Legal Question in Real Estate Law in Iowa
In May my fianc� and I signed a land contract and $5000 down and then monthly payments not to mention many repairs on the property and home cellings, walls, toilets, sinks, pain,t a huge large dumpster rental for the trash, ect. to get it liveable for our family (kids) we still have painted ply wood floors. Anyway a lawyer for a bank called today I suppose on behalf of the seller who apparently has liens on his properties which he hasn't made payments on and owed taxes... this lawyer asked if we had a contract we do and apparently it hasn't been filed???? But he wants us to sign foreclosure papers he said so we know what is going on to protect us and see if there are any options. MY QUESTION: What does this mean for us for our family why do I sign papers I did not miss payments and what are the options TRUTH PLEASE???
2 Answers from Attorneys
It means hire a lawyer to review the documents they want you to sign. You should never spend your own money to fix up a home you do not own without a written contract of either a lease or a contract to purchase. By filing he means all contracts having to do with real estate need to be filed at the county recorder's office. Do you have a contract? Was it filed with the county recorder? If not you may not have anything for all the work you've done. Like I said, go find a lawyer.
You need to have a real estate attorney review the documents and advise you. In the future, I would suggest that you hire a real estate attorney whenever you are buying or selling real estate, even when purchasing on contract.
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