Land contract questions

[gfly]

What is the name of your state? Michigan

We are getting ready to purchase a duplex on a land contract. I was wondering if there is a way to just put the house in my wife's name (I have credit issues and judgements). This would protect our interest in our new home and stop any judgements from getting the equity in the house. I was wondering about a quick claim deed after we sign to purchase. The down payment money is being provided by her family member.
Thanks

[HomeGuru]

Originally Posted by gfly

What is the name of your state? Michigan

We are getting ready to purchase a duplex on a land contract. I was wondering if there is a way to just put the house in my wife's name (I have credit issues and judgements). This would protect our interest in our new home and stop any judgements from getting the equity in the house. I was wondering about a quick claim deed after we sign to purchase. The down payment money is being provided by her family member.
Thanks

**A: in a land contract, you would not have legal title therefore there would be no deed to sign.

[gfly]

What do they record with the county clerk? We are meeting with their attorney in a few weeks to sign the purchase contract. Basically, it just states the terms and etc. So as far as that goes when someone asks me if I own realestate then I really don't correct? Not until it is paid off, then is that the only time I get a deed?

[HomeGuru]

Originally Posted by gfly

What do they record with the county clerk?

**A: I don't know what the document is called in Michigan but in other states the document is called an agreement of sale, agreement for deed, land sales contract, land contract, installment contract....

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We are meeting with their attorney in a few weeks to sign the purchase contract. Basically, it just states the terms and etc.

**A: that's just the purchase contract. That's not the actual instrument that will be recorded to complete the dale at closing.
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So as far as that goes when someone asks me if I own realestate then I really don't correct?

**A: no you do, you just do not have legal title. The Seller holds legal title until the contract is paid off. Until then, you hold equitable title.
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Not until it is paid off, then is that the only time I get a deed?

**A: that's the first correct thing you stated.