Profile picture for Katmandu2

Are we Legally Bound in this Offer ? If so, for How Long ??

My wife and I put an Offer on a Property that was readily Accepted by the Seller.

During the ensuing Title Search an unexpected Lien (by the Owner) was found attached to the Property. There is a Legal dispute now as to whose lien it is (previous owners ?)

 It's quite complicated to explain how the lien MAY have been attached and how the Property switched (apparently) hands. There was a Land Contract and Bankruptcy involved.

 So as Buyer's, are my wife and I bound to this deal since a Fault was found with the Title ?

 Our Realtor refuses to give us a straight forward answer. We have some very serious questions (lately) as to her Ethics/Morals and Professional (lack there of) Conduct.

 We really want done with her and don't want tied up waiting for a lengthy Legal process to obtain this particular property.

 If possible, we just want to move on and find another property to buy.
  • September 24 2010 - US
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Answers (8)

Before spending money to hire an attorney, I would pick up the phone and call your agents broker. She/he will get you a copy of your purchase agreement if you do not already have one and then most likely resolve the situation (free of charge) sometimes you need only ask. Good luck to you and indeed keep us posted.
  • September 24 2010
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Not sure how your contract reads..
 In Colorado we have a title objection deadline.  If written notice to terminate due to a cloudy title is given by that date, the buyer  does not have to go through with the sale.
If the title deadline has passed... do you have an inspection deadline?
You can still get out of the contract using that.
You real estate agent should help you with this.  If not consider going
 to her managing broker in the office with documented grievances and see if the broker will help you. 
Have you signed a buyers agreement to work with this agent?  If not, seek the advice of another agent.  
I believe in starting at the bottom with complaints but if all else fails, you might tell your agent, and her broker that you are filing a grievance with the real estate commission.
Good luck
  • September 24 2010
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Consult an attorney. Only advice you need is from someone with full knowledge of the contract and the ability to give legal advice.
  • September 24 2010
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You may have a very good leg to stand on as far as your contract is concerned, but you will have to look at your contract very carefully then may have to contact an attorney for further advice. If you have an inspection period and you have not exceeded the time limit, you may be able to address that issue at that time. There again, consult your attorney if you are not clear or if your agent won't assist you. You may want to talk to your agent's broker concerning her inability to guide you.

  • September 24 2010
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Most contracts have a remedy for clouds on a title and the seller typically has 30 days (once NOTICE is given to seller) to cure it or the buyer can give the seller an extension for more time to fix or the buyer can be released from further obligations.

Read you contract and if you do not understand it, consult with an attorney...skip any advice from your real estate agent.

Erika in Orlando
  • September 24 2010
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Profile picture for broker_GRI
Katmandu2,
Your agent does not seem to be giving guidance and legal action may be required on your part. Get all of your paperwork together and start making calls.


Wouldn't it just be awful for you to be the one who gets burned out of this?

Please let us know how it turns out. Inquiring minds and all ;-)
  • September 24 2010
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Profile picture for Katmandu2
 Yea, she's gone as soon as it's feasible.

 I would think the deal would be broken if the Seller can't provide a clear title.   ??
  • September 24 2010
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Profile picture for broker_GRI
Katmandu2,
You must speak with a real estate attorney...the sooner the better and right now would be best.

It also may be time to reconsider the relationship with your current agent, it doesn't seem to be good..and it should be.

Much luck to you,
Tanya
  • September 24 2010
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