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I have NJ real estate related questions. I already did. NJ.

Customer Question
I have NJ real...

I have NJ real estate related questions

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

I already did. NJ

Lawyer's Assistant: Has any paperwork been filed?

It’s a real estate transaction. There’s no “filing” of paperwork

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

It would be easier to relate directly

Submitted: 4 months ago.Category: Real Estate Law
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Customer reply replied 4 months ago
On Nov 28 2017 I signed a purchase agreement for a residential property in Mullica Hill, New Jersey. As all of the processes have the gun toward closing, the initial title report came back that the seller, a divorced woman, had not yet had the deed from her marriage completed and filed. That occurred today. My questions are as follows:
1. Am I correct in assuming that we do not have a valid contract since she was not the sole owner what it was signed?
2. The listing realtor and my buyers realtor work in the same office and it is clear they were both aware of the situation and did not disclose it. Do they have inherent liability? Would their listing agreement with the seller be valid?
3. What liabilities exist on the part of the seller and executing an agreement they did not have a legal capacity to enter into?
4. The listing and buyers agent both knew that the house (which we contracted for $615k) was purchased for $400k at a sheriffs sale by the sellers 5 years ago and not 10 years ago at the last (regular sale) transaction price of $575k. Does this create a liability and/or leverage?Thank you,Bill Stueber
Answered in 44 minutes by:
12/11/2017
Real Estate Lawyer: Barrister, Lawyer replied 4 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 41,045
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

1. Am I correct in assuming that we do not have a valid contract since she was not the sole owner what it was signed?
.

No. You have a valid contract. She just has to be able to provide clear title to the property by the closing date.

.

2. The listing realtor and my buyers realtor work in the same office and it is clear they were both aware of the situation and did not disclose it. Do they have inherent liability? Would their listing agreement with the seller be valid?

.

It doesn't matter if she doesn't have clear title right now... only that she has it to convey to you at closing.. I can sell you a house I don't own right now... I just have to make sure that I can convey title to you as of the established closing date..

.

3. What liabilities exist on the part of the seller and executing an agreement they did not have a legal capacity to enter into?
.

None, as long as they can convey clear title to you at closing then they wouldn't be in breach of the contract.

.

4. The listing and buyers agent both knew that the house (which we contracted for $615k) was purchased for $400k at a sheriffs sale by the sellers 5 years ago and not 10 years ago at the last (regular sale) transaction price of $575k. Does this create a liability and/or leverage?
.

No, not as long as they can provide whatever type of deed you bargained for... hopefully a General Warranty deed that would mean that they guarantee that they have a clear title at closing and can be held liable for any costs of defending later on if something comes up.

.

You might also want to request an "owner's title insurance policy" from the seller... or purchase one yourself, to protect yourself from any possible title problems down the road if the seller disappears and something comes up..

.

As an aside, I used to be a closing attorney for 4 different lenders..

.

.

thanks

Barrister

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Barrister
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Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 41,045
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Experience: 17 years real estate, Realtor. Landlord 26 years

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