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Buying & Selling Real Estate

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Jeremy Namen
  • Real Estate Investor
  • Saint Louis, MO
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113
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Is a buyer that is named on the purchase agreement / sales contract to be the owner of the property when closed and titled?

Jeremy Namen
  • Real Estate Investor
  • Saint Louis, MO
Posted Feb 4 2013, 15:29

Sounds like a moronic question but I have a deal in which my lender required myself and another one of their customers(former biz part) to form a sales contract on a property that i wanted personally. The sales contract showed the seller as the LLC(formerly half mine) that owned the property and myself, individually as a person as the buyer.
All said and done the bank did it their way and listed myself and an LLC (mine) as the borrower.
My person is the co borrower and the sole guarantor.
My LLC is the co borrower the and titled owner and grantor of the Deed of Trust.
Anyone else think this is wrong?

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