Legal Question in Real Estate Law in Pennsylvania
fraud
a contract was sign to buy an apt building,between my cousin and i. the building he owned was paid in full. we went through a lawyer. lawyer kept the contract.the building would be converted to my name at the end of 10 years when the building would be paid to him in full according to the contract. now the cousin whom sold to me wanted me to get a reg mortgage after 5 yearsof the contract. i said no. the cousin had the apt building reappraised. the cousin has now told me i will be receiving a cupon book in my name from a mortgage comp. he has taken a 2nd morgage out . i never spoke to any one or signed any papers. since i never agreeded to or filled any papers,other then the orginial agreement 5 years ago.. do i have any recourse to sue him and any mortgage company involved in putting this new mortgage in my name?
3 Answers from Attorneys
Re: fraud
From your question, it sounds like the property remained titled in your cousin, until you would have paid off the contract price. He could have placed a new mortgage on the property, and is asking you to make those mortgage payments, perhaps instead of the payments you were making?
He could not have taken a mortgage out in your name, since your name is not on title.
You should ask him for copies of the mortgage documents, and you should also clarify that you will not have to pay a total that is greater than your original contract.
You should also have an attorney of your own, to review the existing contract and the new mortgage documents. You need to make sure that there are no other liens on the property, and that something is recorded showing your interest in the property, otherwise, as far as the rest of the world is concerned, your cousin is free to deal with the property on his own.
You should consult an experienced real estate lawyer in your county.
Re: fraud
It really would depend on a number of factors - the first being who has legal title to the real estate, the second being what the contract said. If you would like to discuss further, contact me I am in lancaster also 610.647.5800.
Re: fraud
Who is listed on the title to the property? In Pennsylvania any and all real estate sales transfers must be in writing, if it isn't you might have some problems. The sooner you retain counsel the better off you will be.
Sincerely,
Marc V. Taiani, Esquire
AAAL - Allegheny Attorneys At Law, P.C.
412.731.0865 (Office)
www.AlleghenyAttorneys.com
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