Legal Question in Real Estate Law in Virginia
Legal agreement vs Deed
My husband bought 3 acres land prior to our marriage. I assumed his name was on the deed. THe people selling are elderly. We have made monthly payments to these people and paid taxes on the land for 3 years. Young and stupid we are. I went to clerks office and found that my husbands name is not on that deed, only the elderly couple. My husbands name is in c/o on the book for the taxes. If these people croak, what will happen to the land that we have been paying on .Agreement drawn up by lawyer monthly payments made to them and my husbands name on deed after paid off. In other words, if they were to die today, we'd have nothing and if my husband passed I'd have nothing? So my question is if your name is not on a deed than will a legal agreement drawn up by a lawyer hold up for proof?
2 Answers from Attorneys
Re: Legal agreement vs Deed
I suggest you promptly contact an attorney to review the agreement and have this attorney contact the original attorney. Your concern is evidence that you are not stupid at all--perhaps only uninformed.
Robert J. Strupp
Re: Legal agreement vs Deed
The agreement which you've described would appear to fit the description of something known as a land contract for deed. Under this arrangement the buyer never receives title to the property until the very last payment is made to the seller. Until that happens, the seller retains legal title to the property and the buyer owns nothing until that very last payment is made, which could be 30 years in the future or, more likely, never.
In the meantime, if the seller dies, his or her heirs take title to the property. and likewise, if the buyer dies prematurely before making that very last payment, his or her heirs take nothing in terms of the property.
Young and stupid, indeed you are and anyone else who attempts to become an owner of land by way of a contract for deed.
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