Roof Caved In

[spleano 0]

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?

 

I can't afford a new roof.

 

Thanks in advance

Dean

Agentx

[MichaelC 160]

Dean, I'll tell you what you already know and probably have already been told: call an attorney and run this by him/her. It sure sounds like you have an easy out, but this isn't the time to be treading lightly with the seller.

[Jason (AL) 1]

If the deed hasn't been notarized, and more importantly....recorded, then

the property is still the seller's.

And so is this new roof "issue"

[Babsie 0]

If the deed hasn't been notarized, and more importantly....recorded, then

the property is still the seller's.

And so is this new roof "issue"

 

 

A lawyer at this stage is imperative, I would say.

[Jason (AL) 1]

A lawyer at this stage is imperative, I would say.

 

I agree.

[-Tony- 0]

I say negotiate a new price I don't know how bad the extent of damage is but trusses are not to expensive......if it cost 12k to reroof, insulate and sheet rock ask for 25k and gut it

[Jonathan RexfordFL 8]

Ownership does not mean a deed instrument needs to be notarized. The only reason its notarized is for Recording purposes. Acceptance is what is ownership. I would concur with getting a lawyer or go back and rework the numbers. I would never throw back a free and clear property....too many possibilities.

 

Are you paying any interest on this property......man if not go back and stretch the terms and knock off the repairs unless you just don't want it.

[spleano 0]

Are you paying any interest on this property......man if not go back and stretch the terms and knock off the repairs unless you just don't want it.

I just don't want it. The property is water damaged. I buy nice houses. That's my mantra. I've already done my years in the real estate trenches. I'm not discounting the need for a lawyer or the fact that anyone can sue you for anyhting but, does anyone know of anyone that's been ordered to accept a deed or make payments on a purchase agreement that was withdrawn before actual possession or acceptance? I still haven't received the new signed and notarized deed. Will the case even make sense to the plaintiff's attorney? You can make someone sell but, can you make someone buy before the new deed is notarized, received (by the buyer) or recorded? What do you think?

[Jonathan RexfordFL 8]

Specific Performance.....I have seen it done and it cost money to sue. More than likely, I would call the seller and say hey we are not taking the house. We need to meet and get this taken care of and get a mutual release done for the both of you.

 

I have deeded back sub2 houses before. It is not the end of the world. I had one guy say he was going to sue and I laughed. I made up his back payments. Made payments on an empty house for 18 months. Put 10K in rehab and gave it back. I had told him in an email lets tell the judge that. So we met and he accpted the deed and recorded it.

 

In your situation I would just, call them up and say hey we are gone and get some paperwork signed.

[spleano 0]

In your situation I would just, call them up and say hey we are gone and get some paperwork signed.

Thanks all. I appreciate your help.