Real Estate Law
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Hello, Anita, and Welcome to JustAnswer, My name is XXXXX XXXXX my goal is to provided you with Excellent Service
Part of your post is cut off, so please forgive me if you had entered this information,
1. Did you sign the Deed over to the individual who had the land contract and who is now selling the property ?
2. Did you ultimately find out the closing date ?
3. Has the closing taken place ?
4. How much are you still owed under the land contract ?
5. Did the land contract permit te purchaser to sell the property before paying you in full ?
no we did not sigh over the deed yes but only because we kept asking and they were reluctant to tell us we had to ask over and over and than we were told it is not our business, we are owed over 57,000 and the bank is owed 80.000. no there is no clause in there, it does have paragraph staiting it can not be convayed unless we give permition, . the agent now is not answering our question as to when new closing will be, it was conv, as I see on purchase contract, but now she say for us to sign papers involving hud and fha , we called the bank the loan is now for new people and they say they have nothing to do with fha and such, rhe agent listing the house is a friend of the party, now . I feel the proceeds of the now sale should also go to us, since we never gave permitiion to sell the house to him, the agent knew the deed was in our name and always was, I did call the agent as soon as we saw the for sale sign, we were going tom take the house back, but he decided to sell as he stated he will sell to make profit and we could s ourselves , and if the sale does not bring a profit to him he is not going to sell and we can have a hard time till 15 and he also said his credit will not allow him to gt loan in 15 , and the balloon payment we are out of by than he will ruin the house,
Hi, Anita, Thank you for your additional information,
These people seem to want to take your property and not pay you, or have you wait for payment. But, you are not going to let it happen. You should tell the broker that you will not sign the Deed over to anyone, unless there is an Agreement between you and the new buyer that you are going to be paid from the proceeds of the loan they are getting, Period! No "ifs", "ands", or "buts" about it. As an additional measure of security, they must tell you the date, time and location of the closing and they are to instruct the title company who will be distributing the loan proceeds that you are to be paid first. Otherwise, you will take the property back because (1) you never gave your written consent to the sale; and (2) Your buyer under the land contract is in default in that he has not been making the payments to you on time.
Under no circumstances should you sign anything. The only thing that you will sign, and only after you see a check with your name on it, is the deed. You should not get involved in the buyer's dealings with HUD or any other government agency. You do not know what documents they will place in front of you and ask that you sign. If you do not have a lawyer and they do not submit these documents in advance, you should SIGN NOTHING!!! Pure and Simple. It could not be more simple.
In summary, here are the steps you MUST take:
1. Contact the broker as soon as possible and tell him or her that you will not sign the Deed, or anything else unless there is an Agreement in place, signed by the buyer that states that you will be paid in full from his loan proceeds;
2. The broker must notify you in writing of the date, time, and place of closing;
3. The broker must give you a copy of the letter to the title insurance company, instructing them that when they distribute the loan proceeds, you and your bank will be paid first;
4. If the above steps are not taken by the broker, tell the broker that you will not give your consent to the sale and that you will take the property back because your buyer under the land contract is in default anyway and in which case, he will lose all the money he has paid to date under the Land Contract;
5. Do not sign any documents. Once you get the check in your hands, only then will you sign the Deed. You are not required to sign anything else, Period!
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thank u. I so appreciate ur response also I must tell u we are retired and jim took on a job because the land contract buyer was always late and s we did not want to late . we are still paying 1168 per month and he pays to us 935. jim is 70 and it it taking a toll on him also, I always felt that the proceeds of the now sales price should also go to us, but the agent told us this is his money, I feel at this point the buyers should be notified by someone, that the deed is in our name, the agent said he had vested interest in the home, I did inform the sales agent that if the sale is still being persUED that we should get the profits of this sale, including also what he still owed us prior, and after this she did not reply by e mail anymore and wnts my husband to call them we asked them to just put in e mail form everyone of their many requests, but they keep e mailing back WE NEED TO CALL THEM, I BELIEVE I KNOW WHY, MY husband has a bad heart and I am just besides myself h this situation, I have ms and it is also taking a toll on me,
The first rule that you must observe in any real estate transaction is "DO NOT LISTEN TO ANYTHING THE REAL ESTATE AGENT SAYS"
The real estate agent does NOT have any vested interest in the property. The only thing the agent is interested in is grabbing the commission and running. The agent is not your agent, your buyer under the Land Contract found the agent and instructed them to find a buyer. It is not your responsibility to pay the agent. Your buyer found them, it is his responsibility to pay the commission. BUT, that can only happen, if they cooperate with you and meet all your demands. If they do not meet your demands as I enumerated them in my previous Answer, simply show them the door. No not argue with them, do not let them upset you or your husband, do not negotiate with them because there is nothing to negotiate. You have the Deed and you are not about to sign it over to anyone unless they pay you first. That's the botXXXXX XXXXXne.
If you allow them to trick you into signing the Deed without paying you, you can kiss what they owe you "Good-Bye" and that will be your botXXXXX XXXXXne. Do not let them frighten or intimidate you. You have no obligation to sign anything. You have not been paid and your buyer under the Land Contract is in default and he never requested or received your written consent to sell the property. You should just give him written notice that he is in default and, therefore, he has breached the Land Contract. You can tell him that this has caused the Land Contract to become "null and void and of no further legal effect" and show him the door also, along with the real estate agent. End of story. You owe them absolutely nothing !!! If you deviate from the steps I outlined, you will be cheating yourself and your husband out of something which is yours and you will only make your husband sicker. Think of those consequences. That alone should give you the strength to turn a deaf ear to anything they say until they hand you a check in your name and in the name of your husband, ___________________________________________________________________
thank u , no the agent said the land contract. buyer has the vested interest and therefore is th one getting the proceeds from now sale. I I thank us o much and take care anita,
As far as you are concerned, the buyer under the Land Contract is in default. His rights are gone. If you choose to allow him to sell the property without paying you first, you can kiss all the proceeds "Good-Bye". If the buyer under your Land Contract has any interest at all, it is secondary to your rights in the property. Remember, you have the Deed and whoever holds the Deed is the one who is entitled to call the shots. This is your right! Please be kind enough to rate my service to you. Any deposit you made is with JustAnswer.. Rating me does not cost you anything additional, but without a rating I cannot receive credit or payment. so I am kindly asking that you rate my service so that I can receive credit for assisting you. Thank you for understanding, ___________________________________________________________________
excellent thank u I would give it a five star if 5 star is the highest . have a very good day. thank u a wells u have answered more than any att, would have done for even more money. .
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