Deed Restrictions and Transfer Date

[Brian M.]

I have a 2 part question on deed restrictions. Here is the language in the BOA/HAFA short sale addendum (paraphrased):

No transfers for 30 calendar days. No selling for a gross sales price greater than 120% of the HAFA short sale price.

For the sake of discussion, the closing date was 2/28, the deed recording date was 3/1, the deed document date was also 3/1. The property is in Illinois.

1) Is the 30/90 days deed to deed, or deed to contract date? The buyer will likely be FHA. Can I have the property under contract on say 5/1 and close on say 6/15? The contract date would NOT be 90 days, but the closing date would (and therefore the deed recording also).

2) When I look at the deed that was recorded, there is no language regarding a transfer, or a separate recording stating these 30/90 days. Are these restrictions typically recorded? How would a title company have any visibility to how I acquired the property?

Thanks!

[Wayne Brooks]

The "deed restriction" is from deed execution to deed execution, not sales contract execution.