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Updated over 6 years ago on . Most recent reply

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Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • Florida
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3,866
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Seller is not transferring keys at closing.

Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • Florida
Posted

BPers,

I am closing on the house on 4/10 but the situation has gotten little more complicated. The seller's (Owner's) relative who managed this property is not surrendering the keys to the seller. Seller wants to close on the house without transferring the keys to me during the close and suggested that I change the locks as soon as I close.

Background:

Owner's relative is mad because he wanted to buy the house but cannot afford right now. This relative actually bought the house in the owner's name just to get around the number of the mortgages. But, the owners have the legal right to the house.

I would not go through all these headaches but I am buying this for 50% ARV with a decent condition.

Question:

Does this relative have any right to put a lien on the house or come after me after I buy the property? 

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Most Popular Reply

User Stats

3,866
Posts
3,163
Votes
Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • Florida
3,163
Votes |
3,866
Posts
Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • Florida
Replied
Originally posted by @Thomas S.:

Why are you on here at this point asking legal questions regarding this sale. These questions need to be  resolved by your lawyer. 

Because I just found out and also reached out to a lawyer. the whole concept of the BP community is to help each other. Chill out, brother. Just wanted to see others opinion. 

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Investor Friendly CPA®
5.0 stars
215 Reviews

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