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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Pre-foreclosure Deal and Quit Claim Deed in Georgia Posted by Ward-CA- on April 08, 2002 at 1:51 PM In Reply to: Pre-foreclosure Deal and Quit Claim Deed in Georgia posted by sinclair st james on April 08, 2002 at 6:43 AM : Hi, : I am currently working on a deal where the owner have agreed to quit claim the property to me. The loan of course is still in her name. What I plan on doing is wholesaling the property to another investor. Their is enough equity in the home for a win-win situation. Besides providing the quit-claim deed and a sales contract to the "new buyer" what else would I be responsible for providing prior to and at the closing. Should I provide my own closing attorney in this case, or allow the "new buyer"/investor to provide the attorney? The home will be foreclosed on soon. I have performed one "assign to", but have never been armed with a quit-claim deed. I believe this takes the old owner out of the deal or does she still need to attend the closing. Can someone please help me in figuring out the best strategy. : Thanks in Advance : Sinclair =•=•=•=•=•=•=•=•=•=•= Sinclair, I don’t know what state you’re in, but most states require sellers to disclose their property’s condition to a buyer, prior to the buyer’s commitment to purchase. In your case I would get your seller to give you whatever disclosures you’re entitled to and just pass them on to your buyer. I don’t know what’s customary there as to which party (buyer or seller) pays what of the transactional expenses involved (escrow, title, closing, etc.) the “closing” or escrow or title charges in your area. If attorneys do the “closings” in your area you just might talk with one of them on the best way to go. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi, : : I am currently working on a deal where the owner have agreed to quit claim the property to me. The loan of course is still in her name. What I plan on doing is wholesaling the property to another investor. Their is enough equity in the home for a win-win situation. Besides providing the quit-claim deed and a sales contract to the "new buyer" what else would I be responsible for providing prior to and at the closing. Should I provide my own closing attorney in this case, or allow the "new buyer"/investor to provide the attorney? The home will be foreclosed on soon. I have performed one "assign to", but have never been armed with a quit-claim deed. I believe this takes the old owner out of the deal or does she still need to attend the closing. Can someone please help me in figuring out the best strategy. : : Thanks in Advance : : Sinclair : =•=•=•=•=•=•=•=•=•=•= : Sinclair, I don’t know what state you’re in, but most states require sellers to disclose their property’s condition to a buyer, prior to the buyer’s commitment to purchase. : In your case I would get your seller to give you whatever disclosures you’re entitled to and just pass them on to your buyer. : I don’t know what’s customary there as to which party (buyer or seller) pays what of the transactional expenses involved (escrow, title, closing, etc.) the “closing” or escrow or title charges in your area. : If attorneys do the “closings” in your area you just might talk with one of them on the best way to go. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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