Legal Question in Real Estate Law in California

Re: claim on title

Yes, you have a claim on title, assuming the parties who signed the agreement are the parties on title. Did you record the lease option agreement? If not, and if their signatures are notarized, do it ASAP.

Re: claim on title

Yes. Record your interest. Is there a controversey? Call me directly at 16198468947.

Re: claim on title

If you complied with the terms of the option, you may have a claim.

Re: claim on title

The purchase agreement, depending upon its terms, may very likely supersede the lease option agreement. In so saying, I'm assuming it covers the same property and that the purchase agreement came about as a result of your exercising your option. If my assumptions are incorrect, my conclusions will probably be off base as well.

Next, the effect of the purchase agreement will depend upon its general nature and its specific terms. There are various kinds of realty purchase agreements, some relatively uncommon in California.

The type of document most commonly referred to as a purchase agreement is the real estate deposit receipt and contract for purchase, which contemplates delivery of a deed and a close of escrow and recording within a relatively short period of time. Frequently, agreements of this kind are on pre-printed forms, run several pages of fine print, and are used by real estate salespersons and brokers for routine transactions in residential property. There are blanks where conditions to closing can be specified, such as obtaining financing, sale of another property, appraisals, inspections, etc.

I'm assuming your purchase agreement is one of these. If so, I would say it is final and binding and gives you a "claim on title," as you put it, when the last of the contingencies is removed - but probably not before.

What happens at that time, if I remember my real property theory correctly, is that so-called "equitable title" passes from the seller to the buyer, but "legal title" does not pass until a properly executed deed is delivered to you. Delivery of a valid deed constitutes transfer of legal title. Until then, you have only a claim on title, and the seller has a claim for the purchase price.

In addition to the usual real property purchase agreement, however, there are other types of contracts for the sale of real property, including instalment sales contracts and others. These generally do not convey equitable or any other title, but may be recorded (see Government Code section 27288) if acknowledged (notarized) by the party giving up an interest (vendor or grantor).

Check the agreements for a possible clause forbidding you to record it. Such a clause probably wouldn't prevent your doing so, but could be a breach of the agreement itself.