Name Changed After Refi
The seller got married and moved to another home; the deed and mortgage is on her maiden last name. I am buying the TH Sub2; for my closing docs should she sign her maiden name or the new name i.e. Mary Oldname or Mary Newname?
She now signs her name as Mary Oldname Newname
[ Edited by SKrei on Date 06/11/2007 ]
[ Edited by SKrei on Date 06/11/2007 ]
Do you ever need to record this Quit Claim deed? Or just the Warranty deed from wife to mycompany?
SKrei,
You record the Quit Claim (First), then followed by the Warranty Deed.
John $Cash$ Locke
[addsig]
1) Yes you can refinance the property but if you are taking title, they will probably have seasoning issues so you may only be able to use the purchase price.
2) I dont know CA.
3) You have to pay the transfer tax (doc stamps) when you buy and sell. They will probably collect when you record the deed. It is usually cheaper for an existing mortgage than a new mortgage. You will also need to pay doc stamps when you refinance. If you are going to refinance, why are you buying subject-to? Why not buy it with financing?
Why are you not using a title company when purchasing? It does cost money but could be well worth it. Make sure you do (or have the title company do it) a thorough title search. Also, you should not purchase without a warranty deed and title insurance. It is risky and could cost more in the long run.
If you use a land trust, you are suppose to pay the transfer tax when you get the beneficial interest but they do not charge you when you record the deed. Some people dont pay the transfer tax because when the property is in a land trust, nobody sees the transfer to you.