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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 41004
Experience:  Texas Attorney for 30 years dealing in real estate
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I have signed a purchase with option agreement on 3 mobile

Customer Question

I have signed a purchase with option agreement on 3 mobile homes, a promissory note for the price of $294,000 with the mobile homes as collateral. The titles stayed in the original owners names. I want to opt out of the agreement what are my rights?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.
Hi and welcome to JA. Ray here to help you today. You would want to contact seller here by phone or in writing and see if you can resolve the matter.You want a release from the promissory note.The seller can sue you here for any deficiency for up to 6 years from date you default and miss payment. The seller may agree here to release you since they still have title and can resell the mobile homes.But you really want to try to get them to resolve and release you from further liability in return for giving them the homes back. This would be your next step here, you could mention Chapter 7 to see if they agree to release you even if you do not intend to file.It is a real threat and it is an option to you should they sue for deficiency here North Dakota. This will be your next steps to resolve and see where it goes from there. I appreciate the chance to help you today.Thanks again.