I have a house under contract that has an after repair value (ARV) of $44,000 and I got it under contract for $25,000. The house however, is owned by a relative of the wife who happens to live in another state. Will he need to be present in order to sign the Purchase and Sale agreement since he is technically the seller? Would he also have to be present during the closing date?
Attorney · Clifton, NJ · Member since 2015 · 1k+ posts · 328 votes
8y
Hi @Fellnix F Sanchez. As @Wayne Brooks said the contract is invalid if it is not with the record owner. If the relative of the wife wants the wife to sell, he has to get her to sign the contract and she will have ot sign the deed. Sellers often don't physically attend the closing, but they will have to sign transfer documents with the title company or attorney to effectuate the transfer of title.
I have a house under contract that has an after repair value (ARV) of $44,000 and I got it under contract for $25,000. The house however, is owned by a relative of the wife who happens to live in another state. Will he need to be present in order to sign the Purchase and Sale agreement since he is technically the seller? Would he also have to be present during the closing date?
Get a Prelim Title Report to find out who the actual owner is. You can't proceed until you are talking to the owner and it doesn't matter if the occupant says they are the sister of the uncle of the cousin twice removed who is currently on vacation in Tahiti and that they can talk for the owner. They can't. In fact, how do you know they aren't squatters?