Deeds
OK. This question is for someone who knows more than I. I have run across a question that I cannot answer. If I have a warranty deed on the property, what happens to the property when I die? I have someone who I am working with, that is their only concern. What do I need to do to remedy this? Can I file a conditional quit claim deed with the warranty deed that states that if I die, the property goes back to the original owner? I appreciate any help that I can get.[ Edited by miraclehomes on Date 06/12/2004 ]
miraclehomes,
If the Warranty Deed is in your name or company's name you own the property, so what do you want to happen wtih the property?
What is the person you are working with concerns that you own the property?
What remedy am I missing that needs solved?
Why are you needing to file a Quit Claim deed if you own the property?
In other words there are some holes in your post that need to be plugged by you.
John $Cash$ Locke
When I die, who gets the property? If I die before the people whom the loans' name is in, their concern is that they will still be responsible for the house, but won't have a house. So, what am trying to do is ensure that the original owner gets the house back when I die, if the loan is not paid off, or am looking for a better way to go. Thanks
mirclehomes,
If you should die before you wake, then have a clause in the paperwork that your sellers take over your postion. This way explain they are gauranteed that they will have control of the property should you meet an untimely demise.
For instance dealing with sellers who ask this question is enough to drive anyone to an early grave. LOL
John $Cash$ Locke[ Edited by JohnLocke on Date 06/12/2004 ]
I appreciate the help, I guess that I can just add that to the purchase agreement. Thanks again.