Posted on: 08th Aug, 2007 06:55 am
My fiance and I are building a house. We signed the Real Estate Contract 2 months ago. The contract states that the first 100 feet (the area we are building on) is a warranty deed and that lot is buildable. The "buffer lot (back 100 ft) included in the sale was originally stated as a warranty deed but we couldn't build on it (we could landscape, but no sheds or buildings could be put on it). Now about 2 weeks ago our builder came to us and said that we need to add an ammendment in our contract stating the back 100ft, the buffer lot, will have to be signed over as a quit-claim deed. Should we negotiate the price we are going to be paying, since this back lot now sounds like it won't even really be ours? Should we get a lawyer? I just want to make sure this won't hurt us in the long run when we go to sell the house in several years.
"but no sheds or buildings could be put on it). Now about 2 weeks ago our builder came to us and said that we need to add an ammendment in our contract stating the back 100ft, the buffer lot, will have to be signed over as a quit-claim deed."
Signed over to whom? Why the builder wants such an amendment in the contract?
"Should we negotiate the price we are going to be paying, since this back lot now sounds like it won't even really be ours? "
If you are quit claiming to someone, then it means that ownership will get transferred to someone else.
Please give some other details also so that we can give you correct suggestion.
Miller
Signed over to whom? Why the builder wants such an amendment in the contract?
"Should we negotiate the price we are going to be paying, since this back lot now sounds like it won't even really be ours? "
If you are quit claiming to someone, then it means that ownership will get transferred to someone else.
Please give some other details also so that we can give you correct suggestion.
Miller
Welcome Alyson.
If the builder wants to replace the warranty deed with a quitclaim deed, then you can try to negotiate the price. If the builder agrees and all relevant documents are properly signed by you and the builder in agreement with each, then I don't think you will require an attorney here.
Thanks.
If the builder wants to replace the warranty deed with a quitclaim deed, then you can try to negotiate the price. If the builder agrees and all relevant documents are properly signed by you and the builder in agreement with each, then I don't think you will require an attorney here.
Thanks.
"Now about 2 weeks ago our builder came to us and said that we need to add an ammendment in our contract stating the back 100ft, the buffer lot, will have to be signed over as a quit-claim deed."
You will sign over the 100 ft. lot to....?
"Should we negotiate the price we are going to be paying, since this back lot now sounds like it won't even really be ours?"
If it will not be yours then why you will be paying for it?
You will sign over the 100 ft. lot to....?
"Should we negotiate the price we are going to be paying, since this back lot now sounds like it won't even really be ours?"
If it will not be yours then why you will be paying for it?