Tranfering Deed From Person To Corporation?
If I have a hml loan in my name on a house but deed it to my corporation and then sell the house under the corporations name cna i legally consider that as part of the yearly annual sales of my corporation for bank loan applications and or to the irs?
The recorder is wrong. If you have a contract or option, you have every right to record a Memorandum of Option or Contract. I have a friend who just did that exact thing last week.
Da Wiz
not a lawyer
Nuetrino,
Here in California, pursuant Government Code Sections 27280 and 27288, any instrument affecting title to or possession of real property may be recorded. If the instrument is an affidavit (“Memorandum of Contract”) which quotes or refers to an agreement for sale (“Purchase Contract”), it must be executed (signed) and acknowledged (notarized) by the party who appears by the instrument to be the party whose real property is affected (property owner).[ Edited by Darryle-CA on Date 06/06/2006 ]
You can record any affadavit that you want. I can have notorized an afffadavit that "Brenda is big white girl with no rhythm" and they will record it. But an affadavit will only be recorded under my name. An affadavit by definition is me testifying to something about myself. An affadavit will not be cross referenced to another person nor to the property.
LOK,
I also asked them about an option... Same story, pretty much what Darryle said in his post. If it involves the property, they want to see the sellers signature and have it notarized too.
If you would like to discuss it with them, I have their phone numbers.
PM me if you want them.
Hi Wiz,
You forgot this is California
These are the requirements:
If the instrument is an affidavit (“Memorandum of Contract”) which quotes or refers to an agreement for sale (“Purchase Contract”), it must be executed (signed) and acknowledged (notarized) by the party who appears by the instrument to be the party whose real property is affected (property owner).
I have students in California recording my Memorandum on Title. Maybe it depends on the county???
[addsig]
Nuetrino,
Here is a copy of a memorandum that I created a few years ago, that may help you next time.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
RECORDING REQUESTED BY
DARRYL EVANS
AND WHEN RECORDED MAIL TO
DARRYL EVANS
123 ANYSTREET
ANYTOWN, CA. 12345
APN NO. 1234-567-890
MEMORANDUM OF CONTRACT
Govt. Code§§§-27280, 27287,27288
To the United States Bankruptcy Court, Clerk of the Los Angeles County Superior Court of the State of California, Sheriff of Los Angeles County California, Future Plaintiffs, Attorneys for Future Plaintiffs, all Title Insurance Companies, all Potential Purchasers, all Potential Encumbrancers, all Entities, all Persons natural and un-natural, known and unknown, and all other concerned parties who may claim any legal or equitable right, title or interest now or at some time in the future in or to the below referenced real property,
YOU ARE HEREBY Notified that an (“AGREEMENT”) is now in effect regarding a certain parcel of Real Estate now of record in the name of Darryl Evans, located in Los Angeles County California, commonly known as 123 Anystreet, Anytown CA. 12345 and legally described as,
EXHIBIT “A”
PUT THE LEGAL DESCRIPTION HERE
Said comprehensive (“AGREEMENT”) is known as an “AGREEMENT FOR PURCHASE OF REAL PROPERTY”. It was entered into on the 9th day of June, 2006, by and between Darryl Evans, whose address is 123 Anystreet, Anytown CA. 12345, hereinafter referred to as "SELLER" and Nuetrino, hereinafter referred to as "BUYER". Said (“AGREEMENT”) is evidence of contractual obligations created between both parties.
1. PURPOSE:
The purpose of this Memorandum of Contract is to re-affirm and re-establish the mutual covenants between the above-mentioned parties concerning their respective roles and responsibilities for implementation of the provisions of the (“AGREEMENT”).
2. SCOPE:
Parties to the (“AGREEMENT”) shall coordinate and perform the activities described within the scope of requirements governing the parties.
3. EXTENT OF PARTICIPATION:
The parties entered into said (“AGREEMENT”) to ensure that the provisions outlined in said (“AGREEMENT”) would be implemented.
4. DISAGREEMENTS:
Any aspect of this Memorandum of Contract requiring further clarification have been resolved between BUYER and SELLER.
5. NOTICE OF INTENT TO WITHDRAW:
Either party may withdraw from the underlying (“AGREEMENT”) subject to this Memorandum of Contract by giving written notice of their intent to withdraw to the other party within three calendar days of the execution of this document.
6. EFFECTIVE PERIOD/CHANGES:
This Memorandum of Contract is effective and binding upon signature by both parties and shall remain in effect until modified by mutual consent of the parties or withdrawal as specified in paragraph five (5), by either party.
7. EXECUTION:
This Memorandum of Contract may be executed in counterparts.
______________________________ ______________________________
DARRYL EVANS-SELLER NUETRINO-BUYER
STATE OF CALIFORNIA
COUNTY OF ____________________________} SS.
On___________________________________before me____________________________________personally appeared __________________________________personally known to me (or proved to me on the basis of satisfactory evidence) to the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity (ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Signature____________________________________
MEMORANDUM OF CONTRACT[/B][ Edited by Darryle-CA on Date 06/09/2006 ]
LeaseOptionKing,
You are correct.