Bought a piece of land, how do change the name on the deed? taxes?

My friend bought a piece of land out in the country from his aunt last year, but never got any paper work done. We are now trying to build a shop on the land and we need to show ownership of the land to the bank for a loan. what do we do? thanks

You get an attorney to draw up a General Warranty Deed and his aunt must sign it, granting the land to him.

You CANNOT use a quit-claim deed...the bank won't accept that because it is not the proper legal instrument to transfer property and title insurance companies will not insure it.

An attorney should not charge you anymore than $100 to draw it up and file it.

PS: If the aunt died, your friend is screwed.

Real estate transactions only count when they are in writing. Your friend needs to go back to his aunt, and get this properly documented with the county records division. Until he has paperwork, no court or any other legal entity will recognize him as the owner. Banks won't lend to him because he does not have the legal authority to authorize the bank to put a lien on the property to secure their loan, therefore any loan would basically be unsecured.

The aunt needs to sign the deed over to your friend. This is why it's always good to use a real estate lawyer when transferring property. They know what forms need to be filled out and filed. Your state may charge tax on the sale of the land. I wonder if anyone has paid that? Get the aunt to sign the deed and take it to the county courthouse. You might also have her write up a bill of sale to take, just in case. Or call the courthouse first and ask what you need.

how did he buy it? did he do a title search and everything? you can't just give someone a check and say teh land is yours.

take the bill of sale and go to teh county courthouse, I guess

you better make sure you get all your building permits and everything too

Friend's aunt needs to do a deed to your friend. Call to tax office will confirm what local means are needed to swap the taxes; should be automatic in most places when the deed is filed

For any transaction to be complete, it must be legal. He needs to talk to the aunt to give him all the paperwork used and also produce any receipt to show how money was transfered from his account to her aunt. If he ever wrote anything down concerning the purchase of land will also be enough proof

his aunt has to issue him a general warranty deed. that deed is then registered with the county. only then does he own the land.

the aunt is still owner and could sell property again. your friend is at big time risk here until he has her issue a deed.