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    Ziggy625's Avatar
    Ziggy625 Posts: 1, Reputation: 1
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    #1

    Sep 7, 2008, 03:28 PM
    Deed in hand do I still owe
    I bought a house about 3 months ago. I just got the oringal deed in the mail signed and noterized. The deed is a Special Warranty Deed for my house and land I the state of Ohio. I have been told by other people I own the property out right and should not pay any more, because I have the deed in hand. This seem to good to be true, is it?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Sep 7, 2008, 03:45 PM
    The original deed would have been filed at the court house, along with a mortgage. If you got the original, then it needs to be filed at the court house to be valid. So what happens if for example you don't pay the loan, they merely foreclose on the property.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Sep 7, 2008, 04:29 PM
    I think you need to tell those people they don't know what they are talking about.

    You purchased the home under some sort of contract. Under the terms of that contract, you agreed to pay a sum of money over a period. Generally, in such a sale, title is conveyed immediately with the contract (usually a promissory note) representing a lien on the property.

    If you don't pay according to the terms of the contract, they can foreclose, sue or whatever the contract provides for, to collect what you owe.
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