Legal Question in Real Estate Law in California
real estate purchase agreement
A purchase offer states : ''Seller shall deliver a NOTARIZED & RECORDED Memorandum Purchase Agreement no later than 7 days after opening of escrow.If agreement terminates, escrow shall record a Release of Memorandom(QUIT CLAIM)'' .This seems to me that the buyer already have rights to the property?WHY WOULD HE HAVE RIGHT TO QUIT CLAIM OUR OWN PROPERTY TO US IF IT IS NOT SO? .I am a Tenant in Common with 5 othergroup of people.Buyer would like to market the property .with no down for 6 months An obnoxiuos insulting offer but other owners wants to entertain because some are impress with his christian and personal representation . I however is basing my assessement of the offer as what is in paper. This buyer to me, seems likes to take over our propertywith no money down but have access to sell it for his profit during the 3 year esrow . I'm also concern that the other owners might get onto escrow without my knowledge as the agent is part owner and can have a possible manipulation in the transaction. What is the consequence for this action.Thank you for your expertise and professional advice.Sincerely ,Susan
1 Answer from Attorneys
Re: real estate purchase agreement
Dear Susan:
I would be happy to answer your questions, but this has so many different complicated parts, that I hesitate to voice an opinion, because it might be leading you down the wrong path.
I think you need to retain a real estate attorney locally with whom you need to consult, and have him/her look at all of the contracts, memorandums, agreements, etc.
A tenant in common situation is complicated enough, because each tenant holds an undivided interest, and it does not even terminate at death.
Throw in that the agent is a part owner, and your concern that other owners might accept behind your back, and you have a very muddled situation.
Please take this matter, and copies of all paperwork, to an experienced real estate attorney in your area ASAP.
Good luck!
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
