Two Ways To Protect Your Privacy When Buying A Home
Purchasing a home is a dream come true for many, but it can also be the start of a nightmare for folks who value their privacy. It's an unfortunate reality that a lot of personal information becomes publicly available when people buy homes. In an age where doxing and identity theft are constant threats, it's understandable if you want to keep people from learning where you live. Here are two things you can do to protect your privacy when purchasing a home.
Buy Through an LLC
Many people wonder how celebrities and other famous people buy homes without the media and other unwanted parties finding out. One way they accomplish this is by setting up limited liability companies (LLC) and have their homes placed in the LLCs' name. Since the home is listed under a business name, rather than your personal one, only people who know you own the LLC will know you're the owner of the house.
For this to work, however, it's important to register your LLC in the right state. Some states, such as Kentucky, require public disclosure of the names of the members, which defeats the purpose of setting up the business in the first place. The best place to form the LLC is in a business-friendly state like Delaware, Nevada, and Wyoming that allow members to remain private.
Additionally, if you are married and/or have children, you may have to take a few extra steps to ensure your beneficiaries inherit the home. For instance, you may need to incorporate the names of both spouses into the LLC to ensure your significant other can retain the home if something happens to you. It's best to consult with an estate attorney to work out these issues.
Have a Nominee Purchase the Property
Although you may have an LLC "buy" the property, there will be instances where you have to sign your name or provide identifying information to complete the home buying process. One way around this is to have a nominee conduct the sale on your behalf. The nominee—aka person you appoint—goes through the sale process like normal. At the end, though, he or she signs the property over to you (or the LLC you set up).
The primary benefit of doing this is you will remain completely anonymous. However, you have to careful about who you pick to be your nominee. Choosing the wrong person may result in the individual blabbing your secret all over town. Another issue is it may be more difficult to secure a loan for the home since you're not purchasing it directly. You may need to pay cash upfront or find alternative means to finance the purchase that doesn't connect you directly to the house you're buying.
For more information about purchasing property anonymously, contact a real estate agent, or visit websites like http://www.dianestow.com.
