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Q: Land contract and/or Real Estate transfer ( No Answer,   5 Comments )
Question  
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?
Answer  
There is no answer at this time.

Comments  
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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