Grant Deed
I must tell what recently happened to me. If you guys have any solutions, please let me know. I'll try to keep it short.
I was buying a home for myself. It appraised for $425k, I got it for $390k. The seller was having a home built, but the contractors on his new home was delayed in finishing the project so the seller wasn't movtivated to move anymore. The seller's agent sent over an addendum one day before closing asking for a extension on the seller's move out date. I refused. I did not sign the addendum. My agent and I were sure of this, but we believe that the seller's agent advised the seller to not sign the deed until he was ready. In turn, that gave the seller enough time to stall on moving out; in addition, I couldn't charge the seller a per diem for living in the property because technically, I don't own the property until the deed is signed and recorded. I ended up signing an addendum giving him his extra time, and I had to agree not to charge him rent. I was forced into this because my loan lock rate was due to expire.
I personally think this is a huge loophole in the system. Is this really legal? If so, how did or would you guys handle it? I wonder if this has happened to anyone else out there. Thanks for any feedback. <IMG SRC="images/forum/smilies/icon_frown.gif">
[ Edited by Cheri562 on Date 03/04/2004 ][ Edited by Cheri562 on Date 03/04/2004 ]
I would sue the seller and agent for " Specific Performance " under the law. You would win your case and or get a settlement out of court. You still have time to do this.
Quote:
On 2004-03-04 11:07, jws777 wrote:
I would sue the seller and agent for " Specific Performance " under the law. You would win your case and or get a settlement out of court. You still have time to do this.
Thanks for your response! Can you tell me where I can find more information on "specific performance"? Would my real estate agent know what you're talking about? My agents plans to report the seller's agent to DRE.