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    newpb's Avatar
    newpb Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 2, 2008, 03:27 PM
    Seller Does a Quit Claim Deal after Contract signed
    Hi Guys,

    Myself and the seller signed a contract to purchase a property here in Palm Beach on November 15, 2008 to close on this December 10. But I have recently found out that this seller did a quit claim deed handing the property over to his corporation on November 21, 2008. Which makes the initial contract invalid. Not only is the contract invalid but I am not able to get a FHA loan or any loan for that matter approved for this property since it is < than 90 days the deed of the property has been transferred.

    So to my questions are Is this legal for the seller to do after a signed contract is in place? And Is there any other way this transaction can be completed in < 90 days besides paying cash for this property?

    Thank you any help would be greatly appreciated.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Dec 3, 2008, 06:49 AM
    Hello new:

    Of course it's NOT legal. He sold the house to YOU, and then sold it to somebody else.

    I don't think you can complete this sale. I wouldn't trust the seller. I'd run away as fast as I could (once you stop payment on your earnest money check).

    excon
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