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.

Can anyone suggest any bank who does not require PRIOR DEED of the land as security for educational loan?

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Home loan for purchasing land and constructing house?

I need to know whether any bank would give loans for purchasing land and constructing a house on that land together.

If yes how much will be the amount and what is the procedure?

You will be better off purchasing the land first in cash, and then have a large amount for downpayment on the construction. You will qualify for a construction loan which is a mortgage...but...you receive the monies as the builder requires. It is held in trust with a lawyer..usually 3 or 4 payments from start to finish. You can get a mortgage for the whole thing, but you will need a large amount for downpayment...just go to your bank and ask..they will give you all the details you need to get started and the directions you need to go. It may not be so difficult where you are, but banks here do not like to give out money for bare land..even if you want to build on it...I think they have had too many problems in the past.

The would only grant a percentage of the value of the building and land combined. They normally require the borrower to have a substantial downpayment (usually the value of the land) and then they only release the money on the building as work progresses to minimise their risk

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With today's economy you better have good credit #'s. Then go to the bank you use . Start there first.

How did states and the federal govt encourage business expansion through tariffs, banking, land grants, etc?

Please help .

Tariff- make it more expensive for foreign companies to cmpete

Banking - make cost of capital cheaper

Land grants- provide subsidies on land

Can I put a house on land not deeded to me?

My parents are letting us put a double wide on their land. With the stipulation that (heaven forbid) if we loose the house, the land stays put. It doesn't go with the house. If they deed us the land and the bank has to take the house, the bank would get the land too. We dont want that to happen. How does that work and is it even possible?

Lease the land from your parents to accomplish this. But note that it will be VERY, VERY, VERY difficult to ever sell that doublewide on a mortgage loan someday.

Construction on leased land is common. There's no law that requires a homeowner to own the land upon which the house is built.

as long as you don't finance your land with the bank, you should be fine.

Sure, but you'll be paying out the wazoo in interest without land to secure the trailer.

You cannot use the land as collateral without risking losing it. That is why they call it "collateral".

There isn't any way around it...either you pay a high interest rate to buy the trailer or your parents have to give you the land to use as collateral.

There is no "option C".

The bank will NOT get the land if they take back your double wide. The double wide is the ONLY security for your loan.

I need loan for purchasing land in devolving area for reselling.can i get loan from bank or private finance?

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presuming we are talking about the US; why not?

if you qualify

How can i use my land to commercial to make a building & give it to national bank. but i had no money.?

sir

My name is Ashish. And i m from nurpur (it is a small city in himachal pardesh).Sir i have a land which is main market in our city market. I use it as a commercial to make a building. and give this building to the any national bank as a monthly rent.But i have no such a money to make a building.Then but can i do for it ?

if the bank requires that place, then you can approach them and they will fund you for construction. the repayments will be from the proposed rentals.

Approach the Banks regional offices with details.

If your land is within city area,no NA permission is required,otherwise,get NA permission from DistrictCollector,prepare plan for building through Archetect and

get it sanction from Corporation/town planning department,approach any banker,along with no encumberance certificate from advocate and valuation done by Bank approved valuer,for loan,on sanction of loan

you can construct the building yourself or by contractors.And offer on rent to anybody.

make a contract with a reputed real estate developer on 50-50 percent basis.

The developer will make say 10 flats and he will give you 5 flats and rest he will sell to buyers at a profit.

this is the only way to make a building without investing any money or looking after the construction.

EDIT: you will have to give a "power of attorney" to the developer. Better to find a good lawyer among your relatives to give you legal advice

I be live the land is worth money so the bank should lend money to build. I have heard of that before being done.