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Real Estate: What are my legal obligations if there are title issues?
Posted on 8/21/20 at 2:16 am
Posted on 8/21/20 at 2:16 am
Louisiana. Long story short: signed contract on a house. Multiple title issues keep coming up, which keep pushing back inspection period and closing. What are my rights as a buyer to back out?
Posted on 8/21/20 at 5:53 am to OldHickory
Ask your attorney. Depends on the real estate contract you signed, the timelines, and the specific title issues and whether they can be remedied
Posted on 8/21/20 at 6:08 am to OldHickory
Nothing in the disclosure to help you void it?
Posted on 8/21/20 at 6:42 am to OldHickory
You sign a contract for a closing, if you miss the date you should be signing extensions As others have stated, it depends on what you signed in the beginning.
Posted on 8/21/20 at 6:54 am to OldHickory
Read your contract.
I assume no Realtor since the money board is receiving your question?
I assume no Realtor since the money board is receiving your question?
Posted on 8/21/20 at 7:41 am to OldHickory
Buyers can walk pretty much whenever they want. Tell your lender to send you a letter of disqualification. They do it all the time. Additionally, dont sign another extension (assuming you have). Just let contract expire.
Me personally, I'd use this as an opportunity to parlay it into $.
They're invested by having the house off the market. Make it worth your while. Ask for something (or go big during inspection requests).
Im a house flipper fwiw. I have a minimum of 10 or 12 contacts per year that the buyer just walks. Can be for no reason at all.
There is very little protection for sellers. Lots of protection for buyers.
You can walk whenever you'd like.
Me personally, I'd use this as an opportunity to parlay it into $.
They're invested by having the house off the market. Make it worth your while. Ask for something (or go big during inspection requests).
Im a house flipper fwiw. I have a minimum of 10 or 12 contacts per year that the buyer just walks. Can be for no reason at all.
There is very little protection for sellers. Lots of protection for buyers.
You can walk whenever you'd like.
Posted on 8/21/20 at 10:38 am to OldHickory
Most purchase agreements have a clause granting a time period for curing any title defects, often 45 days. If the title cannot be transferred free and clear, you can get out of the contract with no problem. Make sure you get title insurance.
Posted on 8/21/20 at 11:42 am to OldHickory
Does the seller have title insurance? If so, have they made a claim? Depending on the defect(s), the title insurance company may agree to insure over the defects to allow the sale to go through, meaning that they wont take exception to the defect in the policy and should it ever become an issue, you make a claim and theyll fix it.
As to getting out of the sale, I agree with whoever said to just let the contract expire.
As to getting out of the sale, I agree with whoever said to just let the contract expire.
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