I own a 1 acre lot that I am preparing to build a home on. The title for the lot is in my trusts name. I am the sole owner of the trust. The VA builder recommended a specific mortgage company - which is fine. When I talked to mortgage company rep - he said that I could have a 3 1/2% Construction loan. When I told him that my land title was in my trusts name - he said that I would have to change title back to my name. Reason - he would have to change loan to a commercial loan at a higher rate - could not use the 3 1/2% loan. He recommended using a 'quitclaim deed' to move land title out of trust to my name and then reverse the process when home was finished and I had my CO.
A) Is using a quitclaim deed the best vehicle for doing this?
B) If not, what documents should I be using.
Thank you for your time & consideration, Jack
Whether you are a buying or selling a house, a flat or own any other type of property (single family house, commercial real estate), a knowledgeable realtor attorney may help you. Do not use the Seller's Agent, there are many reasons why to hire a real estate lawyer near you. Experienced real estate agents earn high commissions, but they usually have contacts with mortgage loan brokers, inspectors and others who can make your buying process more comfortable and easier. You should hire the best rated and reviewed real estate lawyer, as these agents have a built-in conflict of interest. A real-estate lawyer should protect your legal rights and the best interests in the transaction. Ever!
- Property lawyers can protect our rights when we buy or sell property.
- Real estate attorneys know very well all of the legal documents that have to be collected and completed on time.
- These agents can accelerate the settlement process and save your money.