Hi Guys,
Myself and the seller signed a contract to purchase a property here in Palm Beach on November 15, 2008 to close on this December 10. But I have recently found out that this seller did a quit claim deed handing the property over to his corporation on November 21, 2008. Which makes the initial contract invalid. Not only is the contract invalid but I am not able to get a FHA loan or any loan for that matter approved for this property since it is < than 90 days the deed of the property has been transferred.
So to my questions are Is this legal for the seller to do after a signed contract is in place? and Is there any other way this transaction can be completed in < 90 days besides paying cash for this property?
Thank you any help would be greatly appreciated.
Myself and the seller signed a contract to purchase a property here in Palm Beach on November 15, 2008 to close on this December 10. But I have recently found out that this seller did a quit claim deed handing the property over to his corporation on November 21, 2008. Which makes the initial contract invalid. Not only is the contract invalid but I am not able to get a FHA loan or any loan for that matter approved for this property since it is < than 90 days the deed of the property has been transferred.
So to my questions are Is this legal for the seller to do after a signed contract is in place? and Is there any other way this transaction can be completed in < 90 days besides paying cash for this property?
Thank you any help would be greatly appreciated.