Michigan LLC And Dower Rights

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Can I buy a piece of real property through my LLC without the involvement of my spouse? It is a single member LLC.

Comments(14)

  • JohnLocke21st February, 2008

    LOK,

    Only a lien on real property will show up on a title search. There could be exceptions depending on what state your student is located in and the dollar amount of the judgment if it is a large amount and what they call certified.

    However, in my opinion your student can sell the property and not pay the judgments, as the judgments are not against the property and a title search will verify this.

    John $Cash$ Locke
    [addsig]

  • bgrossnickle21st February, 2008

    Listen to John and get a title search done on the property. That will tell you everything that must be cleared for marketable title.

    Disclaimer - my only experience is in FL.

    I am not as optimistic as John. In buyer and selling houses in foreclosure I have see many judgements (credit card judgement, child support, UCC filings, tax liens, etc) that are not directly attached to the real property but are attached to the person. I have had to pay many of these judgement out of closing to get a clean title.

    There are many exceptions and some very fine lines. They must be certified, some drop off if they are not recertified after a period of time, many do not attach to homestead property, etc.

  • LeaseOptionKing21st February, 2008

    Thanks! It feels good to be the one asking the question for a change.
    [addsig]

  • cjmazur21st February, 2008

    If an abstract of judgement is recorded it is supposed to attach to all real property owned by the judgement debtor in that county.

    A contractor stiffed me, I sued and got 5K (max small claims at the time). I recorded the abstract of judgement but three title searched "missed" it so dispite my doing all the right things he got to refi/cash out 3 times and never pay me.

    I am now "junior" despite having an earlier record date, to the 1st, but have to due a judicial foreclosure to foreclose my lien. I was not on the title insurance so no payment there. I was quoted 15K min for judicial .

    If there is no paper trail of the judgement (geez computers talking to one another) via an abstract of judgement or a tradeline on his credit, maybe he just forgot about them?

  • bgrossnickle21st February, 2008

    Just got off the phone with my title guy. (We chat all the time and I find title issues really interesting). He said that the judgement must be filed in the county where the owner has real estate or the judgement will not be found. He says that when there is an IRS tax lien, that the IRS will file the lien in every county that the IRS believe the person has real estate. So the judgement will not be found if it is not in the same county as the real estate.

  • bgrossnickle21st February, 2008

    cjmazor - how did a title search miss your judgement. ask your title guy to look at your judgment. there must be something wrong with it. No way that there were THREE refinances and your judgement never showed up.

  • ypochris21st February, 2008

    If title co. insures title, misses a judgement and the judgement is not included in the exceptions, the title company would be liable if the judgement became a lein on the property. After all, this is the whole point of paying for title insurance! (In theory, anyway; we all know the whole point is to satisfy the lender...)

    Chris

  • MichaelQuarles21st February, 2008

    Randall ...

    That question is why I get title insurance...

    However I would think that if the transfer is recorded prior to the judgement recording youre fine.

    Michael

  • jackbenimble21st February, 2008

    I agree, if title is cleared you should be fine. I would just call my title rep and have them double check with the county the property is located in to make sure nothings been filed recently.

  • cjmazur21st February, 2008

    sloppy abstracting work. There also seems to be a practice by some title players, that if they issued the last title policy, they will only search from that date forward since the 1st abstracter could not possible make a mistake.

    Quote:
    On 2008-02-21 15:34, bgrossnickle wrote:
    cjmazor - how did a title search miss your judgement. ask your title guy to look at your judgment. there must be something wrong with it. No way that there were THREE refinances and your judgement never showed up.

  • OLDDOG22nd February, 2008

    Stay away if the tile is not insured. You have to have a clean tile ALWAYS! No matter if it shows a lien or not! Be careful. It can become a problem in the future.

  • bargain763rd March, 2008

    In Florida, you are speaking of a Mechanics Lien which should not affect your FICO score.

    Any Materialman, contractor, subcontractor, etc can record a lien on real property if they are not paid.

    Unlike most other liens, this type of lienor may also foreclose on the property and take ownership, subject to superior encumbrances.

    How did the builder get paid in full without signing an affidavit that all subs, etc. were paid?
    [addsig]

  • yargoto4th March, 2008

    Only a small final check $6,500 was withheld. And the builder has not signed an affadavit yet.

  • cjmazur4th March, 2008

    get the paperwork cleaned up. mechanic lein have weird priorities during foreclosure.

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