Q: I entered into a bad land contract deal and I need help- the title company signed the deed over amongst other things
I bought my house 2/2020 and put it up for sale 10/2020 not knowing this was not allowed as I have a RD loan- I used a Realtor and she wrote a bad land contract for the sale. The buyer does not pay as agreed and I want to do a forfeiture but don't trust myself to try alone and really don't have retainer fee funds. I also received a letter from my mortgage company calling the loan due due to illegal title transfer. I am of the understanding the title company had me sign over the deed when they should not have. I did try to ask the broker for help and he said "Sorry about your bad deal, but that realtor doesnt work here any more for shady practices" I am at such a loss and do not want to lose everything Ive worked hard for.
A: The real estate agent and their broker may be responsible for writing a legal document as non -attorneys. With regards to your land contract being called due, lenders and banks usually have provisions in their mortgage that call a note due upon the conveyance of title. The issue is whether or not, title was actually conveyed at the signing of the land contract. Finally, instead of doing this on your own, you should consult with a competent real estate attorney regularly who deals with land contracts and mortgage banks. See www.Provenresource.com for more details.
Kenneth V Zichi agrees with this answer
1 user found this answer helpful
Let me rephrase your question slightly and see if you don't spot the 'common thread' here and what you need to do to 'stop the cycle':
1) I bought land without having an attorney review the transaction.
2) I had a real estate agent who is NOT an attorney draft a legal document that was defective
3) I didn't have an attorney review my mortgage I got and discovered it contained provisions that prevented me from selling
4) The mortgage company had me sign over a deed but I didn't have that reviewed by an attorney either.
5) I think I don't have retainer funds to hire an attorney.
Mr Soble is being very kind, and I'm being a bit more blunt, but the bottom line is you cannot afford to NOT hire an attorney (in the county where the land is located). Your failure to hire one to date is the reason you're in this mess. Frankly, at this point that 'representation' may consist only of paying a small sum to review all the facts and documents and have someone licensed and experienced in Real Estate Law tell you where you stand and how much money you've lost so far because you didn't understand what you were doing and you didn't hire a licensed attorney to help. However, that knowledge is important and can save you a lot -- before you start to spin wheels and spend money to 'enforce' something that may not be enforceable.
Get that local legal help ASAP and don't add #6 (I tried to sue without an attorney) to the list above!
Anthony M. Avery agrees with this answer
1 user found this answer helpful
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