What is the name of your state (only U.S. law)? Texas.
My sister does not qualify to get a loan to purchase a house offered to her. The seller offered to keep the mortgage he is currently paying under his name and my sister to continue making all payments to the mortgage for about 3 years until her credit has improved and she can get the mortgage loan on her own.
The question: Will getting the Seller to sign a Quitclaim Deed or a General Warranty Deed in the presence of a Notary Public and then file the document with the county clerk be enough to protect my sister's investment until she can get her own loan and all documents transfered to her?
My sister does not qualify to get a loan to purchase a house offered to her. The seller offered to keep the mortgage he is currently paying under his name and my sister to continue making all payments to the mortgage for about 3 years until her credit has improved and she can get the mortgage loan on her own.
The question: Will getting the Seller to sign a Quitclaim Deed or a General Warranty Deed in the presence of a Notary Public and then file the document with the county clerk be enough to protect my sister's investment until she can get her own loan and all documents transfered to her?