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Shelby county TN, No the seller escrows the insurance and…

Shelby county TN Lawyer's...

Shelby county TN

Lawyer's Assistant: Has any paperwork been filed?

No the seller escrows the insurance and taxes

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Insurance has already cut the check the mortgage holder chooses not to rebuild I have made payments for seven years

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Answered in 2 hours by:
8/25/2017
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 32,268
Experience: JA Mentor
Verified

Hi,

I'm Lucy, and I'd be happy to answer your questions today.

It looks like part of your question may have been cut off. Can you tell me more about your situation?

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Customer reply replied 1 year ago
I have a contract land deed I have been paying on for 7 years. The home was destroyed by a fire. The seller held the escrow including insurance and taxes. The deed is signed by an attorney and notarized but not filed with the county. The seller has decided not to rebuild. We were not able to get financing as the property went upside down during the recession. Am I due all my payments? Insurance has already paid the mortgage off and the building is scheduled to be torn down.
Customer reply replied 1 year ago
Or is the property mine and am I due all monies?

I'm sorry to hear that this happened.

Does the contract say anything at all about what would happen in this scenario? Or that insurance must be held by the seller for your benefit?

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Generally, when a property is destroyed by fire after a deal to sell it is made, the contract fails due to impossibility. Essentially - the seller cannot transfer to you a house that no longer exists. And when a contract fails, the parties are restored to the position they were in if the contract hadn't happened - they'd keep the insurance money, you'd get your payments back because you can't buy the house now. This default rule presupposes that you didn't do anything to cause the fire (and neither did your guests).

But the language of the contract CAN change things, if it's different.

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Customer reply replied 1 year ago
It reads the seller keeps the insurance in place and payable to the first party but am I due my payments back since she chooses not to rebuild to complete the contract?

If the house is completely destroyed and can't be repaired, yes. She can't keep all your payments and the insurance money and the land (which she could then sell), because then she's profiting at your expense off the fire. That's not legal or equitable.

If the house is fixable, she's in breach of contract. She needs to repair the property and proceed with the sale. You could sue her to make that happen.

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Customer reply replied 1 year ago
Are you in Shelby county if we need an attorney? If so can we contact your offices if needing an attorney? Do you recommend sending a letter to the seller and demand payment prior to securing an attorney?

We're unfortunately not allowed to represent customers.

It could help to send a demand letter on your own before hiring a lawyer. If you send it via certified mail, that tends to get their attention.

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Customer reply replied 1 year ago
Thank you!!!

You're welcome! Good luck.

Please rate my answer positively to ensure I get credit for the time I spend helping. If you are on a mobile device, you may need to scroll to the right. Thank you.

Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 32,268
Experience: JA Mentor
Verified
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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