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all right team today were going to be talking about closing um Im going to discuss with you closing for seller financing AKA subject to real estate so lets go ahead and just jump into it in this transaction were doing a table round closing I bought this deal from one of my mentoring students and basically the deal has marginal Equity about 20 you know we bought the house bought 20 20 off so about 80 cents on a dollar okay theres not a docHub amount of equity but there is still 20 equity on the property and the great thing with this deal was that the house didnt need a lot of repairs I was in a very good area it was a perfect strategy for me because Im a Buy and Hold guy and there wasnt that much in the rears okay um just one month which was only 1300 bucks okay so lets go ahead and dive into the paperwork to let you guys know um what kind of paperwork you need to do a table around closing so theres going to be three waves of paperwork and this one is about the wave numb

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Does Tennessee have a transfer on death deed?

Tennessee law does not recognize transfer-on-death (TOD) deeds. In states that authorize them, TOD deeds allow real estate to automatically transfer to a named beneficiary upon the current owners death. The advantage of TOD deeds is that they do not limit the owners property rights during life.

Is TN a right of survivorship state?

Tennessee recognizes joint tenancy with right of survivorship as a common form of joint ownership for non-spouses. This form allows multiple people or entities to own a title interest to the property, and comes with various rights and responsibilities.

What is the difference between a note and deed of trust?

While a deed of trust describes the terms of debt as secured by a property, a promissory note acts as a promise that the borrower will pay the debt. A borrower signs the promissory note in favor of a lender. The promissory note includes the loans terms, such as payment obligations and the loans interest rate.

What is a life estate deed in Mississippi?

Mississippi life estate deeds are another means of transferring real estate outside probate when the current owner dies. A Mississippi life estate deed gives ownership to one person (the life tenant) for life and a remainder interest to another person who takes title when the life tenant dies.

How do I transfer property to a family member in Tennessee?

In order to convey any real property or an interest in property in Tennessee, the deed must be in writing, acknowledged by the grantor, and registered in the county where the property is located. The Annotated Code of Tennessee allows for the transfer of real property through the usage of a variety of deeds.

Is a transfer on death deed valid in Oklahoma?

Yes, Oklahomas TOD statute specifically contemplates TOD deeds with one or multiple beneficiaries. An Oklahoma TOD deed naming multiple beneficiaries can specify that the beneficiaries receive the property as either tenants in common or as joint tenants with right of survivorship.

Can you be on the note but not the mortgage?

So, as a rule of thumb, if someone is on the Deed, they must be on the Mortgage. But just because they are on the Mortgage, doesnt mean they are on the Note.

Can you do a transfer on death deed in Mississippi?

Mississippi now allows you to leave real estate with transfer-on-death deeds, also called beneficiary deeds. You sign and record the deed now, but it doesnt take effect until your death. You can revoke the deed or sell the property at any time; the beneficiary you name on the deed has no rights until your death.

How do I transfer property after death of parent in Tennessee?

An affidavit of heirship is the simplest way of transferring real property after a person has passed away. When a person dies in Tennessee without a will, real estate immediately vests in the heirs of the decedent.

How do I transfer a deed in Oklahoma?

Execution Requirements for Oklahoma Deeds Signatures. The current owner of the transferred real estate must sign an Oklahoma deed. Notarization. The current owners signature must be acknowledged under seal by a notary or other authorized officer. Spousal Signature for Homestead. Trust as Party.

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