You need to provide more details, and some of your statements are
fuzzy. For example, there's no such thing as a "quick claim deed."
There is, however, a "quit claim deed."
Second, you really should consult with a real estate lawyer.
Getting beyond that, if a corporation currently holds title and you
want title to be held by an individual, there are a number of options:
(1) The corporation can sell the property to the individual, or (2)
The individual might buy the assets of the corporation. (You don't say
how big the corporation is, the value of the real estate, etc. Hey, it
could be Sub-S Corporation with little in assets beyond the real
estate. Or it could be General Motors.)
I don't understand your comment about the quit claim deed having the
risk of going into foreclosure. Under the right conditions (that is,
the party quit claiming), a quit claim deed is just as valid as a
warranty deed or any other deed. The risk with a quit claim deed is
that the person giving it to you may not own it...or title may be
clouded. I could give you a quit claim deed to my home (in which case,
you'd own it), or I could give you a quit claim deed to the Empire
State Building (in which case, you wouldn't own it).
If you're concerned about the property going into foreclosure, have
the corporation provide you with executed "Authority to Release"
forms. This will let you go to the mortgage holder, lien holders,
etc., and have them release current information to you just as they
would to the owner. That way, you can monitor payment status on a
regular basis.
Nor do I understand "transfer title will need to wait 3 months in
order to refinance the property." Are you talking about seasoning
issues? If so, there are some lenders out there who will refinance
immediately. Look for a lender who will.
Provide more details, and I'll try to help some more. |
