[moonlite]

I'm just wondering if a seller of a home has the power to keep all sale details off public records so nobody will know when the property sold or for how much it sold for. Is there a federal or state law requiring all property sales to be on public records so anyone can have access to it ? Thank you.

[LisaB4657]

In order for the sale of a home to be completed in accordance with law, the deed must be recorded in the county clerk or county register's office, in order to provide public notice. If the deed is not recorded then the buyer will not have clear title. There has to be a way to provide notice to the public that a transaction has taken place and the buyer is the owner of record.

[moonlite]

Thank you. I guess your answer is NO. For the sale to be completed, it must be recorded and the record must be public. The seller can not manipulate the buyer to do some kind of a hush-hush deal under the table.

[moonlite]

But the deed will not show how much the property sold for. What about this information ? Must the sale price be public also ? Thanks again.

[LisaB4657]

The deed must show a price. According to law it must be the full amount that was paid, because the state taxes the seller according to the purchase price. People always try to find a way around it, such as attributing part of the purchase price to "extras" or furnishings or something like that, but it is illegal. Also, a form is supposed to be sent to the IRS listing the full purchase price so they can determine if there is a tax due on the profit.