Have you ever come across a property where title is held by a "phantom" or made-up person?
Imagine this... Mr. Schemer anticipates a divorce from his wife. He owns a property in his own name. But, he's thinking that that property might be inclued as a portion of the estate he would be required to "split" with his wife.
So, being the scheming person that he is... he decides to sign a quit claim deed to the property over to.. his long deceased grand father. He signs the quit claim, has it notarized, and records the deed in the county records.Seems to work.. he's been renting the property out for 20 years.
20 years later.....
Now Mr. Schemer would like to sell the property.
Guess what. It's not in his name. The property is free and clear of liens and encumbrances and he would like to sell in order to finance senior home care...
What would you advise Mr. Schemer to do?
Not meaning to ask for legal advise, just musing about how people paint themselves into corners without clearly understanding what it is they've done! What kind of problems do you see for Mr. Schemer?
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