Texas
I will try to be as concise as possible.
I was asked by a realtor friend of mine if I wanted to invest in a property so that I could get my feet wet. I thought it sounded like a decent deal. I was to invest a set dollar amount for remodeling the house and he would take care of everything else. Since he would be the agent for the property as well he thought it would be a good idea to put the deed in my name so he would be "representing" a client other then himself simply trying to sell his house.
Bottom line...he has been unable to sell property and has had nothing but flaky tenants. I have taken care of the majority of the property taxes but we are still behind. Since the deed is in my name the unpaid property taxes are also in my name. He has agreed to take over full ownership of house so I can wash my hands of it completely.
My question is this will a general Warranty deed transfer the property tax reasonability to my investment partner so that I am truly free and clear?
If this is possible does anyone have a link to a Texas General Warranty Deed with the appropriate verbiage that would cover me?
Thanks in advance.What is the name of your state (only U.S. law)?
I will try to be as concise as possible.
I was asked by a realtor friend of mine if I wanted to invest in a property so that I could get my feet wet. I thought it sounded like a decent deal. I was to invest a set dollar amount for remodeling the house and he would take care of everything else. Since he would be the agent for the property as well he thought it would be a good idea to put the deed in my name so he would be "representing" a client other then himself simply trying to sell his house.
Bottom line...he has been unable to sell property and has had nothing but flaky tenants. I have taken care of the majority of the property taxes but we are still behind. Since the deed is in my name the unpaid property taxes are also in my name. He has agreed to take over full ownership of house so I can wash my hands of it completely.
My question is this will a general Warranty deed transfer the property tax reasonability to my investment partner so that I am truly free and clear?
If this is possible does anyone have a link to a Texas General Warranty Deed with the appropriate verbiage that would cover me?
Thanks in advance.What is the name of your state (only U.S. law)?