed conveys whatever interest someone owns in a property. It doesn't ensure that someone else doesn't have interest in the property as well.
They are often used in divorce situations and so forth. Probably not the best way to convey property in this situation.
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