Land Contract With No Title?
I looked and couldnt find another post relating to this so hope its not a do over but will make it short, also I live in Michigan.
Last year I purchased a mobile home that has been build around, meaning it surrounded by a free standing trussed roof and such so its totally inclosed. I purchased it on a land contract and now I am looking to sell it and I am being told that I need a title to do so and I know for a fact that the previous owners paid cash for it and never recieved a title for the land/house but yet I recieved title insurance on the property??
So my questions are this:
1: Since they sold me the property with prior knowledge of it not having a title or not having a title period is the contract voidable or null in the first place.
2: Should I have been able to get title insurance on something that does not have a title at that time?
"You know for a fact that the sellers didn't receive title"...I take it you didn't know this when you bought it on the REC, and only learned of it later.
But if the title insurance policy says it DID belong to the seller, then the title insurance co. is the one to clear this up...and if the title insurance didn't say this when you bought, then you shouldn't have bought it.
Do YOU want to void the REC? If so you might have grounds; but if you want to enforce it, and the title insurance co. won't work to enforce the insurance policy, you'll need to talk to a lawyer to get some legal representation.
Thanks for your reply and....
Yes I learned of it AFTER I bought the property. I was trying to sell the property and my agent brought up the fact that I needed one and starting looking into it and found out no title was present or in the paperwork at the time. Then the previous owners mailed me a copy of the note from their closing saying there was NO title at that closing nor will there be one in the future, so take it there was never a title. I then learned tonight that they paid cash for it in 1996 and why there was no title then.
Yes I am trying to find away if possible to get out of it and thinking that might be my way out but not sure and why I wanted to ask if it was even possible or if I was out of my mind........lol[ Edited by Mgoodyke on Date 12/11/2004 ]
in my state, and I'm not sure of the real terms here, the title would have been 'retired' at some point. again, I'm not exactly sure, but at some point someone must fill out paperwork for the DMV stating there are no wheels or axels and it's permanently affixed to the land. if you know your VIN number, maybe you can trace it back through the state.
This topic has come up many times. One of the better discussions is here:
http://www.thecreativeinvestor.com/modules.php?op=modload&name=Forum&file=viewtopic&topic=32652&forum=18
Although I don't empathize with your desire to just "walk" and dump the deal you knowingly did, if the seller committed fraud, you might have that right.
BUT, if all you want to do is sell your "position" you should be able to do so, with or w/o any title...this is done a lot in RE, and it's just a matter of selling & assigning whatever your legal position actually is.
Lots of properties (and property rights) are sold between the time the original Purchase & Sale Agreement is signed and the title is passed by deed...all the seller has to do is just openly disclose whatever his position actually is, and if he doesn't have title, just say so...and set out exactly what his rights are.