Posted by DJ-nyc on June 16, 2008 at 13:29:58:
word of caution. If your name ain’t on the deed or there is no escrowed agreement stating you have interested in the property - guess what. you don’t own the property.
Have an attorney prepare a deed from your partner’s name to you/partner. Wait til after closing on first transation and record this deed a couple of weeks afterwards.
If not you may be in for a rude awakening if you have a fall out with your partner…
DJ-nyc
Signing Over Title - Posted by Levi Reyes
Posted by Levi Reyes on June 12, 2008 at 21:41:05:
I’m purchasing a property in my town in AZ under someone else’s name and
credit because mine is poor for funding. After my credit improves how can I get
the title under my name or my corp name? What steps would need to be taken
and how much can it cost me?
Re: Signing Over Title - Posted by James (Ala.)
Posted by James (Ala.) on June 16, 2008 at 19:14:54:
What about using this person as a co-signer instead of not having your name on the property at all?
I think DJ-nyc brings up a valid concern. But, I would go a step further and say that a falling-out is not even necessary. What if your partner died suddenly in a motor vehicle accident? Do you think his heirs will want to hear about the secret deal you two had?
Don’t get so tricky that you trick yourself right out your property.
James (Ala.)