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How do you get a clear deed to 'paid in full' property when the seller dies before it can be transferred?
Wiki User
∙ 8y ago
In general practice a sale of land is a single transaction supervised by an attorney with the consideration being given over IN EXCHANGE for a deed. As part of the transaction the attorney would have the title examined by a professional to ascertain the status of the title. When the consideration has already been paid to the seller who then dies before executing the deed, the purchase becomes more complicated: the buyer must obtain a deed from the duly appointed representative/fiduciary of the estate.
An Administration must be done when someone dies intestate owning real property. The Administrator must be appointed by the court and must petition the court for a license to sell the real estate. In Massachusetts that can usually be accomplished within 2-3 months. The buyer must produce proof that the consideration has already been paid. The Administrator must furnish an accounting to the court that the consideration has been paid.
If the deceased left a Will then the Will must be allowed by the court and the Executor appointed. The buyer must approach the Executor for a deed. If the power to sell real estate was not granted in the Will then the Executor must obtain a license to sell the real estate and furnish an accounting to the court as to the consideration.
The buyer could wait until the estate is settled and try to obtain a deed from the heirs. The waiting period would be longer. It would be safer and easier to complete the transaction with the Administrator/Executor who would be duty bound to settle the estate and who would be HELD ACCOUNTABLE by the court.
On the other hand, you may be a party to a land contract (sometimes known as a "contract for deed" or an "installment sale agreement") which is a contract between the owner of a property and a person who wants to buy the property for an agreed-upon purchase price. It is used in certain states as a means to purchase property.
Under a land contract, the seller retains the legal title to the property. A contract for deed is frequently used in transactions between private parties. It seems a simpler way to purchase land, at least on the surface. In many cases, buyers enter into such a contract because without such an arrangement they would not be able financially to make such a purchase. However, such a process sometimes increases exposure to undesirable side effects. The problem at hand being one of them: the owner died before executing a deed.
A contract for deed may be recorded to evidence the agreement. However, sometimes the parties do not want the terms of their agreement disclosed and therefore do not record the contract. That points to another problem with the process, an unscrupulous seller may encumber the property by a mortgage after agreeing to sell and taking payments.
If you have a properly signed contract perhaps the estate fiduciary can complete the sale. In any case, you need to seek the help of an attorney to complete your acquisition of title to the property.
Wiki User
∙ 8y ago
Wiki User
∙ 8y agoYou need a deed from the seller’s estate. If you have a properly signed contract the legally appointed estate representative can complete the sale. In any case, you should seek the help of an attorney to complete your acquisition of title to the property.
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Is there any recourse for the buyer of an owner financed agreement when the seller does not provide or have the deeds and property transferred for insurance and tax purposes?
Property cannot be sold or transferred without there being a clear title. If the owner/seller has lost or misplaced the general warranty deed and the lien release, it is a fairly simple matter to obtain copies. Contacting property recorder's or assessor's office in the county where the property is located will obtain the desired information.
Who is responsible for judgment on property inherited from deceased father?
The judgement should be resolved before the property is transferred. If there are not enough assets to cover it, the property would have to be sold to pay the judgement. If someone wants the house, it might make sense for them to pay it to keep the property.
If a seller indicates that the first mortgage is delivered free and clear what does this mean?
A free and clear property means that the mortgage was completely satisfied and there is no more lien on the property as far as the mortgage goes.
What happens to the lien when you buy a house with a lien on it?
What do you mean? Did you purchase a home that has a lien on it? If so, you do not have a clear title to your home and the lien holder can take posession of your property. A lien should be paid off prior to completing a sale of a property. Good Luck
Does a lien on property mean it has to be sold in California?
A lien is paid out when the property is sold. It will come out of the proceeds paid to the seller for his recorded lien before a clear title can be issued to the new buyer. Otherwise, it just sits there as a matter of record.However, if the lien is large enough to be worth the trouble of foreclosing on it, the creditor may force the sale of the property to pay the lien.
In Mississippi if you inherit property can you sell it immediately?
Once title has been transferred to your name you can do anything you wish with it. But you have to wait for the estate to clear the title and transfer it first.
How do you get title transferred in your name if there is a lien on the property?
The lien must be paid in order to clear the title.The lien must be paid in order to clear the title.The lien must be paid in order to clear the title.The lien must be paid in order to clear the title.
Does the owner of the property have to tell you if there is a utility easement on the property before you buy it if it runs the length of the back of the house and property?
It depends on the transaction. In most normal transactions the standard contract used by most Realtors will say something about clear title, a title commitment from the title company and other factors. If the buyer did not expect a clear title then it could be argued they received what they expected. The buyer should review the details of the title before signing the final documents to complete the sale. Any title insurance policy will show all easements and exceptions to a clear title. Full disclosure is best and expected but the fine details will really be based on the agreement signed by the buyer and the seller.
If a surviving parent has a lien against property they own and now they reside in a nursing home can ownership be transferred by quick deed?
Yes, as long as the buyer is willing to accept title subject to the lien, in other words, pay it off to clear the title, or accept the risk that nobody else will ever want to buy it with the lien.Many people buy properties with liens, fully expecting to pay off the liens as part of the "price" of ownership, and the compensation to the seller is adjusted accordingly.For example, I offered to buy a property in foreclosure and pay off the lien for timber taxes as part of the "deal." Buyer pays off the notes, seller pays off the tax liens, obtains clear title and an extra tax deduction.
Is Grant Bargain Sale Deed a Warranty Deed?
No. A bargain and sale deed is not the same as a warranty deed. The primary difference is that a bargain and sale deed does not guarantee that the seller holds clear title to the property.
Does removing a person from a deed remove liens?
No, the liens are against the property itself, not the person. Regardless, property that has a lien in place cannot be sold, transferred or disposed of in any manner and a clear title cannot be issued until the lien(s) has been satisfied.
Can a home be sold because of a lien?
Yes, the title company that issues tolved in anything to do with that house & property have beeen pfoaid) the lien against the property will keep a seller from selling it with "Clear title " however the seller could sell it for a lesser amount i.e there is a 5K lien on it so the seller sels it to a person for 5K less than its worth . lenders will not lend on property with claims against title. but a seller financed property could easily have a lien against it.Answer/ClarificationThe question should be, "Should a property with a tax lien be sold?" The answer is no.The purpose of a tax lien is to notify the world that the town, state or federal government has an interest in the property for unpaid taxes that must be paid before the property is transferred to a new owner. The liens create a legal interest in the property; a claim that affects the title. The seller is obligated to see that the lien gets paid before the property is transferred to a new owner. The buyer is obligated to see that the lien gets paid from the proceeds they hand over to the seller. Again, the purpose of the lien is to notify the public of the obligation. In the normal course of real estate transfers a seller doesn't reduce the selling price by $5,000 if there's a $5,000 tax lien on the property, he pays the lien off with the $5,000. Besides that, the amount of the lien may have grown.The first answer is from a victim of the modern misconception that IF I can do it then it's okay to do it. Or, they are involved with the darker side of real estate transactions that rely on the quick "flips" by people who ignore the rules and brought the world economy to its knees. In the case outlined in the first answer, the buyer would be misinformed. While it is technically possible to transfer property with tax liens via a cash sale (there is no local, state or federal police officer monitoring your actions), the buyer would find themselves in trouble. Especially if they tried to sell the property before the liens are paid.Tax liens grow with interests and costs added. At any legitimate closing the buyer's attorney will contact the lienholder to determine the final payoff amount of the lien, especially with a cash deal. That is the purpose of a title examination performed by a professional. Where there is one tax lien there are usually more and you could be dealing with what we call a "deadbeat" in the industry. Any and all liens will travel with the property and will grow. The buyer of a property with unpaid tax liens may find they owe more than the property is worth. In addition, some government official may come knocking to ask why they turned cash over to a seller whose property was subject to recorded tax liens. The buyer would be left "holding the bag".
