CONFUSION OVER LEASE OPTION CLOSING - Posted by mike

Posted by Dave on March 03, 2001 at 21:03:51:

GET A LAWYER!

CONFUSION OVER LEASE OPTION CLOSING - Posted by mike

Posted by mike on March 03, 2001 at 12:48:08:

I have a couple who have a lease option on a house I have. They informed me that they wanted to close on the house in the next few days. The wife works at a Mortgage company so I honored her request to chose the title company. The title fees were $841 which I found reasonable. The date for the price of the home goes up on March 3rd. I received a phone message from the wife yesterday informing me that her husband had “closed” on the loan and had refinanced from the private note. ( I guess they considered our contract a private note) She informed me that there is a three day right of recision and that I don’t have to do anything but pick up my check on Tuesday. I’m a little confused because the only papers I’ve signed is the REPC a year ago, and a few days ago, she requested I give her the payoff amount of the loan. I called the title company and they said that they didn’t know anything about a closing and they could have closed somewhere else. I haven’t sold a home before, isn’t there something more to transfering title? What am I missing here. I tried to call her at the Morgage company at 3:00 but no one answered the phone. I left a telephone message for them yesterday and they still haven’t returned the call. I’m going by the house today to see what is going on. Any ideas or suggestions.