Originally posted by Bill Gulley:
Jane, if your buying the property you need to go to closing for the transaction, there are tax reports to generate, disclosures and other documents required under Texas law. If you are paying it off as a gift, you need to see your attorney if you have concerns about protecting your money, you'll also need a bank payoff and a closing date to pay it off in full and you need to look for a deed of release from that lender. If this is a loan, you'll need a mortgage originator/attorney, disclosures and a closing and with title coverage.
No, it's not that easy. :)
Bill, no, I am not buying the property. As I stated in the post above yours, it was already a done deal before I got involved. My friend called me thinking I could help. She sold the property to someone who paid off her mortgage to assume ownership. So the home is free and clear. The bank doesn't care who pays off a mortgage, just that it is paid. It's just the deed needs to be transferred to the person who paid off her mortgage. How could she handle that?