The person in question has immigration issues pending so she wants to something to show that she has an interest in the land since she has been paying the mortgage but she doesn't want to show up on "title". Will a contract for the home protect her if no deed is recorded under here name?
2006-12-18 10:28:25 · 5 answers · asked by iz R 2 in Business & Finance ➔ Renting & Real Estate
I would suggest looking into a "land trust". Generally when that document is recorded it will only give the trust number and possibly the name of the bank or land trust company. The beneficiaries of the trust are not public record.
A good real estate attorney would be able to give more information on how this works and how it can benefit someone who does not want their identity known to the general public.
2006-12-18 11:06:30 · answer #1 · answered by LadyB!™ 4 · 0⤊ 0⤋
No, the contract only shows that an agreement was made to purchase property, have an option to purchase property or whatever the contract states. Whether it happened or not, is another story. In other words, contracts do not convey real property, only deeds can.
The only way to do this is to actually give her a deed (warranty/grant/quit claim or whatever is appropiate) and have her send in a copy of the deed. The deed will show ownership of property. Also, if you don't record the deed, it won't show up on a title search and thus, not show on title. I personally wouldn't do this because you just gave away the rights to the home.
Also, I take it that the mortgage is in your name and the reason why you don't want her to show up on title is because the lender will call the loan. A way to get around this is for you to transfer the property into a trust, have the trust make the loan payments, remove the loan from the credit bureas, then transfer the trust to your friend. The lender cannot call the loan.
Regards
2006-12-18 10:44:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There is no way to secure ownership in a piece of land without a recorded document (deed of trust, quit claim dedd, contract, etc..) and all recorded documents will show up on a title commitment. If the property is conveyed without a properly recorded document, then there is no protection against fraud or loss and she would have to appear before a judge in order to get her unrecorded document recognized, which could cause additional problems with her immigration issues. What exactly is she trying to do? Sell the property, get the property in her name, share ownership with someone else? This information would be important in coming up with the correct solution. However, I will tell you if her immigration issues have to do with illegal residency, that the lending laws changed this year to crack down on illegal immigrants gaining access to mortgages. It is considered a serious fraud issue and could affect not only her, but any lender helping her obtain the mortgage in the first place.
2006-12-18 10:40:54 · answer #3 · answered by nexgenjenith 2 · 0⤊ 0⤋
No way! No interest in the land will show until the deed is recorded.
But there is no requirement to be a US citizen to own real estate in the US. Just record the deed!
2006-12-18 10:43:47 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
It is the contract that gives her title. I strongly suggest your friend check with a title insurance company. She may be paying a mortgage for someone else. It gets complicated. Forget about the immigration issues you friend is getting cheated.
2006-12-18 10:46:58 · answer #5 · answered by Eva 5 · 0⤊ 0⤋