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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?
7
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 6:59 am to meansonny
I’ve read my contract, but legal language can be confusing to a common man. Yes, I have a real estate agent, but he isn’t a lawyer.
Does anyone have a recommendation of a New Orleans real estate attorney?
Does anyone have a recommendation of a New Orleans real estate attorney?
Posted on 8/21/20 at 7:02 am to OldHickory
quote:
Yes, I have a real estate agent, but he isn’t a lawyer.
The buying agent usually creates the contract. You don't need to be a lawyer to be an expert on the legal document of your choice.
Have you asked your Realtor?
Posted on 8/21/20 at 7:05 am to meansonny
I’ve mentioned that I’m fed up. I haven’t been point blank. Should I?
Posted on 8/21/20 at 7:07 am to meansonny
Also, should I contact independent counsel before talking to my agent?
Posted on 8/21/20 at 7:39 am to OldHickory
quote:
Also, should I contact independent counsel before talking to my agent?
No one should ever tell you not to speak with an attorney, but if it were me I would start with asking my agent
Considering all of the hurdles we are having to go through with the title, what are my options to walk away from this deal? And based on how the agent responds, I would consider if I need to get an attorney involved.
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 7:53 am to blueboxer1119
You folks are a great help. Thank you.
Posted on 8/21/20 at 9:42 am to OldHickory
It sounds like there is hesitancy with your Realtor.
Either it is a family friend, dual representation with the seller, or you dont trust the reactor's competency (referral from a family friend).
If the seller cant meet the time demands on the contract, you usually are in the clear to terminate the contract and get your escrow back. But again, all of that goes into the language of the contract itself.
Is the cost of independent council worth the amount of money that you have tied up as earnest money?
Either it is a family friend, dual representation with the seller, or you dont trust the reactor's competency (referral from a family friend).
If the seller cant meet the time demands on the contract, you usually are in the clear to terminate the contract and get your escrow back. But again, all of that goes into the language of the contract itself.
Is the cost of independent council worth the amount of money that you have tied up as earnest money?
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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