Buying a lot by owner and not financing, help - Page 2 - TigerDroppings.com

Posted byMessage
NEWBIE
LSU Fan
Member since Jun 2008
118 posts

re: Buying a lot by owner and not financing, help


quote:

Wouldn't any/all of the donor's lien(s) be addressed at the prior closing where the donor donated/transferred the land to the current seller?


Not necessarily. If the property was donated with no title curative work, no liens, mortgages, or other encumbrances would have been addressed. Any of these would have remained in place against the property.

The donation may have stated no title search requested or something along those lines.

It is common for people to donate property to a family member without a title search. They just go to a notary and have them prepare the act of donation.

I recommend for the donee's protection to have a title search done and reviewed by an attorney before accepting the donation. It can eliminate headaches later on when they try to sell or get their own mortgage on the property.



This post was edited on 4/22 at 2:58 pm


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