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| Subject:
Land contract and/or Real Estate transfer
Category: Miscellaneous Asked by: danelady-ga List Price: $2.00 |
Posted:
14 Jul 2005 10:56 PDT
Expires: 13 Aug 2005 10:56 PDT Question ID: 543533 |
Does a land contract need to be recorded to be legally binding? |
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| There is no answer at this time. |
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| Subject:
Re: Land contract and/or Real Estate transfer
From: myoarin-ga on 14 Jul 2005 18:10 PDT |
IN the United States? Which one? |
| Subject:
Re: Land contract and/or Real Estate transfer
From: danelady-ga on 14 Jul 2005 19:51 PDT |
Yes, in the United States. Ohio. |
| Subject:
Re: Land contract and/or Real Estate transfer
From: myoarin-ga on 15 Jul 2005 04:47 PDT |
Please note from the disclaimer below that this is in no way professional or legal advice, and I am not a lawyer. Recording real estate transactions and mortgage liens is so much the preferred and common practice that it is virtually assumed that everyone will do so. Interpretations and newer laws clarify that a recorded document in most cases will be recognized to have precedence to an unrecorded document. This is touched on under IV d in this text: http://www.1031specialist.com/1031/llc_know.html This site touches on the matter from a different angle. http://www.havenswillis.com/cms_default.cfm?page_id=19 Especially this paragraph: "Such instruments will be deemed properly executed and presumed to be valid unless the signature of the grantor, mortgagor, vendor, or lessor was obtained by fraud. And, the recording of the instrument in the office of the county recorder of the county in which the subject property is situated is constructive notice of the instrument to all person, including without limitation, a subsequent good faith purchaser or holder of an interest in property, regardless of whether the instrument was recorded prior to, on, or after the effective date of the amendment." The link below is to a question referring to this. Especially the last comments by Expertlaw-ga describe the potential problem resulting from from not immediately having a deed recorded: http://answers.google.com/answers/threadview?id=518218 Myoarin |
| Subject:
Re: Land contract and/or Real Estate transfer
From: danelady-ga on 15 Jul 2005 08:30 PDT |
Thanks for the reply. For not being a lawyer, you sure talk like one and reference like one. I was asking *specifically* about a Land Contract between two individuals. A deed being transferred and the recording of such is an entirely different issue in and of itself. Thanks for your time and, once again, your reply. I've found my answer here locally with an attorney. Recording a land contract is basically done on the behalf of the buyer of the property, to protect the buyer's interest and to prevent the seller from "re-selling" the property without the buyer's knowlege. It is impossible for the buyer to re-sell the property as it has not been transferred or deeded to him/her. It is entirely possible for the seller to sell the property to someone else without the buyer's knowlege unless the original Land Contract has been recorded. There is no "law" in Ohio that requires recording of the Land Contract and if the two parties each have an original document, properly signed, witnessed and notarized, those documents will hold up in court if a law suit should arise. Those executed documents are valid and binding in a court of law until either/or the Land Contract purchase price is paid in full, at which time the seller will properly Deed over to the buyer and record THAT document, or the buyer defaults on the contract and turns the property back over to the original owner and signs off of the original Land Contract. |
| Subject:
Re: Land contract and/or Real Estate transfer
From: myoarin-ga on 15 Jul 2005 12:45 PDT |
HI, Great, you went the right way, to a lawyer. Good luck, Myoarin |
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