Re: Yes we can tell. - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on August 02, 2003 at 20:03:21:
Now that said let me address some of your questions. Understand that my comments are not intended to be legal advice, but you do need some of that.
It seems that you do not know how the process works. When a property changes hands the seller delivers a NEW deed to the buyer. It is the sellers job to prepare that deed (or his attorney, title co. etc.). Then he will sign the deed in front of a notary public, or an attorney. Until recently another witness was also needed in Ohio, but this is no longer the case.
If you are unsure about the new deed process, then I would guess that you are also unsure about recording the new deed. Incidentally in Ohio the cost to record anything just doubled (100% increase) as of August 1, 2003. Anyway The deed will need to be recorded. Then you will have what he had. If he owed a mortgage payment then you now will owe that. If he had judgement leins then you will now have them, and so on including IRS leins, back taxes, zoning viloations and whatever else he had. When you get the deed from him you will now have what he had.
Now bear in mind that he may not know how to prepare a deed. You can buy a blank deed form at most office supply stores. There will be no directions with the deed form. Even a little bit of an error here and you just might have a new deed to nothing at all. Some folks (myself included) have difficulty spelling, and so on.
You could offer to prepare this deed for him, but several things pose a problem here. First off you do not know how to do it. Next this would be looked at as the practice of law, by many. You do intend to make a profit, don’t you? You would be doing this work for another, with the intent to profit and that leans heavily toward the practice of law. Preparing deeds is generally lawyers work.
I would suggest getting a purchase contract signed, and then giving yourself some time to get the title searched, and perhaps insured. Then having a lawyer or title company prepare a new deed. This kind of legal work is very cheap compared to the kind of disaster that is possible. It is all right with me if you note in your purchase agreement that the seller will pay all the costs of conveyance of the new deed to you. Just let the seller pay the lawyer.