All Forum Posts by: L Smithers

Prohibition: The seller from date of contract until closing can't make an easement with the neighbor, sell it to someone else, give up the gold and mineral rights etc.

If no clear title is obtained by Title Company in 30 days, then I can basically back out. The issue is I actually close in 14 days, so should I just have the seller (wholesaler) to change contract to 14 days for the clear title? Thanks @MikeCumbie

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Originally posted by @Steve Smithy:

I think that is just talking about how if they cannot get a title or title insurance they can back out of the deal even after closing. Realistically if they cannot obtain the title after closing they would sue you for fraud anyway as you were not the legal owner. You should have your attorney explain this to you, you do have one representing you right?

I don't have an attorney as of yet! Thanks for replying!

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RISK OF LOSS:If subject property is damaged prior to transfer of title (any, Buyer has the option of accepting any insurance proceeds with title to the property in "as is" condition, or of canceling this contract and accepting the return of the deposit. This contract is subject to lending partner's approval. If no clear title is obtained by Title Company or attorney within 30 days, buyer will be entitled to receive a full refund of his EMD funds, and will no longer be bound by the contract."

PROHIBITION: This agreement establishes a prohibition against transfer, conveyance or encumbrance to the property.

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All Forum Posts by: L Smithers

L Smithers has started 1 posts and replied 4 times.

Post: Help what exactly is Prohibition and Risk of Loss of contract?

Post: Help what exactly is Prohibition and Risk of Loss of contract?

Post: Help what exactly is Prohibition and Risk of Loss of contract?

Post: Help what exactly is Prohibition and Risk of Loss of contract?