Posted by Peter on August 26, 2006 at 16:05:50:
Thank you for your response. The Buyer received and signed a certified letter of the cancellation notice from Seller regarding the breach, but continued to move forward anyway. The title company received a copy as well but refuses to cooperate. And also even after the sale of property, the HUD-1 statement has errors but title company refuses to correct.
Is It A Valid Contract? - Posted by Peter
Posted by Peter on August 25, 2006 at 20:48:05:
Would anyone know if it’s a valid and complete contract if…the Installment Land Contract requires the Warranty Deed placed in escrow by Seller with title co. and Quit Claim Deed placed in escrow by buyer with title co., along with the agreed upon and signed Escrow Agreement by Seller and Buyer. The Buyer takes the original Warranty Deed without permission of Seller and the required docs are not placed in escrow with the title co. as required by the ILC and the Escrow Agreement. Thanks in advance.
Re: Is It A Valid Contract? - Posted by BTI
Posted by BTI on August 26, 2006 at 13:28:58:
Peter
Tell the title company to get the deed back now and the other docs that should be in escrow, they screwed up royally. Make sure that quit claim deed is still there, you may need it if the buyer records the warranty deed.
Doesn’t matter if its a valid contract at this point, even if it is the buyer has breached it and if he doesn’t comply I would expect the title company to fund and handle any legal action to get things back to normal.
As a matter of fact I would cancel this contract due to his breach because it sounds like someone I wouldn’t want to do business with. A future headache as well as a current one.
BTI