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Bill Bronchick Coaching
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Bill Bronchick Coaching

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A seller gives the buyer a deed in foreclosure. Even before the deed can be recorded, the seller offers a second deed to the competitor and as the competitor records his deed at the county first and …

A seller gives the buyer a deed in foreclosure. Even before the deed can be recorded, the seller offers a second deed to the competitor and as the competitor records his deed at the county first and in that case, the competitor gets the deed.

Published in: Business

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Transcript

  • 1. William Bronchick’s Coaching Provides Insights On The Bona Fide Purchaser
  • 2. A seller gives the buyer a deed in foreclosure. Even before the deed can be recorded, the seller offers a second deed to the competitor and as the competitor records his deed at the county first and in that case, the competitor gets the deed. If the main buyer doesn’t record the deed then the risk of another investor taking the whole thing is a probability.
  • 3. The recording system is designed to provide a constructive notice to the world of the transfer of title of property. The whole procedure of recording involves bringing the original deed to the local county courthouse or clerk and recorder’s office. After it is done, the original deed is then copied onto computer or microfiche and then returned to the new owner.
  • 4. Apart from that, the county tax assessor needs the filing of a ‘real property transfer declaration’ which contains the basic information on the sale and other deeds. As described above, every state has a recoding statue which helps in distinguishing who wins in a battle over ownership in the case of a ‘double deed’ scenario.
  • 5. While most of the states follow a ‘race-notice’ rule which means that the first buyer to record his document would get the property and would be a bona fide purchaser. William Bronchick explains in his coaching classes that a bona fide purchaser is the one who receives title and record of good faith, paid value and had no notice of a prior transfer.
  • 6. An investor often gets a quitclaim deed for free in a foreclosure situation. William Bronchick coaching classes explains that if a subsequent purchaser gets a deed from nothing and is successful in recording it first, then he/she would be known as the bona fide purchaser of that property.
  • 7. William Bronchick in his coaching classes explain that if buyer gets a deed from a seller and then his/her competitor gets a deed and is able to record it as a bona fide purchaser then in that case all one can do is to hire a lawyer and commence a lawsuit to contest for his title. William Bronchick in his coaching tells that you should consult with an attorney before proceeding if a person is in a situation where you are uncertain of your legal rights.
  • 8. Thanks