Selling a mortgage free house?

[Lisa99]

We've pulled the trigger and are moving from Vegas to The Villages.

The house in Vegas is mortgage-free and we have the release of lien document but I've been through the paperwork and don't see anything but the release (like a deed?)

We've never had a mortgage-free house before much less sold one so wondering if I'm missing some paperwork.

Sorry for the dumb question, just want to get the ducks in a row and an internet search wasn't very helpful. We haven't engaged a realtor yet since we're doing some sprucing up so can't go to that source either.

 

[Meadbh]

You need the title deed to your home. You should be able to get this document from the registry. This might be the place to look.

Nevada Land Records and Deeds Search Directory

 

[JOHNNIE36]

As I recall, you get the deed to your house when you first purchase it, regardless of any mortgage. When you pay off the house, you would get a release of lien. That is all that is necessary. Maybe states work differently, but the above is what i'm familiar with. Doesn't work that way with a motor vehicle, mobile home, etc.

 

[Lisa99]

Thanks. I'm seeing online the deed that was transferred to us when we bought the house.

 

[kgtest]

I've been traveling to the Villages for a few years now each winter. Probably a little young, but my in-laws keep renting there for the winter. I am 35 now and been going since 31.

My in-laws and my wife and I have thought about owning a place in the Villages. It's an incredible master planned community. There are some nuances. I wanted to share this article as I read it even half-heartedly considering moving there this article covers a lot about what you should know when buying/building a home.

https://s3.amazonaws.com/TheVillagesMonthlyContent/50-things-2012.pdf

 

[freedomatlast]

Thanks. I'm seeing online the deed that was transferred to us when we bought the house.

This may vary state to state, but when we sold our mortgage free home, we didn't need to show anyone, any of that. The new buyer pays for a title search and that will uncover who the current owner is, whether the mortgage is paid off and whether any other liens are shown against the property. This was done using the records at the county office. Most is also available online.

 

[pb4uski]

While it varies from state to state and I don't know how it works in Nevada, around here the town/county clerk would have the deed and release recorded and the real estate attorney or transfer agent would get those from the town/county. We have sold two different properties over the last 10 years and never had to provide a deed or release... they were all at the town/county records office.

You may want to just check and see that the lien release was recorded in the county records... if so then I think you should be all set but you might want to have a quick talk with a real estate attorney.

 

[W2R]

When I sold my paid off home back in 2015, the title company did everything for me. I didn't even have the release of lien but it turned out the mortgage company had filed it in the proper bureaucratic office. They just didn't send me a copy. Anyway, the title company found it as part of their title research, and took care of everything. I never saw the actual deed.

All in all, it is really easy to sell a paid off home. Hope you enjoy your new home in the Villages!

 

[Sunset]

OP you might want to get a couple of real estate agents in now, don't sign or agree to go with them but tell them you are going to sell, and what would they suggest you do to prep it.
Tell them you are getting a few agents opinions. (what to fix, skip, how is the market, estimated selling price, etc).

I did this AFTER I had spent 6 months fixing up a place, and I found I wasted time on some things, and completely missed other things.

 

[W2R]

OP you might want to get a couple of real estate agents in now, don't sign or agree to go with them but tell them you are going to sell, and what would they suggest you do to prep it.
Tell them you are getting a few agents opinions. (what to fix, skip, how is the market, estimated selling price, etc).

I did this AFTER I had spent 6 months fixing up a place, and I found I wasted time on some things, and completely missed other things.

+1 This is great advice.

I already had an excellent real estate agent, that I had dealt with before. I intended to do about $20K of work on the house. He said to put it on the market, and I could be working on that stuff while it was on the market.

It sold in 4 days for considerably more than I would have accepted, and the repairs the buyers wanted did not include any of the expensive repairs that I thought anyone would key in on, and require. They wanted a lot of little cheap stupid stuff done. So, I complied and ended up saving quite a bit of money.

 

[ShokWaveRider]

Very Hot in the summer

 

[Lisa99]

I did this AFTER I had spent 6 months fixing up a place, and I found I wasted time on some things, and completely missed other things.

Nowhere near a 6-month job, more like 4 days! Some yard work, some paint touch up and we're done.

And thanks W2R for putting my mind at ease. I'd forgotten about the title search that would take care of the details.

For The Villages book reference, we've been thinking about/researching The Villages for about 3 years so we're up to speed on the good, bad, ugly, and just downright weird! Yesterday there was a Facebook post on The Villages group page asking for advice on the best rope for tying someone up!!! The answers were as bizarre as the question. Also, hubby has been apprised/warned about the packs of single women there.

 

[Lisa99]

Very Hot in the summer

We're from Texas so the heat and humidity are comparable.

 

[OldShooter]

We've pulled the trigger and are moving from Vegas to The Villages.

The house in Vegas is mortgage-free and we have the release of lien document but I've been through the paperwork and don't see anything but the release (like a deed?)

We've never had a mortgage-free house before much less sold one so wondering if I'm missing some paperwork.

Sorry for the dumb question, just want to get the ducks in a row and an internet search wasn't very helpful. We haven't engaged a realtor yet since we're doing some sprucing up so can't go to that source either.

I wouldn't worry about any of that. When you sell, you will/should have a professional closing service that will be responsible for getting all the paperwork and making sure it is in order. That's what they get paid for.

 

[Koolau]

Our realtor insisted I find the release of lien on our property for sale. We did NOT have a deed as we did not apply for it. Not sure the title company could not have dealt with all of this, but with the release, we were gold. YMMV

 

[Lisa99]

We have the release of lien in the lockbox.

 

[Accidental Retiree]

We've pulled the trigger and are moving from Vegas to The Villages.

This is very big news, Lisa99.
Congrats!!!

 

[meierlde]

We have the release of lien in the lockbox.

Was the release of lien recorded, if so that is all you get. If you go back and look at your original deed it probably does not say anything about the mortgage. It appears that Nevada operates as a deed of trust state, where you deeded the property over to the lender with the lender able to take possession on the happening of certain events. In Clark County you can search on the address and see what documents for the address have been recorded. The title company will check during the time before closing and you will have to sign at closing a document saying you have not applied for another mortgage as well.

 

[IMATERP]

If you get tired of the "weirdness" you can trek north and retire in the Carolinas. We've found that so many folks go to Florida -stay long enough to get tired of the humidity - then relocate and retire in North Carolina. Raleigh is still growing by leaps and bounds.

Anyway, we recently had a couple move from our Community to the Villages. They were die hard Duke fans - so I guess that is the summit of weirdness.

Good Luck.

Michael

 

[Bamaman]

East TN, NE GA, W. NC and NW SC mountains are where native Floridians go on vacation. And there are a bunch of very high line tennis/golf course communities that are absolutely incredible. Gary Player was designing a golf course in NW SC, and liked the area so much he moved his family and his whole golf course architecture firm there.

The Villages are much more middle priced in comparison with the communities in The Mountains. And The Villages is in the middle of another large expansion--on top of already having 150,000 people already.