HELP PLEASE??????????

Asked by Wtxcowgirl, Texas Sun Apr 26, 2009

We the buyer have turned a contract to purchase a home that is deeded to be 6 lots. In the title search process it was found that 2 of the lots were not included in the purchase to the Seller when they purchased the property. Now they are trying to find the original seller to get those lots signed off, but at this time have failed to do so. Us the buyers have decided to look for other property What rights do we have to cancel to this Contract which is supposed to close on or before June 26th?
We put up earnest money also and what rights do we have to that?
What can the Seller do to us for cancelling the contract?

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3
Margaret T.…, Agent, Conroe, TX
Mon Apr 27, 2009
wtxcowgirl,
I answered elsewhere about this. The sellers still have time to correct this.
And I have had Sellers correct such problems by closing. You mayask to be released and see what they do.
They do not have to release you from th contract.
Margaret
0 votes
Jerry Hunter…, Agent, Austin, TX
Sun Apr 26, 2009
First, Read your contract, there should be a clause about problems with the Title. The seller may be able to sue you, but usually that doesn't happen. Have you told the seller you want out? & why? They should understand & the Title company will have a form for buyer & seller to sign for you to get your earnest money back.
0 votes
The Arnold G…, Agent, Ellisville, MO
Sun Apr 26, 2009
Are you working with an agent? That agent will be a great resource for you. If not, try to talk to the title company that is assisting with the closing. Be sure to refer to your copy of the contract to see what protection there is for you regarding clear title on the title search and what recourse you have if there is a cloud on the title to the property you are purchasing.


Linda Graves Arnold, ABR, CRS, GRI
Coldwell Banker Gundaker
St. Louis, MO
0 votes
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