AboutJT Holt Expertise Questions regarding the financing or land values of farm, ranch, and recreational properties. Large working ranches to the small hunting property.
Experience Currently CEO of LandLoanSpecialists.com with 10 years of previous experience in the Farm Credit System as a VP of Credit. Experience as an appraiser of farm, ranch, and recreational properties.
Education/Credentials Bachelors of Agricultural Economics from Oklahoma State University. Continuing education courses in ag finance and appraisals.
Awards and Honors Top volume lender for the last 5 years in previous position.
Question The Contract for Deed holder has not recorded our notarized and signed agreement with the county. Am I the legal owner still? She claims i do not legally own it and think she may try something. How do i force her to record it? Can she sell it out from under me? What are my rights in this situation? Does being disabled help me fight her? I can not afford to move and may want to sell someday - can I?
Answer If you have an original signed and notarized agreement you can file this with the county if you prefer to do so. In your position (Grantee) I would recommend you file it. If I were in her position (Grantor) I would recommend not filing it. Reason being is most Grantors do not file the Contract due to the fact if you were to stop paying they would have to obtain a release from you to clear title to the property. You do have a vested interest in the property but you do not legally own the property. Meaning you have entered into an agreement and have held up your end of this agreement, but the property is still legally in the Grantors name.
She could sale the property. However, you need to maintain records that you have a vested interest in the property and that you are not just a tenant acting under a rental agreement. This would include a copy of your Contract for Deed, Amortization Schedule, and any other supplemental documents. In my opinion you cannot legally sale the property until it is in your name. Now you may payoff your Contract one day and sale the property to someone else the next day, but it must first enter into your name with clear title.
My suggestion would be to maintain diligent records in good order if you are unable to file the Contract or look to refinance the property. Best of luck to you.
JT Holt http://www.landloanspecialists.com
