Bond for Deed contract - Landlord Forum thread 337746

Bond for Deed contract by Steve Towers (Louisiana) on July 30, 2015 @13:04

I entered into a bond for deed in 2012 and was very happy in the home until recently when my business took a nose dive but we stayed afloat. I put $10k down and paid $5k every 6 months for 2.5 years I asked the "owner" of the home for a delay on the last $5k but she refused and said if I default she wants 30 days notice on vacate.

I did huge renovations on this house mostly a new master suite, as the pepto pink she had was dated and the plastic shower broke. after I moved out I went to consult with an attorney and he did some research on the property. Only to find out that the previous owners deceased husband left 50% of the home to his daughter. This was never disclosed at the "closing"

I listed the home with an agent when I moved out and had a solid sale but the co-owner seemed to be a problem.

Is my original bond for deed paperwork a moot issue because I was never made aware of the co ownership. ??

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Re: Bond for Deed contract by Garry (Iowa) on July 30, 2015 @14:10	[ Reply ]

This is a landlord/tenant forum, where most answers are opinions generated by people with many years of landlording experience. What you are looking for are legal answers, which only an attorney knowledgeable in your state's Real Estate laws would be able to give you. As for the renovations, and amounts of money you have put into your home the past 3 years, yes, you can lose it all if you don't perform to the agreements of the purchase of the home. In the recession of '07-'08, millions of people lost their homes to foreclosure when they lost their jobs, and couldn't make their monthly payments. Your situation is no different. Good Luck

Re: Bond for Deed contract by Anon E. Mouse on July 30, 2015 @17:09	[ Reply ]

Well, yeah, the co-owner is a little bit of a problem. Check your paperwork. Did you ever get a preliminary title search done? Put simply, how in the hell did you not know what you were purchasing? Do you have title insurance? At best, you bought a 50% interest in the house (all that the lady sold you), at what was likely over the going rate for the whole thing. If you want to sell it, you'll need to contact the co-owner or file a quiet title action, unless you make it very clear you are only selling your interest in the property. Get a lawyer.