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.