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Updated about 6 years ago,
How do I "Deed" a Property?
I'm purchasing a property from a friend. It is a 1,000 ft 2bd/2ba SFR that has been vacant for 8 years and is in need of significant repairs. The agreed sale price is $22,000. He is selling it to me on a zero down, owner financed, personal note and I am going to self-fund most of the repairs. My question is, what is the absolute minimum that must be done to transfer title to the property? Someone suggested "Just have him deed the property to you" but I'm not sure how the mechanics of the transaction work. A title company has quoted me $1,700 to close the transaction. I'm sure there is a less expensive way to transfer the title even if it involves a bit more work on my part. Any suggestions?