Easily Hide Mark in the Contract For Deed

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How to Hide Mark in the Contract For Deed

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- Hey guys, Clint Coons here, and in this video, I want to talk about the use of deeds, and put a little different spin on it that you may not be aware of, on how you can go about deeding your property without anybody knowing. Okay, lets get started. (lively rock music) All right, so heres the deal. If youve bought property before, you know what a deed, how a deed works, right? People get a deed, they transfer property to someone. You receive your deed if youve bought the property. You take that deed down to the county recorder. You record it right away. And now youre listed as the legal owner on title to that real estate, so the whole world at large knows. So a lot of people assume that in order to transfer title for a legally enforceable deed, you have to record it. Well, that is not the case. When youre transferring title to property, the recording aspect of a deed isnt necessary. Now, its important. Dont get me wrong, all right? You want to protect yourself against claims

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Who is liable for hidden defects?

If the seller knowingly conceals or otherwise manipulates the facts, he may not only have to compensate the buyer for the loss in value of the property, but may also be ordered to pay damages as well. The seller is therefore the one who bears the greatest responsibility for hidden defects.

What is a hidden defect in real estate?

Latent defects or Hidden Damage are defects to a property that are not generally discoverable by a prospective purchaser on a reasonable inspection and ordinary vigilance. This can include issues such as, faulty electrical wiring hiding behind the walls or a well-hidden termite or mold problem.

What are the three essential terms in a land contract?

These are the typical terms in a land contract: Name and address of all parties. A description of the property. Acknowledgement of the person who owns the property.

What is meant by hidden defect?

Generally, a hidden defect can be described as any flaw or defect resulting from inferior design, deterioration, or an unseen construction mistake made prior to sale.

What is an example of a hidden defect?

A few examples of hidden defects: the house was built on a bed of gravel made up of pyrite; theres mould inside the walls; the foundation is crumbling, but the finished basement makes it impossible to see; the electrical wiring or certain pipes are defective; the house was used to grow cannabis; theres a hydrocarbon

When can one say that a defect is hidden?

To be considered a hidden defect from a legal point of view, the problem identified must meet several conditions: it must be serious, hidden, present at the time of the sale and unknown to the buyer.

What does remove contingency mean?

Removing the loan contingency means you agree to pay the purchase price for the property even if you dont have a home purchase loan. You should only remove the loan contingency in a purchase agreement if youre a cash buyer or are absolutely certain you will obtain financing.

What is an example of a latent defect?

Latent defects can include any issues that are not uncovered during a property inspection.What are common types of latent defects? Mold, water damage or leaks. Insect infestations, including termites. Roofing problems. Plumbing or piping problems. Electrical issues. HVAC design flaws.

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