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Answers (1)
- Jon White, "JonnyOrlando"
- Contributions:163
In a Short-Sale situation, the contract between Buyer and Seller is subject to the review and approval of the 3rd Party (Lender(s)). While the title issues may create problems to convey the property, it is not typically an issue the Seller uses to Cancel the contract (and certainly not an issue used to retain the earnest money deposit).
The real questions are what is in the contract as conditions for a clear or not-clear title? Who is paying for the Title Insurance to convey that title? Can the "cloud" on the title be cleared in some way?
The Title Insurance company can typically answer these questions as they will be the ones issuing the insurance to the new owner and will have reviewed the Buy/Sell contract from their perspective to do so.
These are all typical reasons to have a real estate professional represent you when negotiating/ writing the terms of the Buy/Sell Contract. If not a REALTOR, then a good real estate attorney. In the long run, nothing is cheaper than the good advice from a paid professional.
The real questions are what is in the contract as conditions for a clear or not-clear title? Who is paying for the Title Insurance to convey that title? Can the "cloud" on the title be cleared in some way?
The Title Insurance company can typically answer these questions as they will be the ones issuing the insurance to the new owner and will have reviewed the Buy/Sell contract from their perspective to do so.
These are all typical reasons to have a real estate professional represent you when negotiating/ writing the terms of the Buy/Sell Contract. If not a REALTOR, then a good real estate attorney. In the long run, nothing is cheaper than the good advice from a paid professional.
if buying a shortsale ,can the seller cancel the contract if the title is not clear after receiving
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