commercial quit claim ????

What is the name of your state? Ohio

ok, here's the situation. a business partner and I found another local business owner looking to sell a comercial structure. so me and my partner offered x amount of dollars for the building. the seller accepted the offer and signed a quit claim deed over to us. we in return cut her a check for the building. this was one month ago now and we have since done some minor improvements to the dwelling while she still ocuppied it. (we agreed to let the former owner remain in the builing - while paying rent untill her new building was finished being constructed) the problem is this- the former owner/tennant has not cashed the check, yet the deed has been filed into our name. also she has recently shared with concerns about her new building not being done in time, so my partner and i have done further investigating and found they have yet to even pull permits for her "new building". so my question is this can she just rip up the check, are we obligated to quit claim it back to her? any help would be greatley appreciated.

thanks in advance, mark

[HomeGuru]

Originally posted by mkpj18
What is the name of your state? Ohio

ok, here's the situation. a business partner and I found another local business owner looking to sell a comercial structure. so me and my partner offered x amount of dollars for the building. the seller accepted the offer and signed a quit claim deed over to us. we in return cut her a check for the building. this was one month ago now and we have since done some minor improvements to the dwelling while she still ocuppied it. (we agreed to let the former owner remain in the builing - while paying rent untill her new building was finished being constructed) the problem is this- the former owner/tennant has not cashed the check, yet the deed has been filed into our name. also she has recently shared with concerns about her new building not being done in time, so my partner and i have done further investigating and found they have yet to even pull permits for her "new building". so my question is this can she just rip up the check, are we obligated to quit claim it back to her? any help would be greatley appreciated.

thanks in advance, mark

**A: and not one of the three of you consulted with an attorney or real estate agent prior to the purchase?