On the Deed, Refinance, Take over... Attorney needed.

[Addam Driver]

Hi BP,

Scenario:  

I am taking over my Dads commercial property.  He has the mortgage and wants to add me to the deed.  At some point, I want to take over 100%.  

Questions:

1. When I'm added on the deed, do I have to "finance" and put another percentage down? or can I just "refinance" w/o having to do that?

2. Is there a time requirement to be on the deed before I can actually finance/refinance 

3.  Any Real Estate Attorneys in TN that can help me with this deal?

We are looking to do this in the next week or so.  I've never done this before, so I thought I'd reach out to my BP Folks for help.

Any help is appreciated.

Cheers!

[Nicole Heasley Beitenman]

My dad and I did this with a SF residential property. He added me to the deed, then I refinanced and paid him out, and we removed his name from the title. I don't know if it's different for commercial, but here's my $0.02:

1. No. You can just do a quit claim. 

2. It depends on the lender. Typically, yes, there is a required seasoning period before you can refinance.

3. I'd discuss the process with your local meetup. I don't know about TN, but in Ohio, it was a very simple process. I'm not opposed to bringing in professionals when the situation warrants it, but it would have been overkill. Again, since you're dealing with commercial property, consult someone who is more knowledgeable in that arena.