Buying or Selling a Home/Lands/Homes with gold

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Question
I have a question that I'm not quite sure if I h ae the right person for this question. I heard somewhere that if I was to buy home with gold payments that the home would be free and clear of every being taken by anyone.  Do you know if there is a difference when buying a home with US currency vs gold payments? Or is there a benefit one over the other? I am looking to buy land and home on the east coast without a mortgage, but wondered if there is something to what I heard.  Thanks for any help you may give!!!

Answer
Hi Liz,

I have never heard of a home being exempt from liens, judgments, etc, simply because someone may have paid for it with gold.

I am using logic only here, but here is my opinion:

(1)   If a house has no mortgage on it (it is free and clear of any liens the owner willingly placed against the property), and

(2)   If an owner owes money to an individual, company, or government agency and is sued in a Court of Law and a Judgment is obtained against the owner -- with the Judgment then being filed and recorded in the same County in which real property is located,

(3)   Then …… the property is now subject to the Judgment filed of record; ditto for State tax and IRS liens.

You could have paid for real property with cash, stocks, gold, silver, with a mortgage secured by a note, or bartered services.  There is nothing I know of that would override State and Federal laws to protect a property from Judgments or tax liens when legitimately placed against real property.

A creditor owed money by an individual with real property free and clear of mortgages and/or liens does not care how a property was paid for.  All they are interested in is trying to recover their money by filing a Judgment after a successful Court action against a homeowner.

An analogy for this reasoning is one related to diet:

If a person is trying to limit carbohydrate intake (as in a low-carbohydrate diet), it does not matter what type of carbohydrates one eats:  Grains, refined sugar, brown sugar, potatoes, oranges, candy, sweet chocolates or whatever.  

The human body cannot distinguish the carbs in a healthy orange vs a Hershey bar vs macaroni and cheese.  It doesn’t matter.  Carbohydrates equal carbohydrates.  Take in too many carbs on a regular basis, and you can exceed your limit in order to lose weight over a period of time.

If purchasing a property with gold would ensure it could never be “taken,” there would be a major run on gold in this country.

Feel free to consult with a CPA or real estate attorney for a different answer to this question.  If you get a different answer, let me know and I would stand to be corrected.

Good luck to you.
Regards,
Elizabeth

Buying or Selling a Home

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liznarr

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I can answer questions relating to the purchase and/or sale of residential homes and land, including what a really good agent should be expected to do and/or not do; where to turn when problems occur; and questions regarding disclosure. I`m a Licensed Realtor in the Southeast since 1984 with designations of Broker, GRI, CRS, and CBR (Certified Buyer Representative). Current active and Life Member of Million Dollar Club, Certified by State Real Estate Commission to teach Pre-Licensing and Continuing Education courses, specializing in Agency. Currently serving on Grievance and Professional Standards Committees, and Education Committee in past.

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