When Title Seasoning Is Not An Option
If a seller will agree to anything except allowing you to get on title (fear of DOS clause I guess) what other forms or agreements will lenders consider to show ownership for the last 12 months along with cancelled checks.
Along with the cancel checks, the contract between buyer and seller, whether it is a contract for a L/O or CFD. The cancel checks from your buyer for the last 12 months is the most important if you want your buyer to qualify the loan as a refi instead of a purchase loan.
Anyone else have any suggestions for this topic.
Will a land contract work even if it is not recorded at the court house?
Gentlemen:
For some strange reason many land contracts are not recorded in Calif. I think it is because most were never notarized. But I think there is a way around this by giving some other form of constructive notice. Perhaps publication in a newspaper of general distribution. Now I have something to research.
You guys, stop stimulating me to go research.
Cheers Lucius
Yes, it will work without being recorded.
I think that the main reason land contracts are not recorded is because it puts on pulblic record that there has been a transfer of ownership which would violate the due-on-sale clause. It also makes it easier/cleaner (chain of title wise) to simply recover the property without getting releases from the contactee or going through the foreclosure process, judicial.
You could always file a memorandum of contract. You could also file a notice of interest in realty.