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I am considering investing as part owner of a property.?
Without having my name on the title deed, what legal alternative options are available to reflect my part ownership of the property and that in event of future sale, I am entitle to my lawful part of the proceeds ? Welcome any suggestions on practicable and viable alternatives.
5 Answers
- Kit FangLv 76 years ago
The only way to ensure you have full rights over the property is to get your name on the deed - I would be very suspicious of any deal where the other owner was not willing to agree to this. If it's not possible, however, you need to get a solicitor to draw up a contract between all parties, setting out the shared ownership and rights over the property.
- YetiLv 76 years ago
You should probably consult a local attorney more in-depth about what you're doing and why. I don't know that you're going to get the rights of an owner, if you don't take on the responsibilities that come with having your name on the deed. If you're just giving somebody else money to buy the property, with some agreement to pay you back from sales proceeds... I'd think you're essentially an unsecured creditor. That's not usually a good place to be.
Depending on what you're up to, you might look into something like an LLC with whoever else is investing in the property. But you really should talk with a local attorney about why you're not putting your name on the deed to begin with.
- RockItLv 76 years ago
Not sure, but if you had a valid lien on the property (like a contractor's lien, for not getting paid for work done on the house), that would put you in line to get your money when the property is sold.
But, others (like banks, government tax offices, etc.) may have liens on the property too, or the property sells at a lousy price, so you are really on slippery ground here.
- SlickterpLv 76 years ago
Without your name on the deed, you'd need a pretty iron clad contract in place between you and all the other owners. It would frankly be incredibly foolish to not insist on your name being on the title.
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- Anonymous6 years ago
After executing the deed of sale or transfer, try executing a second document, say mortgage with you as mortgagee. But, you need two things: (i) agreement of the other party, (ii) register the 2nd instrument (say mortgage) with the proper authority. This way your rights and investment is protected.