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Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 34037
Experience:  30 years of real estate practice experience.
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I had a contract to purchase this property making monthly

Customer Question

I had a contract to purchase this property making monthly payments where the seller holds the mortgage. The seller signed the deed over to my husband and I so we would be responsible for the land taxes and road fee's. In our contract it states that the property is being sold for 34.00.00 we are to pay $300.00 a month. He explained that $250.00 of that payment is interest.
This is the problem. The seller recently passed away and his children is handling his estate. I contacted the daughter that is representing her siblings and told her of a new contract that her father and I talked about. That if I signed the deed back over to him that I could rent the property or he would sell it to me for a much lesser price. I told her father that I would love it and wait for him to make up another agreement. He passed a couple of weeks after our talk and no new contract was drawn up. Well..they no longer want to hold the mortgage and want to sell all the fathers properties to whomever holds a contract with their father. I was told over the phone that if we are not able to buy it outright they will assume possession of the property and sell it themselves.
My question is can they take back the property even if the deed is registered at Bureau of Conveyance under my husband and I?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Loren replied 1 year ago.

Good evening. I am Loren, a licensed attorney, and I look forward to assisting you. I am sorry to hear of your dilemma. I realize how frustrating this is for you and I hope to provide you information which is accurate and useful, even though it may not be the news you were hoping to get.

While you have no legal basis to enforce the promise of a new contract which was never entered into before the seller died, you still have the right to enforce the original contract.

If the title is in your name then they can not take the property back without foreclosing, the can, if the mortgage permits, assign the mortgage if they want, through the estate. They can not foreclose, though, unless you are in default.

Expert:  Loren replied 1 year ago.

Did you have further questions? Have I answered your question?