can i sell my condo without a deed/title in hand? (mortgage, mortgage company)
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ok, i'm in a weird situation. i had recently paid off my entire mortgage on a condo i own about a month ago. now b/c of recent circumstances i have decided to sell this condo within the next few weeks to a month. however, the mortgage company told me it will take 3-6 MONTHS for the deed/title to get to the third party who then sends to the county for recording which then sends it back to the third party who then sends it to me.
so my question is can i sell the condo without the deed/title in my hand?
Last edited by cis_love; 03-22-2017 at 11:42 PM..
Reason: typo
The situation you describe is not clear. When you sell, you simply write up a new Deed conveying your interest in the property. You can gather all of the information you will need from the Deed which you received when you purchased the condo. That Deed is recorded so you can always retrieve the information from the public records.
Since you recently paid off the mortgage, however, you will need to have recorded a Discharge of Mortgage (or similar name) evidencing that the mortgage has been paid off. Have they provided that yet, or is that what they need to provide now? Maybe that's what they're referring to...however, 3-6 months is not satisfactory. They should be able to do it much quicker than that! By the way, who is the "third party"?
Simply put, you can go ahead and enter into a contract to sell your condo, but the Discharge of Mortgage will need to be recorded before you will be able to close.
It was a national bank I had the mortgage with.
I don't have a physical title. I have no paperwork of any kind.
If you have a mortgage, by necessity, you have an ownership interest in the property which is evidenced by a recorded Deed. You don't need the Deed in your hand--it can be found in the office where Deeds are recorded in your area. Here, it's called the County Register of Deeds Office.
That's the benefit of recording Deeds and other real estate instruments. It's like having your own personal, permanent filing system.
ok, i'm in a weird situation. i had recently paid off my entire mortgage on a condo i own about a month ago. now b/c of recent circumstances i have decided to sell this condo within the next few weeks to a month. however, the mortgage company told me it will take 3-6 MONTHS for the deed/title to get to the third party who then sends to the county for recording which then sends it back to the third party who then sends it to me.
so my question is can i sell the condo without the deed/title in my hand?
There is a common misconception that you get a title "in hand" on a house like you do a car. Not true. You can sell your house right now. The "deed/title" was not held by your mortgage company. When you purchased your property the county recorded a deed that transferred ownership from your seller to you. Your mortgage company just filed a lien against the property with a mortgage. Your recently paid off lender needs to file a document to satisfy that lien. You can sell right now and the title company can help you get the deal through right away.
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