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Updated over 3 years ago, 06/01/2021
NOTE PURCHASE NOT FULFILLED
Good Morning Bigger Pockets Family and Happy June 1st ! ,
A few months back I was in the process of purchasing a land note from a owner on the note. Long story short, the note deal never went through as planned. No assignment papers were sent to me via the sellers title company, nor was the seller responsive. When I let the seller know it has been too long since we first spoke , I am no longer interested in the purchase. The seller sent me the property contract for the current owners of the land, and I signed off on reading it but nothing was assigned. This is the outline for the contract that was signed:
I, "SELLER", of BLANK Financial (the seller) am the owner of the property located in Pend Oreille County (assessors parcel number: BLANK).
Said property is being sold via contract (the contract) to BLANK (the borrower) with a closing date that has yet to be determined. The value of the contract at closing is to be $45,000 as outlined in the attached agreement.
This document is a separate agreement between the seller and Anthony Michael Minutoli-ME (the buyer). The seller will be assigning his interest in the contract for $40,000 to be paid by the buyer at closing simultaneously with the closing of the property.
Since the closing was never assigned and after a month of trying to reach the seller they let me know all business between them and I is done , WHAT AM I HELD RESPONSIBLE for at this point, and what actions should I start to take? Any advice would be helpful from this point forward because the seller still will not respond . Thank you in advance for any responses.