Assigning Contracts
Hello everybody,
I was in the process of closing on a home today that I assigned today to another individual. What comes to what she finds out through the title company that i assigned it to someone else and flips out. She owns her own mortgage company and she is telling me that assigning contracts in Ohio is illegal. Is there anyone from ohio that could answer this for me.
Is it illegal to assign a contract to someone else in Ohio?
Thanks [ Edited by wilhite32 on Date 03/14/2005 ]
thanks
davepanic,
Glad to meet you.
FHA regulations say the seller must own the property for at least 90 days or they will not fund the loan. NO EXCEPTIONS.
John $Cash$ Locke
[addsig]
by ownership that means title or when they took the property back from borrower?
davepanic,
The date the deed was recorded in the banks name, the bank became the owner. The 90 day clock starts ticking from this date.
John $Cash$ Locke
[addsig]
what the difference between deed and title?
davepanic,
Title:
The evidence of legal right to property.
Deed:
A deed or document that is evidence of somebody’s legal right to property.
In Real Estate you record a Deed, which gives you title to the property.
John $Cash$ Locke
[addsig]