Legal Question in Real Estate Law in Arkansas
State laws and contracts
We leased a house with option to buy in 1999. Gave 12,000 down and made the mortage payment. Contracts were drawn up through a realty and notarized. The contract states that, in short that when we purchase the home that the seller would pay half the cloing cost. However under Arkansas state law because we were in possesion of the home that our mortgage had to be treated as a refinance. Because of this, the seller did not have to be present at closing to sign the paper work they simply signed off the deed and did not have to pay anything. So the question is: Is my original contract with the seller valid and do they have to pay to us the half closing?
2 Answers from Attorneys
Re: State laws and contracts
How was it a refinance instead of a mortgage? Was it already in your name? Normally, a contract for sale of real property is no longer valid after the closing because the mortgage takes precedent. However, since your deal sounds like it may not have been a normal incorporation of a sale from the contract, since they called it a refinance, this may not apply. I would have to look at these documents to see whether you could force the other party to pay. Need to ask you more questions.
Re: State laws and contracts
...the documents would have to be reviewed to answer your quere
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