Can buyer in contract for deed situation sell property before final payment is made without title holder’s knowledge?
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Can buyer in contract for deed situation sell property before final payment is made without title holder’s knowledge?
We want to purchase property adjacent to
our current home. Currently, the couple
trying to sell it are under a contract
for deed. They say they have a valid
contract and are the one’s who can
decide who to sell it to, but they don’t
want us contacting the person who they
are in contract with. Something smells
fishy to me. What would you advise?
Asked on August 1, 2019 under Real Estate Law, Arkansas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
They can enter into a contract to sell the property in the future, but such contract would only be valid and enforceable if and when they acquire title: that is, they can contract now to sell title if and when they get it, but cannot presently sell what they do not own. So the contract would be contingent upon them getting title and would not be enforceable (would not get you the property) until and unless they become owners.
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