All Topics / Legal & Accounting / Who’s Name is on the deed under a wrap?

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  • Profile photo of yngwieyngwie
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    @yngwie
    Join Date: 2004
    Post Count: 5
    July 13, 2004 - 12:02 pm

    I am trying to understand that when you purchase a property your name is on the property and the deeds are held by the financier. When a wrap deal has occured who holds the deeds (the bank i assume) and who’s name appears on the deed?

    Thanks in advance.

    Profile photo of WallFlowerWallFlower
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    @wallflower
    Join Date: 2004
    Post Count: 205
    July 13, 2004 - 12:07 pm

    By ‘deed’ i take it you mean title.
    Your name ( or your company) on The title, Bank as first mortgagee, Your client puts a caveat on the title to register their interest in the property. ie: you can’t sell it without them knowing about it and giving the ok.

    Profile photo of yngwieyngwie
    Member
    @yngwie
    Join Date: 2004
    Post Count: 5
    July 13, 2004 - 12:10 pm

    Thanks Wallflower for your quick reply.

    Kind Regards

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