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Refi to change ownership?

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Jonah

Thread Starter
Junior Member
Joined
Mar 22, 2006
Professional Status
Licensed Appraiser
State
Utah
I had a client contact me today about a property. Here is what the lo sent me. The Lemon's own the property but are investors who did a capital lease. The Madsen's have owned and lived in the property since 2002. they did a capital lease a year ago and now want the property back in their name. I am getting warranty deed to add them on and then I am doing a refinance through one of my lenders. I have always though that to change ownership of a property it had to be done through a sale, is that right? Has anyone done something like this?
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Any deed can change ownership. Just put a comment in
your report about the ownership and use history and appraise
the market value.

I just had one for a lawsuit where the the elderly owner of the
property had two 'care takers' assist her. They also assisted
her to sign over the house with a deed for $10. Needless to
say, the hiers to her estate have wanted to know the true
value of the house.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
I have always though that to change ownership of a property it had to be done through a sale, is that right?

What? If it's a transfer with no consideration paid, and it's exempt from transfer tax, I've transfered ownership of property between my brother, father, and I by Warranty Deed and Quit Claim Deeds.
 

Jonah

Thread Starter
Junior Member
Joined
Mar 22, 2006
Professional Status
Licensed Appraiser
State
Utah
What? If it's a transfer with no consideration paid, and it's exempt from transfer tax, I've transfered ownership of property between my brother, father, and I by Warranty Deed and Quit Claim Deeds.

Makes sense to me. It is just that I was told differently from my peers over here, thanks.
 
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