Can someone else buy property for you but not have their name on the deed?
There is a piece of land I want to buy. My mother offered to pay for it so that I wouldn’t have to go through a bank for a loan and I would be paying her back monthly on our own pay shedule. She does not want her name on the deed, just mine. Can we do this? Would she be allowed to buy property but not have it in her name? She wouldn’t be giving me the money to pay for it, she would be paying the sellers directly. Thanks for any advice you can give!
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Tags: Advice, Bank Loan, Money
buy property | , 30 Jun 10
By jamsoftheweek, July 2, 2010 @ 1:12 am
yes, you can do that.
either way, she is in effect ‘giving you the money’ to pay for it. if you will be paying her back, you basically have purchased the property with a loan from your mother. the title company doesnt care if you have a loan with your mother or bank of america, as long as the funds are there at closing. she may need to have papers to sign at the closing though. check with a realtor in your state who should be able to answer the question more precisely.
By Rorshach4u, July 2, 2010 @ 11:04 pm
You should be able to buy it and then have your mother fill out a Quit Claim deed to remove her interest from title. (If your mother is married, you may also have to get a quit claim from her spouse, depending on what state you are in)
By Lori H, July 3, 2010 @ 1:53 am
Not a problem.
She can contract with the sellers for the purchase and bring the money to closing, and do an assignment of contract at the table prior to the deed.
Have an attorney or title company help you with the paperwork, it can be done easily when paying cash for a property.
By TX-REInvestor, July 4, 2010 @ 5:44 am
Yes, but she will have to be on deed first for a short while.
After a few months of ownership she can ‘quit-claim’ or ‘warranty-deed’ the deed over to you. Either depends on what state you live in.
We do this all the time in real estate investing using a ‘subject-to’ strategy. People dont want their homes anymore for whatever reason, I make their payments going forward and take over their deed so I dont get shafted.
Good LUCK!
By engineer50, July 5, 2010 @ 9:20 pm
She is in fact then giving you a cash gift for the purchase price. There are tax implications for her in doing that.
By budhah1, July 5, 2010 @ 11:50 pm
Yes she can have only your name on the the deed. Can’t believe that others say not so.. The seller does not care where the money comes from, Just have her make cashier or counter check out for the amount needed with the sellers name on it along with the title company and it will be a done deal. The title company will give the final figures and tell her how it is done.
By APF, July 6, 2010 @ 11:07 pm
most sellers don’t care who’s name is listed as grantee, as long they get the money, and the payer directs them who’s name will be used.