My home was recently damaged by a flood. I am having to fill out information with FEMA and the Red Cross, etc. And I am also having to apply for permits for repairs. Since I am buying the house on contract from the owner (the contract is for 10 years, I have < 2 years left) and not thru a bank, am I considered the owner? Or is the person I am buying the house from still considered the owner?
2007-07-13 06:45:02 · 7 answers · asked by duncan_jr 1 in Business & Finance ➔ Renting & Real Estate
If you have a signed legal document stating that you are purchasing the home from the buyers on contract for deed, then you are responsible for all repairs etc. Also, if the previous is true, then the deed should also be in your name. You don't have to go through a bank or mortgage company to purchase a home. But most contract for deeds are done through an attorney, and those legal documents will state that you are liable for all repairs and/or maintenace of the property.
2007-07-13 06:59:47 · answer #1 · answered by irish_indian_fantasy 3 · 0⤊ 2⤋
When you buy under owner financing the title magically splits into two parts, legal and equitable. When you closed you acquired the equitable title to the property and the seller retained the legal title. However both of these parts were deeded to the parties by each other and placed into escrow for delivery in accordance to the terms of the contract on a future date. For purposes of your situation and if you read your real estate/land contract you'll see that you have the rights to place the claims.
Good luck
2007-07-13 14:50:16 · answer #2 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
Is your name on the Deed or Title?
If not, you are not the owner. You are, for all practical purposes under the law, renting until you can buy.
That will make filing paperwork with FEMA difficult since you are not the owner.
PS: A Deed of Trust is a mortgage document and is not related to ownership....FYI. Not every state even uses a Deed of Trust and should not be confused with the "Deed" of ownership....they are not even remotely the same thing.
2007-07-13 13:50:32 · answer #3 · answered by Expert8675309 7 · 0⤊ 0⤋
Do you mean you're buying it with a private mortgage? If yes, I would consider you the "owner"-subject to the mortgage. The payee is the lender, same as a bank would be
2007-07-13 13:49:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Generally speaking, you are the owner, with the original owner acting as 'the bank' on the financing. You would need to review your contract of purchase, but I suspect you are considered the owner for these purposes.
2007-07-13 15:14:51 · answer #5 · answered by acermill 7 · 0⤊ 2⤋
Do you have a filed Deed of Trust? If yes, then you own it. You should have insurance anyway. If you don't have a filed Deed of Trust, you're in a heap a' trouble!
2007-07-13 13:50:11 · answer #6 · answered by Anonymous · 1⤊ 1⤋
Your the owner. Unless you forfeit the property back to the seller..
2007-07-13 13:56:15 · answer #7 · answered by Gerald 6 · 0⤊ 3⤋