MAR Legal Lines Question of the month

By
Real Estate Agent with REAL ESTATE ONE

It is amazing to me that the following question would be a "most commonly" asked question. Did these people even go to pre-licensure class? What are they learning there? I am so thankfull for the attorneys at McClelland & Anderson They do an awesome job for us Realtors They should publish a list of the ridiculous ?'s as well as I would like to see some of the tough ones.

 

Legal Lines

With the help of McClelland & Anderson, we are taking the most commonly asked questions from our legal hotline and putting them in e-news. We will be featuring a different question each issue.

QUESTION: I represent a seller whose house is in foreclosure. The property was purchased by the bank at the sheriff's sale. The seller entered into a purchase agreement but due to some unforeseen delays the closing will not be able to take place until the redemption period expires. Must the bank allow the sale to go through since the purchase agreement was in place before the redemption period expired?

ANSWER: NO. Once the redemption period lapses the seller has no legal title or rights to the property. The bank has no contractual duty to sell the property to the buyer

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