Buying or Selling a Home/buying a house
My wife and I are looking for a retirement home in PA for next year. We got a Real Estate agent. She is nice but only been in the business one year and doesn't seem to know a lot except she insisted we sign a contract with Northwood Agency that she is our only agent. I knew enough to limit her to 3 counties in our area and only for a month.
We must have looked at over 50 homes, most of which were a waste of time, lots of mold. The pictures sure don't tell the whole picture and the agent had not been at any of them before.
We finally found a house and put money down, filled out all the paperwork. The seller counteroffered (orally) and we bid again and they countered and we bid again and they orally accepted. It has been 2 weeks and we don't have a contract. The agent said we were legally responsible and would lose our hand money if we backed out but the seller was under no responsibility and could back out.
Today the agent called and said the house is an estate and the executor son is a lawyer and he wants contract changed from a regular deed to a Fiduciary deed. The agent said she never heard of this before and took it to her boss and they are consulting the agency's attorney.
We are getting discouraged and don't know what to do. We are spending a whole lot more for this house than we originally planned and we are rather stretched. Can you offer any advice?
I am not sure exactly how PA contracts work, but here in California, there is NO ORAL contract... a seller can pull out or a buyer pull out at anytime prior to all contracts being signed on the PAPER... even then the buyer (unless they gave it up in the agreed contract) has contingencies that he can use to cancel a contract...
No money here is exchanged until a written agreement and even then it goes to a 3rd party escrow holding company and takes mutual agreement to cancel...
I'm not sure what you are referring to as a 'Regular Deed' or a Fiduciary Deed' Fiduciary meaning someone has a legal obligation to watch someone else's money. I suggest you speak with your attorney that is handling the sale, attorneys can do things that us regular agents/brokers and laypeople can not....also not sure what you have 'spent a whole lot of' on a home that you are not under contract with... again speak to your attorney...
ps - Googling I found this for PA - http://definitions.uslegal.com/f/fiduciary-deed/
A fiduciary deed is a deed used to transfer property when the grantor is acting in his official capacity as a trustee, guardian, conservator, or executor, etc. A fiduciary deed typically only warrants that the fiduciary is acting in his appointed capacity and in the scope of his/her authority and doesn't guarantee the title of the property. Fiduciary deeds are governed by state laws, which vary by state, and may provide an exemption from transfer taxes for fiduciary deeds.
The following is an example of a state statute dealing with fiduciary deeds:
§ 629. STATUTORY FORM OF FIDUCIARY DEED
A deed in substance following the form appended to this section shall, when properly executed and delivered, have the force and effect of a deed in fee simple to the grantee, the grantee's heirs and successors, and assigns, to the grantees and their own use, with covenants on the part of the granting fiduciary, for that fiduciary, that at the time of the delivery of the deed, that the fiduciary had made due application to the appropriate probate court for the purpose of securing authority to convey the property, that the application was duly published according to law, and that the probate court licensed and authorized the fiduciary to sell at public auction or private sale the real estate that is the subject of the deed and that the fiduciary had previously taken the oath required by law and fulfilled all the requirements of the statute, and of the license of the probate court, and pursuant to the license and the authority set out above, and not otherwise, that the real estate is conveyed, and that the fiduciary is duly authorized by the probate court to convey the property in a manner and form set out above, and that the fiduciary has in all things observed the direction of the law and the provisions of the license and that the fiduciary, for the fiduciary and the fiduciary's heirs, executors, and administrators shall warrant and defend the premises against all persons claiming the premises by, from, or under the decedent or ward, or the fiduciary, but against no other person.
It appears it depends on who is selling the property in PA the deed type used
Pennsylvania Deed Forms - http://www.uslegalforms.com/deedforms/pennsylvania-deed-forms.htm
U.S. Legal Forms™, Inc. provides Pennsylvania for all your needs, including warranty deeds, quitclaim deeds, special warranty deeds and others. Deeds are provided for individuals, corporations, Limited Liability Companies and husband and wife. vary from State to State and the requirements are vastly different. We provide attorneys and you with the correct valid form. Free Previews available. All forms are available in Word format. "Grantor" means the seller.