2006-11-29 08:50:16 · 16 answers · asked by mordaz 1 in Business & Finance ➔ Renting & Real Estate
Ya, how do you think drug dealers get houses, or people who owe the IRS.
2006-11-29 08:52:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you're buying in cash, no loan involved then this is what you can do. Create a legal Trust Deed and register the Deed in the Land Office. You need not show that you are the Donor. In fact, the Beneficiary can also be the Donor. So you need a Trustee (to park the property in his name).
By creating the trust deed, the beneficiary (you or your family) can lodge a caveat which will stop the trustee from selling the property away without your consent.
In order to limit the powers of the trustee, you can state a short span of period for the appointment of the trustee. A clause should automatically nullify the trustee-ship at a certain date and pass on the powers to the beneficiary.
If you do not trust the beneficiary (due to under age or immaturity in making financial decisions), then you could extend the trustee's powers for a longer time.
In any event, one a trustee is vested with powers, he/she can object to a transaction as he/she holds absolute powers.
2006-11-29 21:57:03 · answer #2 · answered by catcher 3 · 0⤊ 0⤋
Yes, but it gets complicated. The person whose name the house is in will actually be the owner. They will have to sign the paperwork with the seller in most states. You will simply be providing the funds. You are in deep caca if this person decides to take advantage of you. Also, this gets very complicated if you are dealing with a bank and not paying cash. The bank will not want to touch any kind of deal like this. The person whose name the house will be in needs to complete the application and obtain the credit. You will simply be paying the note. Again, the house will belong to this other person. You will be in a very difficult position if you ever have a falling out with this buyer. It may be difficult or impossible to ever get back any of the money you put into this house.
2006-11-29 08:56:53 · answer #3 · answered by Robert A 2 · 0⤊ 0⤋
Real estate investors do this all the time, its called selling "subject to". As in, selling the home subject to the existing loan(s) and lien(s). Transferring the title is fairly easy, can be done by a title company or lawyer and the home is no longer yours. As others have stated, this leaves you on the hook for the mortgage; which can lead to big problems if they cant make the payment. I know of no way to get your name off of a loan without simply getting a new loan. That's why so many divorced couples just sell the house as neither can afford the loan and the lender wont let one or the other off the hook for the loan.
2006-11-29 13:45:52 · answer #4 · answered by Joel C 1 · 0⤊ 0⤋
YES! Just make sure you're educated and know the difference between who OWNS the home, and who is responsible for the loan! In technicality, they have almost nothing to do with each other. It's not going to matter to the bank who's on title once it becomes their collateral....they dont even care who REALLY pays for the mortgage as long as it's getting paid. All they know is when payments are not being made, they take the house!!!
2006-11-29 09:17:17 · answer #5 · answered by ALEGNA 3 · 0⤊ 0⤋
Best way is for you to buy the house and then to transfer it into another name
2006-11-29 08:59:21 · answer #6 · answered by toon_tigger 5 · 0⤊ 0⤋
The another person is a co signer-the responsibilities goes to both of you for the taxes due on the house.You can do buy the house if you have a good credit score if not use some one as a co signer (if he is willing to help you).
2006-11-29 08:55:15 · answer #7 · answered by Google P 2 · 0⤊ 1⤋
Yes, but whoever takes out the mortgage will have to be on the deed. If the house is paid in full, it can be placed in anyones name. Anyone on the deed will be responsible for taxes though.
2006-11-29 09:00:39 · answer #8 · answered by Ron B 3 · 0⤊ 0⤋
I bought an aunts house, had it put in her name so I got the council discount.
but make sure you get a solicitor to fill in a form (not sure of its name) but its incase the person who's house it is '(bought by)' yourself. has it taken off them or not willed to them because the person who's name is on it goes loopy or takes a dislike to you and wont sign it over.
2006-11-29 09:04:13 · answer #9 · answered by red 3 · 0⤊ 0⤋
It sounds to me like you might be wanting to place it in the other person's name in case something happens to you. I don't know.
Buy the house in your name, then Quit Claim it to them AND you. If something happens to either one of you, the house automatically transfers ownership. But the mortgage will still have to paid (heirs and assigns).
2006-11-29 16:31:42 · answer #10 · answered by Barbara 5 · 0⤊ 0⤋
Why would you wana do that ??? That is a big risk for you, unless is your mother or father who you love so much. other than that don't do it buy it and put it under your name and live in it and anyone you want :)kapeeesh
2006-11-29 08:53:35 · answer #11 · answered by § 2 · 0⤊ 0⤋