Warning: File your real estate land sales contracts; Land-sales firms see image take hit

rebelman wrote:

No one deserved to be screwed like this. I meant that one needs to have a title checked out before they purchase it.

rebelman wrote:

Most of the time real estate contracts are not recorded. The purchasers should have went to a title company, and had things prepared properly. They would have been a Warranty Deed signed and notarized, to be recorded when paid off, and a Quitclaim Deed, signed and notarized, to file if the Buyers defaulted on their purchase. They are somewhat at fault themselves, for not seeing this done properly.

ssthor wrote:

<quoted text>
Because it was a owner financing deal. We only got a copy of the contract. It was not supposed to be filed until the loan was paid off. During the pay off time, we assumed that SRBC would be above board in their dealings and keep up their end of the deal (pay the property taxes and keep up the SRBC). Neither was done and we got left holding the bag (or in this case out the money and nothing but a copy of a contract to show for it.)

ssthor wrote:

<quoted text>
Because it was a owner financing deal. We only got a copy of the contract. It was not supposed to be filed until the loan was paid off. During the pay off time, we assumed that SRBC would be above board in their dealings and keep up their end of the deal (pay the property taxes and keep up the SRBC). Neither was done and we got left holding the bag (or in this case out the money and nothing but a copy of a contract to show for it.)

rebelman wrote:

That is why title work needed to be done, to show if any mortgages, or any other liens, had been attached to said real estate.

Dogwood wrote:

<quoted text>Not to worry this thing is not over yet.contact the A.G. at above #.The bank loaning the money to Watkins will be held accountable .They should have done title searches when loaning money against properties...you are right about that Rebelman!

ssthor wrote:

I'm not blaming anyone else. We trusted WW and HB and JE and SRBC. We were let down in our trust. We have a land contract that is worthless because we trusted them to do the right thing. Sure, we know now that they are totally untrustworthy and worthless in their business dealings, but we didn't know that then. If we could go back in time, we would go back as smarter people, but we are just part of the duped crowd trying to find a legal way out of this mess. Don't go condemning us for being trusting in the fact that a business licensed to sell Real Estate in Arkansas would actually follow the rules (real or implied) in the state of Arkansas and do what they said they would do. I've been told that we should of paid the property taxes, but how can we pay them when the bill went to SRBC and was not forwarded on to us.

ssthor wrote:

I'm not blaming anyone else. We trusted WW and HB and JE and SRBC. We were let down in our trust. We have a land contract that is worthless because we trusted them to do the right thing. Sure, we know now that they are totally untrustworthy and worthless in their business dealings, but we didn't know that then.

In my land dealings, I do business with people I trust and those I don't trust. You should never rely on "trust only" in a business deal. It's good to do business with those you trust, but you must ALWAYS plan for the worst and take the necessary steps to be protected in that event.

I don't know them to know if they are worthless in their business dealings or not. They could
be victims of the bursting real estate bubble just like everyone else. At the end of the day,everyone hoped the good old days of double digit land appreciation would go on forever. Just like you wanted to get in on this action with minimum out of pocket expense, so did the Seller. I'm not aware of the specific laws in Arkansas, but it's legal to sell on a land sales contract in Georgia.

If we could go back in time, we would go back as smarter people, but we are just part of the duped crowd trying to find a legal way out of this mess.

Not to be sarcastic, but you should have done that on the front end.

Don't go condemning us for being trusting in the fact that a business licensed to sell Real Estate in Arkansas would actually follow the rules (real or implied) in the state of Arkansas and do what they said they would do.

Can you be specific on what rules in particular you are referring to (real and implied)?

I've been told that we should of paid the property taxes, but how can we pay them when the bill went to SRBC and was not forwarded on to us.

rebelman wrote:

Most of the time real estate contracts are not recorded. The purchasers should have went to a title company, and had things prepared properly. They would have been a Warranty Deed signed and notarized, to be recorded when paid off, and a Quitclaim Deed, signed and notarized, to file if the Buyers defaulted on their purchase. They are somewhat at fault themselves, for not seeing this done properly.