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Buying Home, Seller Wants Atty....

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dscurlock

Member
What is the name of your state (only U.S. law)? WA

I understand, buyer/seller wants to protect their interests; anyways,
seller will take $5k down, 8% interest for 2.6 years; however,
seller has lost his title, and search shows his taxes in default....

What is the best way to proceed? Through a typical sell, you would
use real estate agent, but this is not typical, more like I am the borrower,
and he is the lender; So we need an atty to hash out the contract,
make sure it has a clean title, etc, or what? and if so, can the atty, or
whomever still get this done since his title has been lost?

If we do not get this done by the end of the month, then
he will lose a sale, and I will be forced to renew my lease....

What are your suggestions?

Thank-You
 


FlyingRon

Senior Member
seller will take $5k down, 8% interest for 2.6 years; however,
seller has lost his title, and search shows his taxes in default....
What do you mean "lost his title?" Are we talking a mobile home? Real Estate doesn't have a physical title. It has a chain of ownership established by various deeds.
You're going to have to either require the seller to resolve the issue (resolve any title issues, pay off the tax arrears) at or before closing.
Are there any liens on the property (like his mortgage). Again, I would not take the property subject to any liens. You do know that if he just pockets your payments and doesn't remit them to the bank, you'll lose the property and be screwed.

Once the major issues are resolved, a title search and OWNER'S TITLE INSURANCE for you is essential. I wouldn't even take gifted property from my sainted aunt without title insurance.

Yes an attorney would be a very good idea. You can negotiate with the seller for some compensation on the charges to resolve the issues. You probably want the lawyer representing you. Unlike the goofy dichotomy in real estate agency, lawyers can't do "dual agency".
 

dscurlock

Member
What do you mean "lost his title?" Are we talking a mobile home? Real Estate doesn't have a physical title. It has a chain of ownership established by various deeds.
You're going to have to either require the seller to resolve the issue (resolve any title issues, pay off the tax arrears) at or before closing.
Are there any liens on the property (like his mortgage). Again, I would not take the property subject to any liens. You do know that if he just pockets your payments and doesn't remit them to the bank, you'll lose the property and be screwed.

Once the major issues are resolved, a title search and OWNER'S TITLE INSURANCE for you is essential. I wouldn't even take gifted property from my sainted aunt without title insurance.

Yes an attorney would be a very good idea. You can negotiate with the seller for some compensation on the charges to resolve the issues. You probably want the lawyer representing you. Unlike the goofy dichotomy in real estate agency, lawyers can't do "dual agency".
The seller is a moron it seems. He is badly not prepared to sell his home, and this may cost
him a buyer, which is me; the bad thing about this is that i saw him two months ago, made
him an offer, and he declined, and I told him then, where is your title? "i lost it" here we go
again, he still has made no process in ordering this title, and for someone that needs to
get out from paying park rent; he just does not seem motivated, and year+ on back taxes...

Even if this guy gets everyone on board right now, unless I am signing something
that is legal by monday, then I see all this falling apart...
 

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