Home Selling in Norwalk>Question Details

jillnorwalk, Home Buyer in Norwalk, CA

is it possible to get the deed swithched from the family trust to th buyers name without paying all of the installmen t paymen ts?

Asked by jillnorwalk, Norwalk, CA Mon Sep 3, 2012

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6
If the Family Trust owned by the buyers, then you are dealing with the terms of the note. Check if there is an exceleration clause or not.
Title is one thing and the note is another thing, but most banks require that whoever on the title has to be on the note.
3 votes Thank Flag Link Sun Oct 14, 2012
This is a question for an attorney and tax advisor.
0 votes Thank Flag Link Thu Oct 11, 2012
good question, ask escrow
0 votes Thank Flag Link Thu Oct 11, 2012
Just making sure by "installment payments" you don't mean the buyers installment payments to the seller, (ie seller carrying paper on the home or land sale contract)? Would be a completely different scenario.
0 votes Thank Flag Link Mon Sep 3, 2012
There are a few issues here:

(1) No lender will provide a loan to a buyer if there are any outstanding liens on the property of any kind.
(2) If the buyer is getting a loan, the answer is automatically no UNLESS there is a provision in the existing loan for it to be assumed. This is very rare, however - in most cases, existing loans are not assumable.
(3) If the buyer is paying cash, the current lender will not release the deed of trust until it is fully satisfied.

Bottom line, the existing note needs to be paid off to transfer title.
0 votes Thank Flag Link Mon Sep 3, 2012
The buyer will not purchase the property unless they get free and clear title to the property. They cannot get free and clear title to the property until all outstanding loans and liens are removed or resolved.
Good luck,
0 votes Thank Flag Link Mon Sep 3, 2012
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