Do I have to place the mortgage on my rental home in my name before selling?
Full Question:
I had a lease with an option to purchase. After about 6 months the owners contacted us to tell us they had financial problems and didn't pay the mortgage. We had an attorney draw up new legal papers that voided the old document and gave me the right to purchase the home for payoff. I paid the back payments to bring the house current and have been making all obligations and repairs for over 6 months since. They signed a quitclaim deed and the attorney drew up a new lease option to purchase which stated that all payements are made by me and all responsibilities are mine regarding the house. It further said I could mortgage the home anytime into my name and all equity is mine. I am granted the right to purchase at whatever the payoff is.
Here's the problem. I'd like to sell the house right now and there is a good deal of equity in it so there would be a nice profit for me. Do I have to put the mortgage in my name first or not? I don't really have great credit and would like to just sell and move on.
Also, does the quitclaim give me rights to the property or is it a useless piece of paper?
04/06/2007 |
Category: Real Property ยป Sales |
State: Alaska |
#2738
Answer:
The answer depends on the title on the quit claim deed and the terms of the mortgage. I suggest you consult with a local attorney who can review all the documents and facts involved.