Legal Question in Real Estate Law in Florida
Use of name in a real estate investment
A friend has an investment company and he wants me to sell him the use of my name for property investment with payment to me of $10,000.00 for a period of 24 to 36 months. Then at the end of the specified time he will do whats called a quick claim deed and take my name off the property and I'm done. During the course of the 24 to 36 month period I won't be responsible for any payments. He says they will produce this in writing. Is it LEGAL. Would you consider it a good investment. The mortgage company is a well known firm.
2 Answers from Attorneys
Re: Use of name in a real estate investment
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Most probably NOT. I would have a lawyer fully investigate any potential investment deal such as this. Nobody just "borrows" anothers name. Without knowing any more about this, it would never pass the smell test for me. It sure smells fishy.
For a promised $10,000.00 payment, you might end up facing criminal charges or civil penalties far in excess of the amounts promised which may never be received.
Scott R. Jay, Esq.
Re: Use of name in a real estate investment
You would be liable for the notes on those properties. With friends like this who needs enemies.
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