Fairfax Virginia Nominee Agreement to Hold Title to Real Property
Description
How to fill out Nominee Agreement To Hold Title To Real Property?
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FAQ
A nominee is the person you have picked to be the custodian of your money in a particular account. If the same person is named in your Will, they are also your legal heir. If not, then the nominee must hand over the money to the legal heir.
A nominee agreement is an agreement where one person agrees to act on behalf of another person in certain legal matters. A nominee agreement is like a power of attorney but may be broader in scope. A nominee may receive a payment for services or may agree to conduct the affairs of without charge.
Nominee Name. A name that is used by the corporation as a generic registered owner on a stock or bond certificate. The use of nominee names makes the processing of security transfers easier.
A nominee trust is a tool used to hold title to real estate. The real property is transferred from the title holder(s), into the trust, and the trust becomes the holder of the real property. In fact, real property can be held by any trust, not just a nominee trust.
A "nominee" is someone who is given limited authority to act on behalf of an entity, usually for a limited period of time, and usually during the formation of the entity. The "principal officer, general partner," etc., as defined by the IRS, is the true "responsible party" for the entity, instead of a nominee.
The registered owner of shares held for the benefit of another person (the beneficial owner). The beneficial owner may choose to appoint a nominee because it does not wish to have the shares registered in its own name, or it may be required to appoint a nominee.
Example: In a real estate purchase agreement, Bob Buyer agrees to purchase the property, but provides that title (legal ownership) will be granted to "Bob Buyer or nominee," so that Buyer can sell his rights to another person before the deal closes, or because Buyer is really acting for someone else.
A person who manages funds or the legal affairs for the benefit of others, similar to an agent or trustee. For example, a nominee may serve as a real estate broker, and may be instructed to buy land for instructor.