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If I am receiving a loan and they want a warrenty deed to secure

Resolved Question:

If I am receiving a loan and they want a warrenty deed to secure the loan, am I just signing my property totally over to them? The loan is for 6 months do I need something in writing or stating the the warrenty deed will be signed back over to me?
Submitted: 3 years ago.
Category: Legal
Expert:  Legalease replied 3 years ago.

Hello

 

Yes, if you are signing a DEED then you are signing the property over completely 100% to the party who is giving you the loan. The normal way to do this is to place a lien or a mortgage on your property and not to have you sign a DEED to the lender.

 

If they still insist on this, you should ask that their be language right in the deed that states that it only becomes effective in the event that you do not repay the loan by XXXXX date or some such language to protect you.

 

--Mary

 

 

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Legalease, Lawyer
Category: Legal
Satisfied Customers: 14452
Experience: 15 years exp all aspects of general law
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