About Eric Sexton Expertise All aspects of buying and selling homes including: General real estate questions, Contracts, Negotiations, surveys, title work and general questions about mortgages. I CAN NOT GIVE LEGAL ADVICE AND WILL NOT BE ABLE TO ANSWER QUESTIONS WHERE LEGAL ADVICE IS NECESSARY.
Experience
I have been a real estate agent for 6 years and a broker for 2 years.
Organizations National Association of REALTORS and Texas Association of REALTORS.
Expert: Eric Sexton Date: 9/11/2007 Subject: going from contract to title
Question Recently I've pursued a property that was a foreclosure and investor put it under contract. The investor and I agreed to do an assigment of the contract, however the bank that foreclosed on the property will not take an assignment, but will add me to the contract. If the contract has both of our names on it will 1) my lender have a problem with me and me alone getting the loan and 2) what can I do to assure the title company put the deed in my name?
Answer Michelle,
I'm not sure I understand your question. Please correct me if I am wrong:
An investor purchased a property and wanted to do an assignment of contract to by you. The bank would not allow the assignment, but would allow your name and the investors' name on the contract.
Assuming these facts, banks are getting very conservative about the loans they are doing. Based on your statement, It sounds as though the bank is going to allow you on the loan.
The title company is going to put the names on the deed based on the names on the contract. As long as the lender does not have a problem with both of your names being on the contract, your name will appear on the deed.
