Q: Seller left shed; now it's being repossessed. What can buyer do?
We closed on a home in Texas about 3 weeks ago. A shop building (on a crushed gravel slab but not anchored) was negotiated in the sale, but was not mentioned in the purchase agreement. Two days ago, a repo agent called us saying the shed was rent-to-own and it's being repossessed. Our real estate agent and the seller's agent agree that it was part of the sale, but sellers are adamant it was personal property. What recourse do we have?
A:
The first thing you need to do is to check to see if the company for which the repo agent is repossessing the shop building filed a UCC-1 perfecting a security interest in the shop building.
The second thing you need to do is to contact the title insurance company for your buyer's policy of insurance (if you bought one). If not and you borrowed money, you should notify your lender and ask it to contact the title insurance company for its lender's policy of insurance (if it bought one).
The third thing you need to do is to hire an attorney in or near the county where you live. If the security interest was never perfected, you could file an application for TRO and TI to enjoin the repossession of the shop building. you might also need to sue the Seller and seek rescission of the transaction given how recently the sale occurred.
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