Hi, I'm planning to start a house flipping business. My question is that will the bank hold the title of my property if I acquired it through bank loan? if yes, what should I show to my potential buyer if he/she ask for a photocopy of the title. Thanks in advance.
Engineer749 yes, the bank will hold the actual title of your property (as well as other docs including tax declarations of the land the house). you may show the potential buyer certified true copies of the title and other docs. by then, the certified true copy of the title should have an annotation recording the mortgage with the bank. good luck with the business!
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In the Deed of Mortgage, it will be stated there that the bank will hold or take possession of the Title. There will also be an annotation on the Title (your copy and that of the Registry of Deed). What you can show your prospects is the Certified True Copy of the Title. You must also inform the prospect buyer that subject property is under mortgage [Note: the buyer will know this for sure because s/he must do due diligence]. Hope this helps.