Chain of Custody issues on a title search that requires Additional Signatures.
Important info in order to understand the situation & people Involved:
1) Seller - Current Owner on the Deed
2) Sellers Father (Brother A)- Deceased
3) Sellers Grandfather - Deceased
4) Sellers Fathers 2 Brothers (Brother B & Brother C) - Deceased Uncles of seller
BP, I have an issue with a wholesale deal that I am tying to get closed. The issue is this: The owner/seller of the property inherited the property from his father. His father inherited the property from his father (the grandfather). The current owners father had 2 brothers (3 total people inherited the property form the grandfather, each with 1/3 interest and there was a life estate involved in the mix) Brother B conveyed his interest over to the current owners father (Brother A) before he died.
The remaining brother (Brother C) died before actually conveying the property over and the life estate was never clearly described in the deed or on any of the title docs. However there are docs stating that Brother C wanted no interest in the property but the title company won't accept these docs.
The issue that the seller is having is now the title company is requiring him to get signed affidavits from the remaining Heirs of his fathers brothers (Brother C) children. There were 3 of them (The sellers cousins) and he has not spoke to them in 13+ years.
He is trying to track them all down to get the signatures and thinks he can maybe get 2 of the 3 to sign but doesn't think that he will even be able to get a hold of the 3rd cousin as he has a record of mental illness and homeless behavior.
If this were you, What advice would you give to the seller in order to wipe his hands free of this property. The property is in disrepair and has back taxes and other city liens. He is wanting to walk away and may get 3-4k after all expenses are paid. The buyer is planning on putting 30K+ into the property and fixing it up assuming that he can get title insurance upon closing.
The Buyer won't buy without title insurance. What other options does this guy have to sell if he can't get all 3 signatures? Adverse possession might be an option but that would include legal fee's and lots of paperwork and time, which the seller doesn't have. He needs the 3-4k that he will make on this sale to pay off back taxes on his primary residence. I'm just trying to help this guy out and make a few hundred in the wholesale transaction for finding the buyer, but it seems like the light at the end of the chain of custody tunnel is getting dimmer by the minute.
THOUGHTS? SUGGESTIONS? OTHER OPTIONS TO SELL?
