dummy

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Dummy

A buyer of real estate who has no interest in owning what he/she buys. That is, if a developer wishes to buy up a large amount of land without attracting attention, he/she may hire dummies to purchase (with the developer's capital) on his/her behalf. The dummies in turn re-sell (or simply give) the properties to the developer.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

dummy

A straw man, as when a developer desires to purchase a number of properties in order to assemble them and build a shopping center but is afraid that owners will increase their asking prices if they know the true name of the buyer. Owners sell to the dummy, who then transfers to the developer.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.