Posted by Carol on March 20, 1999 at 17:48:56:
Friends,
I need help.
We are buying a house which we will turn around and ‘sell’ to a couple who has $10k for a down payment, will put about $7k in repairs into it, and then buy it for $40000 in a year or so.
Here’s the problem.
Because I will have an outstanding mortgage on the property, I am hesitant to record a contract for deed (DOS here we are!)… in fact, I believe that even recording a L/O could do the same… so I had suggested that the contract for deed remain unrecorded, but held by the title company.
On the other hand, with so much invested, the “buyer’s” would like to have some security that we are not going to run off and resell it and leave them to sue us.
What can we do to ‘cloud’ the title without leaving ourselves open to a DOS?
Please, somebody, give us some advice.
Gracias.
Carol