When Title Seasoning Is Not An Option

If a seller will agree to anything except allowing you to get on title (fear of DOS clause I guess) what other forms or agreements will lenders consider to show ownership for the last 12 months along with cancelled checks.

Comments(6)

  • jmBROKEr28th October, 2003

    Along with the cancel checks, the contract between buyer and seller, whether it is a contract for a L/O or CFD. The cancel checks from your buyer for the last 12 months is the most important if you want your buyer to qualify the loan as a refi instead of a purchase loan.

  • mrlee28th October, 2003

    Anyone else have any suggestions for this topic.

  • mrlee28th October, 2003

    Will a land contract work even if it is not recorded at the court house?

  • Lufos28th October, 2003

    Gentlemen:

    For some strange reason many land contracts are not recorded in Calif. I think it is because most were never notarized. But I think there is a way around this by giving some other form of constructive notice. Perhaps publication in a newspaper of general distribution. Now I have something to research.

    You guys, stop stimulating me to go research.

    Cheers Lucius

  • rajwarrior28th October, 2003

    Yes, it will work without being recorded.

  • InActive_Account28th October, 2003

    I think that the main reason land contracts are not recorded is because it puts on pulblic record that there has been a transfer of ownership which would violate the due-on-sale clause. It also makes it easier/cleaner (chain of title wise) to simply recover the property without getting releases from the contactee or going through the foreclosure process, judicial.

    You could always file a memorandum of contract. You could also file a notice of interest in realty.

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