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  1. #1
    Join Date
    Apr 2011
    Posts
    4

    Default How to Get Title Under New Home Owner's Name when Doing Owner Financing

    My question involves real estate located in the State of: California.

    We recently sold our mobilehome by owner financing. The new owner's are paying us and we make the mortgage payment as we do not have the mobilehome loan paid off yet, nor can we at this time. Because we still owe on the mobilehome, title could not be placed in the new owner's name. This has caused a problem with my husband being cut off of SSI because I purchased the mobilehome long before I met him and his name is not on the title nor ever has been, but SSI still considers it an asset of his. Is there a way to put title in the new owner's name without legally putting us in a bind. I can easily have the new owner's send their checks directly to the mortgage company. That is not a problem. The mortgage company was contacted and sent us a letter stating that we could sell the home by owner financing. They really didn't care as long as they got their money. Both parties are happy with the owner financing and there are no issues, other than this. The new owners took possession last July 2010 and are a young newly married couple who could not finance a new mortgage at this time. My father-in-law thought that a "QuitClaim Deed" would work, but I don't know anything about that. Any and all information would be very helpful.

  2. #2

    Default Re: How to Get Title Under New Home Owner's Name when Doing Owner Financing

    I can share some general knowledge about quitclaim deeds with you. Whether executing one will lead to the results you are looking for, I don't know.

    A quitclaim deed is one where an individual conveys all interest they have in a property to the grantee named on the deed. They differ from you typical deed which is known as a warranty deed because there the grantor "warrants" that they have clear title to the proprety being granted. If it turns out that they didn't have clear title to the property that they appeared to convey to the grantee then they could be on the hook for some legal and financial recourse. With a quit claim deed they are merely giving up whatever claim they in the property (if any) to the grantee named in the deed. I could quitclaim the Brooklyn Bridge to you, but I doubt that you would then own it. But if the grantor in the deed did have valid title to the property then, once conveyed, a quit claim deed is just as strong and binding as a warranty deed.

    Hope this helped.

    Stephen Calder (Land Surveyor, not a Lawyer)

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