Partnership, how to get my name on the title? - Posted by Jim, IL


#1

Posted by Doug on December 14, 1998 at 03:40:06:

Cook hit it on the head… You could of been placed on te title to begin with or you can be placed on now… As long as your parents remain on the deed there is no transfer of title to bring the due on sale clause into affect ( Create a Trust to get around Due on Sale… lol…) Anyway the real question is would it be wise to put your name on the title as you have mentioned your credit and creditors will attach liens and Judgements to the title and when it comes time to sell that house you could very well not make a penny and all your creditors get the profit… See an attorney

Douglas Timko

Email me at notes4sale if you need any more advice


#2

Partnership, how to get my name on the title? - Posted by Jim, IL

Posted by Jim, IL on December 13, 1998 at 12:54:19:

I recently got a SFH on contract, and had to use my parents for the credit and money.( my credit stinks, and I have no money) They are purchasing the property from me for more than I got it under contract for.(simultaneous close) This is allowing us to take the money from the property and reimburese their dwn money, and cover all expenses in repairs. In the end, we have a property for NO MONEY DOWN, and no money of our own invested.
Here is the REAL question;
My parents and I want to be partners in this property (splitting the equity 50/50), but could only do the financing with thier name on it. so now the property will be on paper, thiers. How can we make this property legally both of ours?
What type of arrangement do you suggest?
WE only plan on keeping this home for 1 year, and then selling it. Should I just wait until then, and have them “give” me the equity from the sale at that time?
Any advice would be appreciated. Both parties are opened to almost any idea, short of selling it now. I’d love to, but my parents want to keep it for a while. I offerd to have them “Buy” my half of the equity, and they are NOT opened to that. I’m fine with waiting for my CASH, I just want to be legally a REAL part of this property.


#3

Re: Partnership, how to get my name on the title? - Posted by Jim

Posted by Jim on December 14, 1998 at 14:30:21:

thank you to all who responded. We have not closed on this deal yet, so I’ll see if we can ad my name to the title at close. ( I’ll ask my attorney).

As for my credit being bad, that is becasue I have a past BK. I am currently debt free, well almost, just a car loan, so having liens put against the proerty is NOT going to happen.

If I don’t put my name on title now, we’ll try the “quit claim deed” routine from Scook later.

Thank you to all the GREAT people on this site. your sharing of experience and knowledge has been a true blessing.

Now, it is on to the NEXT deal…

Merry Christmas all!


#4

Re: Partnership, how to get my name on the title? - Posted by Irwin

Posted by Irwin on December 14, 1998 at 07:19:49:

Your parents can execute a quitclaim deed to you for an undivided 1/2 interest. Have an attorney prepare it for you. BUT BE CAREFUL. IF YOU HAVE ANY JUDGMENTS, OR IF YOU MIGHT HAVE IN THE FUTURE, THEY MIGHT ATTACH AS LIENS TO THE PROPERTY. In that case, it would be bettr to keep your name off of it. You might use a corporaton,or L.L.C. where it won’t matter what happens to you personally. However you might need an attorney to set it up.


#5

Re: Partnership, how to get my name on the title? - Posted by SCook85

Posted by SCook85 on December 13, 1998 at 21:57:23:

I’m not 100% positive but maybe someone can back me up on this. At the time of purchasing the home you could have been put right on the title, and your parents signed the mortgage. To the best of my knowledge the borrowers don’t have to be on the title. I do this all the time with corporations.
But as far as adding you now. I don’t know what it is called but there is a process in which they can add you to the deed. Your attorney should be able to help you with this.

SCook85