Legal Question in Real Estate Law in California
I am buying a house on a short sale I had signed all the documents and put my downpayment down And After signing I find out thAt there wAs A second on the house from the beginning I was never informed of this some of my down payment come from an ira I hav I have 3 months from the time I take the money out of the IRA to use it for home purchase without paying early withdrawal penalties well my time is up and I still haven't closed on the house
do I have any legal recourse with the realtors since full disclosure of the monies owed on the house were not disclosed to me
3 Answers from Attorneys
You may or may not have legal recourse. Did you not get a preliminary title report that showed the second? Did you inform your real estate agent of how you were getting the down payment and the related deadlines? Whether you have recourse will depend on the facts and details of the situation.
It would also be useful to know whether the "realtors" involved were under contract with you, or the seller, or possibly the bank. The duties would be different.
A second mortgage or deed of trust should have shown up on a preliminary title report. One of the contingencies of escrow should be that you receive title free and clear. If they cannot clear it, you do not have to complete the escrow. I suggest taking any written agreements between you and your realtor, the purchase and sale agreement, and the escrow instructions to an attorney.
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