Seller Does NOT Own Property

[magmole]

What is the name of your state? Connecticut
I have decided to start a new thread because of a twist in our situation. We met with a lawyer regarding the legal obligations of a sales contract we have on a foreclosed property. The language in the contract is fishy and is left open to interpretation as to whether or not it is a legally binding contract. So, the lawyer suggested we contact the bank directly to appeal to their humanity and reason. When we called the bank, they were very sympathetic and really wanted to make right with us except that when we gave the property's address they said that they did not own it. After some more research, we found out that their parent company owns the property. Can anyone tell me if this is common for corporations to shuffle around properties or does the entity that owns it need to be named as the seller? Are we looking at a whole new set of legal issues? Any comments are appreciated.

[HomeGuru]

Originally Posted by magmole

What is the name of your state? Connecticut
I have decided to start a new thread because of a twist in our situation. We met with a lawyer regarding the legal obligations of a sales contract we have on a foreclosed property. The language in the contract is fishy and is left open to interpretation as to whether or not it is a legally binding contract. So, the lawyer suggested we contact the bank directly to appeal to their humanity and reason. When we called the bank, they were very sympathetic and really wanted to make right with us except that when we gave the property's address they said that they did not own it. After some more research, we found out that their parent company owns the property. Can anyone tell me if this is common for corporations to shuffle around properties or does the entity that owns it need to be named as the seller? Are we looking at a whole new set of legal issues? Any comments are appreciated.

**A: is is common but more common as Buyer entities.

[BradleyS]

check the county deed office**************..they can get you the owner's info.

If it is owned by a parent corporation of the owner, you may have to do further research**************..

[HomeGuru]

[quote=BradleyS]check the county deed office**************..they can get you the owner's info.

If it is owned by a parent corporation of the owner, you may have to do further research**************..[/QUOTE


**A: read the post again.

[magmole]

Found out who owns the property, they had no idea what the asset company has been up to in terms of contracting or having identified the wrong entity as the seller. The situation keeps getting messier. While I love this house, I also need to get on with my life. Whatever the case, we are promised a resolution today.

[HomeGuru]

Originally Posted by magmole

Found out who owns the property, they had no idea what the asset company has been up to in terms of contracting or having identified the wrong entity as the seller. The situation keeps getting messier. While I love this house, I also need to get on with my life. Whatever the case, we are promised a resolution today.

**A: and I hope the resolution comes from the real Seller.

[magmole]

If the contract listed the seller as an entity that does not own the property, is this a fraudulent contract? Do I have a case for breach of covenant?