Question My husband and I signed a purchase and sales agreement gave our earnest money had inspection done. The sellers also signed. Then a few days later told us they were pulling out of the sale claiming that the mother has life tenancy and they forgot. Well we insisted on documentation and still have not received it. They asked us to graciously back out.I have done alot of research and don't think we could win if document is legit (we want the house) but we really feel like something fishy is going on here. The house is still on the market, I have the warranty deed with no note of tenancy and in the property discloser it says there is no tenancy. We are continuing to go forward with it and will bring in lawyers if this document shows up. What are your thoughts. Would the Life Tenancy be a separate document and not noted on the deed?
Answer You're going to need title insurance anyway, Mindy, so why don't you order a property title report from a title insurance company of your choice (yes, you may have to pay for it, but then you'll have to pay for it if the deal goes through anyway). To make sure you are reading that report correctly, stop into a local real estate attorney (the attorney may order the title report for you) and have him/her decipher it for you. If there is no life tenancy anywhere in the title report, then proceed to enforce the purchase. It sounds a little fishy to me, too. The life tenancy would indeed be part of the title. I do wish you well.
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