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Septemberhil…, Home Buyer in Venice, FL

Can a title company who is closing the transaction title the home in a different name than appears on the offer to purchase in a short sale ?

Asked by Septemberhillfarm, Venice, FL Tue Sep 17, 2013

The offer to purchase was a single person, but the home was titled in a corporation that was a LLC. This is on Register of Deeds and the offer to purchase thru equator was a person? Why?

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Answers

3
This is really a question for the lender. Often a lender will insist that all documents display the same name. Mentioning Equator indicates this may be a short sale and those lenders typically do not allow changes to the contract without starting the entire approval process over again.
0 votes Thank Flag Link Sat Apr 26, 2014
Yes and no. It depends on the lenders approval letter requirements. Often when a lender approves a short sale they issue it with language that will not allow for a substitute buyer or any name change. Occasionally if the offer was written in a persons name like "John Doe" and the person wants to put it into the name of "John Doe LLC" or a company owned by John Doe the buyer can provide articles of incorporation or other ownership documents that will allow for the substitution. It's rare but I have seen it happen with a few different short sales.
0 votes Thank Flag Link Wed Sep 18, 2013
This is a common occurance for high end homes as well as fixer uppers. Corporate taxes and gains/losses are very different from personally holding a property. Also as a way of protecting assets, properly set up it can be quite advantageous.
0 votes Thank Flag Link Tue Sep 17, 2013
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