If a property is purchased from an investor, and a contract drawn up by the investor is signed by all parties, and all payments have been made per contract agreement, with copies made and kept of each check sent to investor, but never actually closed at a title office, or filed, does this buyer still have a completley legal binding agreement, that could stand up in court, in the event the investor should pass away, or there should be any conflicks.Thank you !
2006-12-22 16:43:03 · 8 answers · asked by thankful 1 in Business & Finance ➔ Renting & Real Estate
this sounds like a rent to own contract and you will get the property recorded to your name when it is paid for
if it's a purchase then you really need the property registered in your name
you better get the contract checked out by your lawyer
2006-12-22 18:14:22 · answer #1 · answered by Anonymous · 0⤊ 1⤋
You better have purchased title insurance and these funds would be held in escrow along with all other funds. You need to contact the escrow office. Why hasn't it closed if all the monies are collected and signatures obtained. Is there something that the escrow co. is waiting for in order to close and record? You need to find these things out ASAP. The escrow office has legal counsel and they can advise you. Sounds like you have covered yourself pretty good by keeping copies of everything. Ask to see the file at the escrow office.
Talk to the Title Ins. office or escrow office (or both) right away.
Good Luck
2006-12-22 17:33:20 · answer #2 · answered by SUSAN K 3 · 0⤊ 0⤋
You need a lawyer. NOW! Failing to record a deed can SERIOUSLY compromise your position. Failing to get title insurance can cost you your home -- what if the "investor" doesn't have legal title to the property?? Failing to record a land contract allows the seller to encumber the property without your knowledge or consent.
2006-12-23 00:37:10 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You could be in for a real mess if the owner were to pass away. What if he/she did not own the house alone? What if their were heirs that had a legal claim to the house? You need to have a title search done to make sure the title is free and clear and have it recorded for your protection.
2006-12-22 16:52:20 · answer #4 · answered by d b 3 · 0⤊ 0⤋
Whoa!!!! Your figures make no experience. At 6% activity value (which may be loopy for him to grant, through fact maximum banks are bigger than that at present), you cash may be approx $1200...yet that doesn't incorporate taxes and coverage you will ought to save on the valuables. in the past you get your self right into a large number of warm water, you ought to verify a real assets lawyer to charm to up a word with an AMMORTIZATION time table. it relatively is serious...it states how lots of your guy or woman loan, each and each month, is going to theory vs activity. you ought to verify the lawyer in the past you propose any deal, in the past you compromise to something which will value you the deal completely.
2016-10-15 11:51:20 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Yes, it would still hold up in court but I would get in contact with the title office.
Who is to pay the title fee's? Maybe those fee's have not been paid yet.
I had a title co never send in paperwork and I never had to pay taxes after I sold my house six months later and made 20k.
Blessings! haha
2006-12-22 16:52:09 · answer #6 · answered by SunValleyLife 4 · 0⤊ 1⤋
Get it recorded ASAP. And then hope that nobody recorded anything that claims ownership before you. The date of the contract is not what matters, it's who records first that matters.
For all you know, he sold it to someone else also, or left it to a nephew in his will...
Record it NOW. Good luck to you.
2006-12-22 17:21:47 · answer #7 · answered by teran_realtor 7 · 0⤊ 0⤋
yes, however you would need to get legal advice as state laws vary. This sounds like a different ownership agreement.
2006-12-22 16:45:36 · answer #8 · answered by Anonymous · 0⤊ 0⤋