Posted by William Bronchick on October 02, 2003 at 09:37:42:
Recording a notice may not necessarily perfect the interest, depending on how much info in the notice and how your state law reads. When selling ILC, I prefer to not record anything, so as to make cleaning up the mess easier when the buyer defaults. Note that in a some states, the law requires recording - TX, MD, OH to name a few.
Prefecting an Installment Land Contract - Posted by Angela
Posted by Angela on September 30, 2003 at 13:37:17:
in New York, do you need to file an installment land contract to prefect it, if so what needs to be filed?
Re: Prefecting an Installment Land Contract - Posted by William Bronchick
Posted by William Bronchick on September 30, 2003 at 16:17:33:
You always need to record a land contract to “perfect” the lien. If it isn’t recorded, it does not give notice to the world of the transaction. Note: this does not mean that equitable interest doesn’t pass to the buyer; it means that the world doesn’t KNOW if you don’t record. Thus, if the IRS files a lien, they have a higher claim to the property than the ILC buyer who didn’t record.
Re: Prefecting an Installment Land Contract - Posted by Erick
Posted by Erick on October 01, 2003 at 21:47:22:
Would good advice be to at file a “Notice of Land Contract” in lieu of the full Land Contract? The former being done in order to hide the details of the transaction that you may not want others to see such as the sales price or the terms.