Asked by Mike, 19141 • Thu Aug 26, 2010
I'm a first time home buyer and I don't know what to do. The seller is waiting on me to come up with the rest of the money before he close on his contract on the same house with the original owners, then do a double closing at once with me so that his name don't show up on the sale. Basically it would look like I got the home from the original owners. They don't want to give me the disclosure statement. It smells bad to me. I gave him 10,000 cash up front (I have a hand written receipt), and signed his home made contract at his remax agents office. His agent signed the contract as a witness (the agent is helping him buy the home so he can flip it). I asked him to give my 10,000 to the title company; he said no "theirs no need to do that". The title company has another 17,500 of mine; the title company was referred by him. It's only been five days since I signed. How do I determine if the contract is legally binding with a "seller" that does not legally own the property in question?
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