straw buyer
n.— «An illegal land flip is a two-part transaction involving the transfer of a piece of real estate that is sold to a straw buyer for the fair market value, and then resold to an end buyer at an inflated value, often using false loan applications, employment documents, tax documents and other fraudulent documents in order to obtain a loan for which the end buyer would not otherwise qualify. Initially, the original owner of the property sold to a straw purchaser for cash at a price, usually close to the current market value of the property. Thereafter, the straw buyer would quickly resell the property to the end buyer at a price substantially higher than the original price, sometimes close to twice the amount.» —“Appraiser And Straw Buyer Convicted” U.S. Department of Justice June 7, 2005. (source: Double-Tongued Dictionary)
Further reading
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