You could get the deed but not record it until you are ready to sell. You are however at risk of getting leins put on after you buy. Also the seller could sell again which is very unliklely.
Quote:
On 2005-12-26 01:16, theREIkid wrote:
You could get the deed but not record it until you are ready to sell. You are however at risk of getting leins put on after you buy. Also the seller could sell again which is very unliklely.
Once I get the deed, but dont record it. What is the next step when reselling the property? Will I need to record in right before I resell it? Will the seller need to have any involvement when I resell the property?
Since constructive notice is the recording of the deed, and if I understand your question correctly you will need to put a demand into the title company as the vendor which does not require you to have property ownership.
However with that said, mortgage companies tend to not want anyone receiving seller funds except the seller and in that case then I would suggest you record a deed of trust and reconvey for the amount of your equity.
You could simply sell your option to the new buyer for your equity as well.
I get POAs on all purchases but not for the purpose of signing deeds on behalf of the seller.
constructive notice defined:
Notice given to the world by recorded documents. All people are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of property is also considered constructive notice that the person in possession has an interest in the property.
Quote:
On 2005-12-27 01:56, IBuyHousesInc wrote:
ReiKid
Since constructive notice is the recording of the deed, and if I understand your question correctly you will need to put a demand into the title company as the vendor which does not require you to have property ownership.
However with that said, mortgage companies tend to not want anyone receiving seller funds except the seller and in that case then I would suggest you record a deed of trust and reconvey for the amount of your equity.
You could simply sell your option to the new buyer for your equity as well.
I get POAs on all purchases but not for the purpose of signing deeds on behalf of the seller.
constructive notice defined:
Notice given to the world by recorded documents. All people are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of property is also considered constructive notice that the person in possession has an interest in the property.
Michael,
Thanks for your response.
What kind of demand do you put into the title company?
If I understand you correctly, your saying that you will have to record the deed regardless in order for the mortgage company to comfortably release the fund to you(investor). Is that right?
You could get the deed but not record it until you are ready to sell. You are however at risk of getting leins put on after you buy. Also the seller could sell again which is very unliklely.
I always take the deed in my name or in the name of a trust I control.
I have never had a due on sale clause be exercised.
[addsig]
Quote:
On 2005-12-26 01:16, theREIkid wrote:
You could get the deed but not record it until you are ready to sell. You are however at risk of getting leins put on after you buy. Also the seller could sell again which is very unliklely.
Once I get the deed, but dont record it. What is the next step when reselling the property? Will I need to record in right before I resell it? Will the seller need to have any involvement when I resell the property?
Thanks for your respnses.
Nate
[addsig]
POA = Power of Attorney
I ALWAYS get the deed AND record it.
ReiKid
Since constructive notice is the recording of the deed, and if I understand your question correctly you will need to put a demand into the title company as the vendor which does not require you to have property ownership.
However with that said, mortgage companies tend to not want anyone receiving seller funds except the seller and in that case then I would suggest you record a deed of trust and reconvey for the amount of your equity.
You could simply sell your option to the new buyer for your equity as well.
I get POAs on all purchases but not for the purpose of signing deeds on behalf of the seller.
constructive notice defined:
Notice given to the world by recorded documents. All people are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of property is also considered constructive notice that the person in possession has an interest in the property.
[addsig]
Quote:
On 2005-12-27 01:56, IBuyHousesInc wrote:
ReiKid
Since constructive notice is the recording of the deed, and if I understand your question correctly you will need to put a demand into the title company as the vendor which does not require you to have property ownership.
However with that said, mortgage companies tend to not want anyone receiving seller funds except the seller and in that case then I would suggest you record a deed of trust and reconvey for the amount of your equity.
You could simply sell your option to the new buyer for your equity as well.
I get POAs on all purchases but not for the purpose of signing deeds on behalf of the seller.
constructive notice defined:
Notice given to the world by recorded documents. All people are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of property is also considered constructive notice that the person in possession has an interest in the property.
Michael,
Thanks for your response.
What kind of demand do you put into the title company?
If I understand you correctly, your saying that you will have to record the deed regardless in order for the mortgage company to comfortably release the fund to you(investor). Is that right?
Why do you get a POA for all of your purchases?
Thanks,
Nate
[addsig]