Hello BP. My father purchased two properties way before I was born in the Philadelphia area. That said, he has rented the properties out for years. However, recently I performed a tax search on the property and I noticed my father had the deed under a nick name. That said, I have seeked out an attorney in the area to assist with the deed correction while also adding me a co-owner of both properties. My question for you all is...should I be paranoid for any reason for an attorney to somehow take ownership/purchase of the property due to the nick name issue? Is this even a possibility? All loans and taxes on the property have been paid. Sorry I'm sure this sounds like a dumb question.
Sorry to be blunt but yea, its a dumb question. You are suspicious of the attorney you hired or about to hire to correct this issue. While its certainly possible for it to occur, I doubt its the highly likely it will happen, but hey, you never know. If you are suspicious then why not find a more reputable firm to deal with this. Will cost you more money but they have their reputation on the line to do anything unscrupulous.
@Brian Adzadi Thanks for the response. I agree about using a reputable attorney to ensure the likelihood is low.
There should be no reason to be worried about the attorney preparing the correction deed to transfer title to himself, but if you are, keep in mind that your dad gets to SEE the deed he’s signing. Although there’s some legalese in any deed, it will say something like “Richard Doe, who acquired title as Dick Doe, hereby transfers said property to Richard Doe and John Doe.” And keep in mind an attorney is putting their bar card on the line if they did something like prepare a fraudulent deed.
I would be more concerned about the consequences of adding you to title.
There are certainly attorneys that screwed over their clients. But most of them do it in "arguably clever" ways. The scenario you describe is so extreme that the attorney should win the Darwin Awards if he or she tries to do this.
For what it's worth, if an attorney wanted to do this, he or she could do it regardless of the nickname issue.
Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing