equitable interest list
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equitable interest list (by 6x6 [TN]) Jan 14, 2022 11:45 AM
       equitable interest list (by WMH [NC]) Jan 14, 2022 12:22 PM
       equitable interest list (by Nicole [PA]) Jan 14, 2022 12:35 PM
       equitable interest list (by NE [PA]) Jan 14, 2022 12:42 PM
       equitable interest list (by Ken [NY]) Jan 14, 2022 1:48 PM
       equitable interest list (by James [TX]) Jan 14, 2022 8:35 PM
       equitable interest list (by Ray-N-Pa [PA]) Jan 14, 2022 9:16 PM
       equitable interest list (by don [PA]) Jan 14, 2022 9:59 PM

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equitable interest list (by 6x6 [TN]) Posted on: Jan 14, 2022 11:45 AM
Message:

I am looking at a property listed for sale. In the copy, it mentions equitable interest listing.

I have Googled it and am still unsure of what it means as it seems confusing to me. The description reads as if it may be referring to someone having a beneficial interest in a trust, but I have looked on the county website, and it does not appear to be deeded in a trust. However, the county has recently upgraded their system, and I have noticed that they are behind in updating their records as I have looked up a few properties that were sold over the last few months and the records have not been updated.

Also, I thought it might be a wholesaler. The description from the internet also mentioned how it allows the equitable interest to list the property for sale, but not on the MLS. My realtor, I contacted, could not find it on the MLS that she normally uses but then found it by the address. The property is listed by a realtor but not on the normal MLS, apparently. It has an MLS number though. This is part of what makes it all so confusing.

Could someone explain all of this to me in Laymen terms?

What is an equitable interest listing?

Thank you for your time. --73.120.xx.xxx




equitable interest list (by WMH [NC]) Posted on: Jan 14, 2022 12:22 PM
Message:

I found this:

5. HOW DOES EQUITABLE INTEREST IMPACT WHO CAN SELL THE PROPERTY?

Often, people come into contact with equitable interest because someone is listing a property they donít own.

Actually, these listings will likely be on a local listing website rather than the MLS, but it opens up the question of equitable interest.

Itís often true that only the owner of a property can sell itÖunless you have equitable interest in a property.

In these cases, equitable interest comes in a variety of forms:

purchase and sale contract

option contract

contract for deed

lease option contract

approval letter for a short sale

When you find someone listing a property they donít legally own, they are most likely a wholesaler.

Wholesalers typically sell a property after they execute a purchase and sale agreement.

This allows them to become the equitable interest holder and advertise the property instead of buying it outright.

When the investor has a prospective buyer who agrees to sign a purchase and sale agreement, he himself signs it as the seller.

The contract will contain a clause that stipulates that the sale is contingent on his purchase of the property. --50.82.xxx.xxx




equitable interest list (by Nicole [PA]) Posted on: Jan 14, 2022 12:35 PM
Message:

it generally means someone, other than the names on the deed, has an ownership.

Installment sales contract and life estate come to mind. --98.237.xxx.xx




equitable interest list (by NE [PA]) Posted on: Jan 14, 2022 12:42 PM
Message:

I ran into this about two years ago when I bought a property at tax sale. There was an owner from several deeds back who still had 50% interest in the property. He was away in the military and never received notice of the tax sale when his mother who was the co-owner lost the property for back taxes. I didnít really care to share ownership with this person, so I contacted him and asked if he was interested in selling the property if I could find a buyer and splitting the profit. Thankfully, he was good with that. If he didnt, I was just going to let it go for back taxes again. --174.249.xx.xxx




equitable interest list (by Ken [NY]) Posted on: Jan 14, 2022 1:48 PM
Message:

I would suggest if you sign a contract make sure there is an attorney approval clause in the contract and give him 10 days to decide.I will guess it is a wholesaler,have your agent ask and if the answer is yes tell them you want to see the contract you are buying and they will tell you no,i refuse to buy if i cant see the contract i am buying,technically you are buying there contract so if i cant see the contract i walk away.Get your answers before you give anyone any money because they have a habit of not giving it back --72.231.xxx.xxx




equitable interest list (by James [TX]) Posted on: Jan 14, 2022 8:35 PM
Message:

Around here "wholesalers" or " flippers" or whatever they call themselves get properties under contract and sell their "eqitable interest " --47.185.xxx.xxx




equitable interest list (by Ray-N-Pa [PA]) Posted on: Jan 14, 2022 9:16 PM
Message:

a possible reason for this is a trust was created , but the trust was never funded with the transfer of property which is the next step after generating a trust.

It is a common oppps with someone who doesn't know much about trust. They just assume that with the trust creation that the property is automatically transferred into the trust - nope a new deed had to be created with the trust.

Without a trust though, it looks like they tried to sell the place somehow before. I would make sure the title is insurable --24.101.xxx.xxx




equitable interest list (by don [PA]) Posted on: Jan 14, 2022 9:59 PM
Message:

It is a "wholesaler" who has a property under contract to buy, and he is looking to assign that contract right for a fee. --73.141.xxx.xxx



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