Deed And Power Of Attorney
When buying subject to, what are some of your opinions on the recording of the Deed and Power of Attorney docs?
Thank you,
JD
When buying subject to, what are some of your opinions on the recording of the Deed and Power of Attorney docs?
Thank you,
JD
JD:
When BUYING sub2, my understanding is you want to record the deed right away. This will prevent any future financial difficulties the seller may have from being attached to the property (as it is no longer theirs). Not sure if the POA needs to be recorded.
When SELLING your house bought sub2 (if you're doing John Locke's way on a Contract for Deed), you do NOT record the deed between you and your buyer until they satisfy the contract--keep the property in your/your company name until the actual transfer occurs. You never know if 18 months into a 2 year CFD, your buyer decides they don't want to/can't stay in the house and you have to sell it again.
Andy