My mother no longer can afford the 2 leins she has on her home. Can i buy it for the price of the leins.?

Gail
Home Buyer
Silver Grove, KY

She is okay with this since she will be living with me in my home. I want to rent it out after purchasing it.

Answers (2)
Rainey Delotell
Agent
Cincinnati, OH

The best thing to do is call a title company and tell them what you'd like to do. You might be able to pay off the liens, get releases for all of them and then just do a "quitclaim deed" transferring the property from your mother to you. You can read about "quitclaim" deeds on this link. A "quitclaim" just releases a person's interest in the property and transfers ownership. A warranty deed warrants that the person who is deeding over the property holds title to it.

http://ohiobar.org/pub/lycu/index.asp?articleid=315

But best you talk to a title company who can lead you in the right direction. Title companies handle closings and are also owned/managed by attorneys. I would suggest you give Homestead Title in Fort Mitchell KY a call. They can be reached at 859-578-2700 and ask for Jan or Meredith. They should be able to advise you. Good luck!

Tue Mar 3 2009, 16:03
Fred Glick,Prin...
Broker
Philadelphia, PA
FIRST ANSWER

Dear Gail,

You can buy it for the liens, any mortgages and the closing costs.

I would suggest getting title insurance to make sure the house is then owned free and clear.

Good luck,

Fred Glick

Web Reference: http://fredglick.com
Tue Mar 3 2009, 15:04

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