Legal Question in Real Estate Law in California
Non Equity Purchaser
I acquired a Grant Deed to property from an 88yr old senior citizez-who at the time was very alert and appeared to have a strong mind. The property at the time was in foreclosure. I paid the man $3000. and the bank $7000.00. I have comparable home listings and I paid what the house was worth at the time. The Deed was recorded within two days after a contract was signed. It has been 4 months and the man refuses to leave the property and now has an attorney who states that the contract I have with the man is not valid since the contract does not indicate a clause to notice him of the right to cancel. I am not an equity purchaser, I purchased the property with the intention of making it my primary residence. Is my contract valid, and if not am I entitled to place a lien on the property to get my money back, should I continue to pay the monthly mortgage on his loan?
1 Answer from Attorneys
Re: Non Equity Purchaser
You do not describe how this transaction came to be.
Its circumstances may determine whether you had an
obligation to give the seller notice of a right to
rescind the transaction. You also don't indicate
to what authority the other lawyer referred, so
it's difficult based on this record to even begin to
evaluate the issues. I recommend to consult with a
local attorney, and take with you all of the relevant
documents, including the other attorney's letter.
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