At least get something recorded to keep these people, upset as they may be, from sneaking around you and selling to somebody else.
A simple notice of interest doc., just setting forth that you own an interest now, with your name & address, should do the trick. The local recorder can tell you in a flash if this is recordable there, under your state law. Only state I know where it is NOT, is CA & there, one has to be a bit more creative. If your deal is in CA, email me and I’ll tell you how I skirted their very restrictive recording laws.
I’ve signed a contract to purchase a property from an older couple that was dated 6/15/03.The seller advertised this property in the newspaper FSBO at a very attractive price,which I was willing to pay.They didn’t do their homework and now realize they let their property go too cheap($60,000 below recent appraisal).The man suffered a mild stroke recently and has regained almost all of his strength.They told me that it would be awhile before we can close,which I was more than willing to accept given the situation.The lady was in tears and the last thing I wanted to do was create any additional stress in her life while going through this situation.We didn’t set a closing date on the contract and the seller did not list any contengencies.Something tells me in the back of my mind that they’re going to see this as an oppurtunity to drag this out,hoping that I’ll back out of the deal,which I have no intention of doing.Meanwhile I have to extend the lock on my mortgage rate and hope I don’t loose it with rates on the rise.If anyone could offer any advice on what to do in this situation,I’d sure appreciate it.