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Updated almost 5 years ago on . Most recent reply

User Stats

42
Posts
20
Votes
Brennan Crick
  • Realtor
  • Chicago, IL
20
Votes |
42
Posts

2 separate contracts on a multi-family with a single deed?

Brennan Crick
  • Realtor
  • Chicago, IL
Posted

@Michael Evans


hello BP, we're in a tricky situation and in need of some guidance from the community. So straight to the question!

Is it legal to put a contract on each structure in a multi-family property that only has one deed? And how can one get out of a contract?

and I explain..

The property is a deeded "triplex" thats consists of a duplex and a single family home on ONE deed. A buyer has made a contract for each structure (one for the duplex, and one for the single family home) In Norfolk, you can't split the properties on a deed. So does that make the contracts void, even though it binds the property until the closing date? Any insight will be greatly appreciated.

and please note, I don't own this property. We do intend to purchase this property if this contract becomes void. I do have an agreement with the seller.

Thanks!

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