What is the name of your state (only U.S. law)? NM/Nevada
A man who I knew casually, offered to sell me a piece of land. I went to the courthouse to check on liens and it showed that he owed 40K on a seller financed note and nothing else. I went to the bank and borrowed the money and we were going to close this week, the abstract office and the bank have already done what they do, formal lien searches and such.
So, last Wednesday the bank asked for a formal seller's agreement and I got that in motion and found out that the guy who has been doing the deal isn't the formal owner. His brother bought the property and they had an informal agreement because he made all the payments.
It gets worse, the brother does want to sell it to me but...the brother just filed bankruptcy. I know that the check will be written to the legal owner and the guy has said that brother's lawyer says he can sell the property but do you suppose he can?
Will the abstract catch this? I can see a lawyer tomorrow but I'm worried. I have to take my wife shopping so I won't be back until later but thanks if you can give me any insight.
A man who I knew casually, offered to sell me a piece of land. I went to the courthouse to check on liens and it showed that he owed 40K on a seller financed note and nothing else. I went to the bank and borrowed the money and we were going to close this week, the abstract office and the bank have already done what they do, formal lien searches and such.
So, last Wednesday the bank asked for a formal seller's agreement and I got that in motion and found out that the guy who has been doing the deal isn't the formal owner. His brother bought the property and they had an informal agreement because he made all the payments.
It gets worse, the brother does want to sell it to me but...the brother just filed bankruptcy. I know that the check will be written to the legal owner and the guy has said that brother's lawyer says he can sell the property but do you suppose he can?
Will the abstract catch this? I can see a lawyer tomorrow but I'm worried. I have to take my wife shopping so I won't be back until later but thanks if you can give me any insight.
