Posted by Tom-FL on October 15, 2003 at 22:33:45:
Well, the deed is pretty well worthless. Highly unlikely he’ll sign again in front of a notary.
You may be able to sue for specific performance of the contract, if it’s worth it.
Could just be a lesson learned.
Deal Gone Bad - Posted by Chris
Posted by Chris on October 15, 2003 at 21:29:48:
I have a sub2 deal that I got the seller to give me a signed Purchase Agreement(sub2) and a signed QCD, but now he has found a cash buyer and wants out of the sub2…The QCD was not notarized or recorded…What is my recourse?
Not totally bad… - Posted by Bill Bronchick
Posted by Bill Bronchick on October 16, 2003 at 08:07:19:
A deed signed without an acknowledgement is not necessarily void… it just may not be recordable.
I would try to record it anyway. People always slip unacknowledged instruments past the clerk in my state.
Maybe you could sign on the bottom, “received this __ day of ___, 2003” and have YOUR signature acknowledged. This is basically meaningless, but the notary stamp may fool the clerk and you will get on record. Then, when the seller goes to closing, the title company will find the deed and say, “hey we’ve got a problem Mr. Seller.” At that point, you can make him pay you cash to release your position. This is what is known as “legal extortion” - he promised to sell you a house and now he’s renegged. Rather than sue, simply put him in a position that he has to deal with you or lose a potential buyer.
Good news! - Posted by CS
Posted by CS on October 16, 2003 at 07:10:04:
The good news is that you have learned a lesson here. The lesson being that a deed that is NOT notarized is worthless.
CS
Record the QCD - Posted by TKP, Houston
Posted by TKP, Houston on October 16, 2003 at 24:03:14:
Chris, I suggest you record the QCD immediately.
Than you have some leverage when you start negotiating.
Good luck. TKP, Houston
Re: Deal Gone Bad - Posted by Tom (WA)
Posted by Tom (WA) on October 15, 2003 at 23:25:42:
Chris,
I don’t want to be too hard on you but the lesson here is that you need to know what you are doing. There are quite a few courses available on “subject to” and my guess is that each and every one tell you that you need to get the deed notarized. Short cuts do not work for inexperienced investors.
It’s much cheaper to buy a few good courses than to lose a good deal.
The good news is that you now know that sellers will deed property to you.
Read up and jump back in. Good Luck.
Tom
Re: Deal Gone Bad - Posted by roger
Posted by roger on October 15, 2003 at 23:19:11:
try to get any money you have put out if you haven’t any out i’d still see if he would give me a couple of hundred to back out of the deal