Question: I just purchased two homes and would like to sell one but I don't want to reveal who I am for privacy purposes. I was wondering if I had to reveal my identity to the potential buyer?

Answer: Privacy is a growing issue, but in the case of real estate there is a conflict: In many jurisdictions real estate ownership is not only a matter of public record, such records are available online. See, as an example, the collection of property records links maintained by Research Ventures.

It's possible to shield ownership, say, by holding property in the name of a partnership or corporation. However, such approaches raise complex questions regarding taxes, organizational structure, etc.

The probability is that your ownership status is already known from local property records. If your name is on the title or loan then closing papers will reveal your name to the purchaser. And your neighbors may well know your name.

Would your name influence the value of the property? Are you famous or notorious? Is fame or notoriety a material fact which must be revealed to a purchaser as part of the sale offer?

There are many sales and in a sea of transactions the best way to retain your privacy is not to stand out. If you're not famous, notorious or otherwise notable, then the best course is to simply be another seller.

Question: I am buying a property which I plan to quit claim and also put in a trust. This house is for my daughter and her fiance; they will be paying all the bills, repairs and other expenses. They provided the downpayment for this house while I only used my credit. What is the best way for me to protect myself? I signed loan papers and escrow will close in a couple of days.

Answer: By "protect" do you mean what happens if your daughter and future hubby do not make the mortgage payments? If they don't pay the lender will look to you for payment. If you don't pay, then the property will be foreclosed, something not good for anyone's credit.

You provided the credit and cosigned the loan, steps necessary to make this transaction work. Your responsibility will not end by changing the title or creating trusts because you have signed a note for the loan.

Before changing title or creating trusts you first need to see what consequences such actions might create. For instance, will a title change require immediate repayment of the mortgage? What are the tax consequences of a title transfer? For specifics, speak with a local real estate attorney before filing any paperwork.

It may be best to have your daughter pay the mortgage each month with a check. This will help her establish credit if the payments are full and timely. Keep a copy of each check for your records. If you then need a mortgage, show the lender checks for the past 12 months to prove that while you are on the loan as a borrower, in practice the mortgage is being re-paid by your daughter.

Under some loan programs the mortgage debt would then not "count" against you for qualification purposes. In all cases, of course, you must disclose the debt on a mortgage loan application. Speak with lenders for details.

Question: I purchased property and later I learned that there was an outstanding water bill of $2,000. Should the seller's agent have told me about this debt?

Answer: Water utilities come in two forms: Some are publicly owned and some are private. When you get a bill from a publicly-owned water company it can be seen as a "lien" against your property because it comes from a government entity. When you get an invoice from a private water company it's a utility bill.

Sale agreements across the U.S. differ so you need to see what your specific agreement says about liens and utility bills. Typically, you'll find that the seller is responsible for all liens created prior to closing. You're also likely to find a clause devoted to "adjustments." This clause says outstanding costs such as water and sewer bills will be paid at closing from the seller's funds.

Thus, if the water bill is from a government-owned water provider it should be paid at closing just like other liens. If the water bill is just a bill from a private firm, that's a matter between the seller and the water company. You should arrange with the water company for a new account for the property, and a new bill, as of settlement.

For specifics, check your sale agreement and speak with the party who conducted closing.

Question: There is a new street that has been created in my town. It is in a desirable neighborhood. The lots have not been created as of yet and there are no real estate signs advertising the properties. I found the name of the property owner from the town tax maps. Do you know of a good way to approach the owner about purchasing a lot on which I can build my own home?

Answer: Do you know that the land has been zoned for residential development? Are utilities available? Are there minimum lot sizes? Are there restrictions which could block development -- historic status, environmental concerns, etc?

The best approach is to retain a buyer broker with land development experience in your community. Have the broker contact the owner on your behalf, explain what you need, ask what the owner needs and go from there.

Most probably your broker will structure a purchase offer contingent on your ability to obtain various studies, permits and approvals within a given time frame -- otherwise you could be in the position of buying property which cannot be developed.

Question: Can you tell me where I can find preprinted forms or guidelines on how to prepare and properly file a real estate purchase option?

Answer: Standardized forms are available online or in books, but what if such forms do not conform to local requirements? Are they then void or voidable in your community?

As an alternative, forms and advice from brokers and attorneys meet local requirements and thus solve many potential problems before they arise. Forms, like real estate itself, are localized. For instance, purchase agreements in one community must disclose the location of heliports. Local professionals have the right forms -- but how many standardized documents from a book or online site have such a provision?

The view here when it comes to forms is musty and conservative: Transactions hinge on proper language so it's important to use the right paperwork. Use the wrong forms and you can easily enter an expensive world of lawsuits, broken deals and unsatisfactory results.

Have a real estate question? Send your inquiry to . Because of the volume of mail received, Mr. Miller cannot respond to questions individually or privately. Published letters may be edited for space and style. For comments regarding other Realty Times articles, please contact individual authors by pressing here.

This column is designed to provide accurate and authoritative information in regard to the subject matter covered. It is made available with the understanding that neither the author nor the publisher is engaged in rendering legal, accounting, or other professional services. If legal services or other expert assistance is required, the services of a competent professional person should be sought.

Published: December 12, 2003

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