Ask Experts Questions for FREE Help !
Ask
    DWILLI37's Avatar
    DWILLI37 Posts: 3, Reputation: 1
    New Member
     
    #1

    Jun 2, 2007, 07:27 PM
    Land contract/deed not transferred
    [/font

    I live in chicago illinois, i sold my 3 flat in 2006 under a land contract to and investor, my mortgage has been paid in full, under this contract i was allowed to continue to live in the property until 10/2007 at this time i could either, buy the property at a higher price which is almost like 100,000 more that i actually paid for the property, so i will not buy it back i don't want the property, the investor apprasied the bldg out for far more than what its worth. The problem is that we close with out having a point of sell inspection with the village this property is in the surburs of illinois, this was a requirement in order to transfer the deed into the sellers name, they did this after we close. This property is zone as a single family home, but is being used as a legal 3 flat, i bought the home as a single family home legally, but i was under the impression that i only could sell it the same has i bought it in 1999, when the inspector came out ,we were told that new laws was put into effect and that the property that is being sold to the 4th buyer im the 3rd owner would have to convert it back into a single family home, the reason for this because the 1st owner converted the property into a 3 flat with out permit the problem is that the buyer or seller would have to sign something through the village to would convert the property over to a single family home, so the deed is still in my name. And according to public records she has recorded a mortgage on the property. These are investor and took a lot of money out of this property , i want the deed out of my name and the place is rented at this time which if converted the people will have to move in 3month. How would i get this out of my name? I really think something was done illegal

Check out some similar questions!

Land contract forfeiture [ 6 Answers ]

We have been involved in a land contract that was set to expire in 2007. We requested to purchase the home earlier than expiration date. The seller verbaly agreed to sell the home this verbal commitment was made to the mortgage company and to the buyer (us). Two days before closing seller...

Land Contract renewal [ 2 Answers ]

We are the sellers of a piece of Real Estate in WI that we did on a land contract. The contract was for two years. The contract is up the end of June. Both the Buyer and ourselves have agreed to renew the landcontract for the same terms. Do we have to draw up and file a new land contract...

Residential Land Contract [ 1 Answers ]

Is it possible to find an instructional package for residential real estate land contracts that may also contain forms for both buyer and seller? Hopefully at minimal cost.

Bad land contract? [ 2 Answers ]

Well, I know.. if I FIRST got an attorney involved.. but I did not. I NOW have one though.. Trying to condense.. I sold my home on a 6 month land contract. 10,000 down, 1000 a month ( mort. Pmt) then in 6 months to obtain financing and close... well he pretty much paid me even the 6 months pmts,...


View more questions Search
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.