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Owner financed

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teresa_0803

Guest
What is the name of your state? al
my husband and I recently purchased a house under the owner as the financer. when we signed the buyers contract and agreed to terms of down payment,monthly mortgage pymts and we paid closing cost. we then found out the owner had previously did the same thing a couple of years ago and the deed was never put back in his name after he foreclosed. so we purchased the house but our name isnt on the deed nor is the owners, my question is this legal? or can this be considered fraud on the owners part? I need to know if we are putting money into a house that really isnt ours?
thank you for any help available to set my mind at ease or do I need to get legal help?
 


HomeGuru

Senior Member
teresa_0803 said:
What is the name of your state? al
my husband and I recently purchased a house under the owner as the financer. when we signed the buyers contract and agreed to terms of down payment,monthly mortgage pymts and we paid closing cost. we then found out the owner had previously did the same thing a couple of years ago and the deed was never put back in his name after he foreclosed. so we purchased the house but our name isnt on the deed nor is the owners, my question is this legal? or can this be considered fraud on the owners part? I need to know if we are putting money into a house that really isnt ours?
thank you for any help available to set my mind at ease or do I need to get legal help?

**A: hire the attorney that you should have hired before signing the contract.
 
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teresa_0803

Guest
HomeGuru,
we were in an attorney's office to sign the paperwork and we were told this was a technicality that can be solved. But this was the owners lawyer.
 

HomeGuru

Senior Member
teresa_0803 said:
HomeGuru,
we were in an attorney's office to sign the paperwork and we were told this was a technicality that can be solved. But this was the owners lawyer.
**A: hahaha........sorry, I just couldn't help it.
 
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teresa_0803

Guest
your cute HomeGuru! are you trying to set me at ease or torment me more. :)
 

HomeGuru

Senior Member
Did you really and truly think that the lawyer for the owner was going to represent you and your best interests? And that you really did not need to hire your own lawyer?
 
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teresa_0803

Guest
Ok. Fair enough. But with it all being said and done, the question is basically this: Did the seller (or has the seller) committed an illegal act by selling a piece of property that was not clear to be sold (with the previous owner not signing a quit claim). Also, it has been aprroximately 4 months since the contract was signed by us and the seller, however, the deed still is not registered in our name. So what is the deal??? Do we have a case that should go to court.....as the deed at this time is clouded...... thanks
 

HomeGuru

Senior Member
I have a feeling that you do not have the exact transaction straight.
Post the exact title of your contract as it appears on the top of the front page.
There are basically 2 main ways that an owner can sell the property via owner financing;
1. installment contract- where there is no deed transfer.
2. purchase money mortgage- where there is a deed transfer.
 
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teresa_0803

Guest
Post the exact title of your contract as it appears on the top of the front page.
Bond For Title
 

HomeGuru

Senior Member
teresa_0803 said:
Post the exact title of your contract as it appears on the top of the front page.
Bond For Title
**A: what is the title of your contract? The one that should have been recorded?
 
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teresa_0803

Guest
As I re-read this contract I see the only part that states if we fail to follow the agreement that we peaceful agree to sign a quitclaim deed over to the sellers. The only title is Bond For Title with a settlement statement attached
 

HomeGuru

Senior Member
teresa_0803 said:
As I re-read this contract I see the only part that states if we fail to follow the agreement that we peaceful agree to sign a quitclaim deed over to the sellers. The only title is Bond For Title with a settlement statement attached
**A: ok, I see we are going to go around in circles and I have motion sickness.
Take all your papers to a real estate attorney like yesterday.
 

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