Monday, January 31, 2011

How do i go about buying the land i am on they want 10.000?

the deed to the land my trailer sits on is in the bank the peopele needs the money to pay off their bank. could we not just put the deed in our name and us pay their bank off then when its paid in full we can get the deed


If you are serious about purchasing the property, hire a lawyer to draw up the paperwork.

You will need to do this legally and with the proper documents prepared or you could lose your money.

Possibly, you and the sellers could go to the bank together and see if they will help you with this sale/mortgage assumption.

There is also paperwork involved with you assuming their mortgage. It has to be approved by the mortgage holder first or it is not going to be legal.

Check with an attorney or the ban first. Do not just write up a contract between you. Thie will not be legal and you could lose all your money.

You pay the bank, they transfer the deed to you.

You can't just "put" the deed in your name.

If you buy it from the current owners, it would require the bank's consent for you to assume the mortgage. Not too many mortgages are assumable, but even if the current mortgage does not specifie that it is assumable, the bank might agree.

If the bank agrees, then the current owner would need to give you a deed. Ideally you would also get title insurance. However, if the current owner has title insurance, then it would be fairly safe to assume his title is good. In that case he could give you a warranty deed or a quit claim deed.

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