Posted by Marcos on September 17, 2003 at 17:28:48:
Actually I got a bunch of documents.
- A Deed that I hold in Escrow.
- Power of Attorney
- A mortgage from the seller to my company
- An agreement that states all of the above.
I don’t want to have to file the deed. But, it’s there if I need it. Typically I just sell to the buyer with the POA, and my proceeds come out of the mortgage. No muss, no fuss.
It’s also protection against any judgements that might attach after our agreement. I would just file the deed, and proceed to foreclose, thereby wiping off the judgement.
Taking Property in Company Name!!! - Posted by Dfree0816
Posted by Dfree0816 on September 17, 2003 at 11:02:21:
Hey gang, we’ve been running into a few minor road blocks when we take property in our company name. The issues have been seasoning and/or title.
Is this normal ?
Is there a better way?
Is every one skirting this issue with land trust if so please explain.
Maybe someone has the PRO’s and CON’s of taking property in an individual name or company name.
Any suggestions or directions is greatly appreciated
Re: Taking Property in Company Name!!! - Posted by Marcos
Posted by Marcos on September 17, 2003 at 13:33:07:
What worked for me on this one property was NOT to get the deed. Instead I got Power of Attorney on the property, and a new mortgage covering every bit of equity left on the property. That way I never went on title, yet I had the right to “sell” the property. And all the funds went to pay off my mortgage, not to the “owner”. Make sense?
House worth $70k. First of $32k. Gave the Homeowner $1k for the house. I put on a new mortgage for $50k behind the $32k first. Now I have POA, so I can sell to whom I like, and pocket the difference. I can also foreclose off any liens that might pop up behind my position.
While not exactly directly answering your question. I hope this helps.
Re: Taking Property in Company Name!!! - Posted by gooddeal
Posted by gooddeal on September 17, 2003 at 14:44:53:
That is a GREAT idea! But how did you create the new mortgage? Did you actually got a mortgage or just created a new mortgage paper (note)?