I am buying a free and clear property with owner financing and getting the deed. I mailed the new deed to the seller to have them sign. In the meantime the roof caved in. We were all aware that the roof had issues but the seller minimized those issues and hid material defects. The acceptance on the contract is not notarized. The contract reads that full payment will be made 37 months after notarized acceptance but the monthly payment line doesn’t refer to notarized acceptance.
I don’t want the property. I sent a certified withdrawal letter. The new deed may not even be notarized yet. If it is and they’ve mailed it back to me, can I just not transfer and record the deed and walk? Can the seller make me pay even though I’m canceling before they have the contract notarized?
No, I didn’t sign the deed. I don’t remember there being a place for me to sign.
The contract says maintained until possession. Could that mean until I have the deed transfered. It makes a distinction about physical possession and is in a separate section spelling out keys, etc. The physical possesion section reads “upon notarized acceptance but no later than 6-14-08”. Could the contract be making a difference between possession and physical possession?
I can’t be made to transfer and record a deed can I? :deal
He can sue you for specific performance, but I don’t see how he could win given the information you provided. If you haven’t transferred funds, you could walk away or renegotiate the price.
I can’t imagine a seller signing a deed before he has your money in hand. If you want out of the deal, send the seller a certified letter with return receipt required. Tell the seller that since the property is no longer in substantially the same condition that it was in when you made your offer to purchase, that your offer is rescinded.
If you still want the property, tell the seller that you will be willing to purchase once the seller has replaced the roof, or that you will need a substantial repair credit as a condition of sale.
I gave the seller $100.00 consideration. I don’t want the property. I also sent a withdrawal letter return receipt before they notarized the new deed.
Thanks all. :cool