Posted by John Merchant on June 19, 2009 at 22:26:14:
An abstracted (recorded) court judgment has a lien order just as would a mortgage or deed of trust, and if it post-dated your recorded (was it recorded?) REC with your buyer, then those Js are inferior to your buyers’ rights.
I’m thinking you’ll have to formally, as per your state law, do a “contract forfeiture” and take a court Judgment to take title to that RE unencumbered by those subsequent liens on that property.
While it might be possible for you to get a Deed in Lieu of Forfeiture, I’d suggest you go talk to a local title officer and get his/her advice of how it’d be best for you to regain title so as to keep that property UNencumbered.
In many states it’s a simple matter, following the form that’s set out in its statutes to do a REC Forfeiture and no lawyer is necessary, therefore not prohibitively expensive.
What state’s the RE in?