Guy in question has the Bank asking questions regarding income vs. job. He owns several buildings to which he receives Gov't stipen for letting homeless people reside - hence, generating more income than his Grocery store clerk would make. Don't known if back taxes, or property taxes, liens, etc., are involved, but don't want to inherit those financial burdens by accepting this temporary transfer of property. I believe I should have an agreement in Writing stating his and my intentions, as well as Not being legally responsible for debt incurred in past, or, during the transfer period. Do I need a lawyer, or, can a Notary just do a Deposition between us? I don't want to ruin my credit by helping out a friend - which he asked me if I have good credit.
2006-10-25 06:51:43 · 8 answers · asked by cachae777 1 in Business & Finance ➔ Credit
Yes.
2006-10-25 06:58:44 · answer #1 · answered by Anonymous · 1⤊ 1⤋
You need a lawyer. A Notary only witnesses signatures and that's all. The Notary does NOT make a document legal. I used to be one, so I know from the National Notary Association that many people believe a document is made "legal" by a Notary.
This is a misconception.
If you are going to do this because the person is trying to avoid taxes or something else, then you can be named in a lawsuit if the IRS or any other government agency finds out. I wouldn't do it for any reason. It sounds like the person is trying to avoid paying something, whether it be an ex or the govt..
2006-10-25 15:43:49 · answer #2 · answered by Big Bear 7 · 0⤊ 0⤋
You would not be legally responsible for his debt/taxes. Whatever property debts he has on the land currently would have to be paid off in order for him to transfer it to you. In that case, I would want to make sure the sale price is accurate and he is not beefing it up to pay off his debts. If the property is actually deeded to you then he may also not be required to buy it back from you. In turn you may have trouble selling it. I'm a little leary of a temporary transfer. If the bank is asking for income then their expecting a loan with you. I'd ask more questions or get a lawyer involved.
2006-10-26 01:40:21 · answer #3 · answered by Abbi G 2 · 0⤊ 0⤋
I would NOT do this. EVER. There's no way to "temporarily" be legal owner-- he woudl transfer full ownership to you and you would own it. YOU could screw him over and just decide not to give it back and there's not a thing he can do.
However, if someone was to go get hurt on the property while you're owner-- they could sue you. If it turns out there are unrecorded liens YOU'd be liable. If he doesn't pay taxes-- again its YOU.
2006-10-25 14:03:58 · answer #4 · answered by Anonymous · 2⤊ 0⤋
WHY would you even consider this crime? You are making yourself as guilty as he is. You refer to this guy as a friend? Open your eyes.
What he is doing is against the law. He could go to jail. Don't worry about your credit, worry about how much jail time you could get. This could ruin the rest of your life..............I am in awe as to WHY anyone would allow this to happen to them.....This guy is a total jerk. Even the govt. is involved if he is using their money on rentals.
RUN as fast as you can in the other direction..........
2006-10-25 14:04:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes, you will be stuck with any and all liens against the property. I would not recommend doing this.
2006-10-25 13:59:33 · answer #6 · answered by Anonymous · 2⤊ 0⤋
Small Claims court dockets are filled to overflowing with cases involving shady deals just like this one. Unless you want to end up there, tell the guy you're sorry but no, you can't help him here.
2006-10-25 14:00:57 · answer #7 · answered by ratboy 7 · 1⤊ 1⤋
Yes, you are thinking correctly. Avoid getting hooked !!
2006-10-29 12:40:24 · answer #8 · answered by Anonymous · 0⤊ 0⤋