Friend wants to buy a house but doesn't want her name to appear in any recorded legal docs open to public to avoid someone from her past being able to track her down.
2006-10-04 09:02:18 · 8 answers · asked by Julie B 1 in Business & Finance ➔ Renting & Real Estate
Two options, both have potential downsides
1. Your friend goes to an attorney, forms a company (partnership, LLC, Corporation) has the attorney be the registered agent on record, then the company buys the house. There may still be a way for the stalker to find her through the corporation papers. Downside would be she would have to pay attorneys and accountants to take care of it forever, it would cost a fortune and be a royal pain in the *ss. Plus she couldn't claim interest & property taxes, it would be considered a commercial, for profit property and her taxes would be effected too.
2. Friend takes a family member she really trusts (like Mom or Dad) has them buy the house, goes to attorney and gets a quit claim deed that he hold onto and does not file until she asks him to (or the person on the deed dies). Potential downside is she really has to trust the person and her legal residence would have to be somewhere else so I don't think she could claim interest and taxes. Plus it is doubtful any bank would lend the money for the mortgage if someone else's name is on the title.
Wow, the stalker but really be doing a number on her. Wish her luck.
2006-10-04 09:16:09 · answer #1 · answered by Gem 7 · 0⤊ 1⤋
Do it in a corporation, a trust with your friend as the beneficiary or an LLC (a limited liability company) with your friend being the only member of the LLC. She still can be the one to guarantee the mortgage. She most likely will lose the homestead exemption. I am not 100%sure on that. Either case, this needs to be handled by a real estate attorney.
2006-10-04 09:09:03 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Then hopefully she has some one that she trusts alot, the real estate can go into another persons' name, but at that point in all legalities the person owns the house, whom ever signature is on the papers. Be Careful
2006-10-04 09:08:31 · answer #3 · answered by Jamaison D 3 · 0⤊ 0⤋
Hold Title to the home in a LIVING TRUST or a LAND TRUST. You can "name" your trust anything.
For example: "The 123 Main Street Trust".
(Just use the property address.)
Check with an attorney or go to the bookstore, or search engine. Type in "holding title with privacy".
Visit: www.landtrust.net
There's lots of ways to hold title! There maybe some TAX implications. Ask your tax pro.
Privacy is only a few hundred bucks away!
2006-10-04 09:41:37 · answer #4 · answered by kevc21 3 · 2⤊ 0⤋
Friend could create a corporation that she controls 100% that would be the registered owner.
Talk to your lawyer - there may be a less expensive way. Name change through marriage? or .....
Good luck!
2006-10-04 09:29:29 · answer #5 · answered by Smilin' Fred 4 · 0⤊ 0⤋
If U have friend U can trust to use their name, just remember the costs are Urs...
2006-10-04 09:04:32 · answer #6 · answered by ***BEEN THERE, DONE THAT!!!*** 4 · 0⤊ 0⤋
If he is cute, then he is thoughtful, but if he is ugly, then he is a stalker.
2006-10-04 09:04:23 · answer #7 · answered by james w 3 · 0⤊ 1⤋
Tell your friend to change her name. ;-)
2006-10-04 09:11:23 · answer #8 · answered by Butterscotch 7 · 0⤊ 0⤋