Posted by Tom-FL on September 25, 2004 at 21:51:31:
Do a clean deal. Tell him he has to go. Not negotiable.
Check the archives. Never let them stay. You are only begging for trouble.
double deed - Posted by John Smith
Posted by John Smith on September 25, 2004 at 16:39:43:
I am looking at a deal where the seller is in forclosure and he is willing to quitclaim the deed over to me and leave the loan in his name. His condition is that he wants to rent the property until he is able to buy it back from me (within a time limit). There is plenty of margin so that even if he does not pay I’ll still be alright.
My question is this. Since he might get the property back, is it safe for me to not record the deed so I would not have to worry about possible due on sale problem? There are some other benefits such as no trasfer tax, etc.
But if he finds out that the deed is not recorded, can he try to sale the property to someone else? Or would he get into really big problem legally (such as jail time) if he tries this?
TIA,
John