QUESTION
Who is responsible for real estate title defects when no title company involved? What are my remedies and options for resolution?
Asked on Apr 22nd, 2015 on Residential Real Estate - Texas
More details to this question:
The seller, a large RE investing company, originally purchased the home from it's prior owner's 3 heirs. However only one of the heirs signed off title. RE investing company then sold and financed the property to us. We did not discover the defects for 7 years, until we were negotiating a sale of the property to a new buyer. Having difficulty locating original heirs (and/or their heirs) to clear defects. We now live in another state no longer want the property.
1 ANSWER
Business Attorney serving Frisco, TX
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The real estate company should have probably been more cautious during their purchase of the property. A review of the contract is needed to know what rights you may have as a buyer. You should sxpeak wiht an attorney.
Answered on Apr 23rd, 2015 at 8:36 AM