Posted by Lenny on December 26, 1998 at 09:07:39:
“I did title search and all was clear at time
of recording (so it seemed)…)”
Recording of what? You said you had a contract. If you did a title search at the time you recorded, then you
would have found the affidavit. I’m not clear on your
chain of events here.
""“At the court house, there was no record of affidavit because of the lapse from when someone hands over doc to be recorded.”""
1/3rd down–to whom? Apparently not an escrow company or a title company–someone please comment on this!!
""“1/3 to seller.”""
“I wrote in contingency
clause that if title was not perfectly clear then my balance owed would not
be owed until title was cleared”
…Doesn’t that tie you up?–it doesn’t get you your 1/3 down back–it keeps that money in the deal ( if in fact there is one) indefinitely, or at least you are not in control of the time frame. Sounds like you didn’t want out of the deal or that the phrase
"until the title is cleared" is designed to keep you in.
""“I was buying house at 50% or below FMV…of course I didnot want out of the transaction. I have the deed”""
Is this something that has some advantage? I’m not familiar with it. I’m just asking others to comment.
What advantage would there be for you?
I’m just trying to learn here. My thoughts are that one would have benefittted from a title company doing
the title search and from title insurance.
""“No time for title company. This seller needed cash NOW. I met her at the court house to hammer out terms,write them up, hand her the cashiers check (I brought lump of cash and various denominations of cashiers checks), get the deed and record it.”""
“”“Does’nt the fact that I have the deed put me in control?..the seller is the one who broke the contract with the other buyer. I do not have a clean title, but I have a house worth 70k for 10k that will bring in 800 month rent. I think (hope) that the seller has the problem.”"