Can a licensed REAL ESTATE broker sell property, carry back a note and not transfer the property?

I bought a small piece of property, not a lot of money, from a man who made a big deal that he is a LICENSED REAL ESTATE BROKER. The sale was good, well done, and he would carry back a note. All was good UNTIL the transfer.

Because this man is carrying his note, he refusing to transfer the property till paid. He states "he makes it so those who can not get a loan can buy property. Limits the uses, he has them pay, when the note is finally paid off, then he transfers the property" The sale is reported 1-60 months after.

This man is not only selling property like this, but he runs his own dog and pony show of acting like judge and jury. If a person is late on a payment, he sends a letter, if the letter is not acted on in 15 days, he forecloses on his own, and resells the property to another person. The owner or person who should be the owner loses all --no court, no judge, no jury, Zero- and if a person is sick or dies, no record.

Recourse? Asked by OMG711 22 months ago Similar questions: licensed REAL ESTATE broker sell property carry back note transfer Business > Real Estate.

Similar questions: licensed REAL ESTATE broker sell property carry back note transfer.

Once a property sale is made you should be sure the sale is recorded in the county the property is in. If it is a sale with a promise to pay you have the right to use the property legally, as you see fit because you own it as long as you make the payments. Also, all states have regulations about steps and time periods a mortgagor has before they can take back a piece of property.

He can't simply take the property away without going through the proper channels set up by the state. Let this be a lesson to you. Before buying property have a licensed broker who represents only you look at the contract to see if you are at a disadvantage by signing it.

Either that or get a lawyer involved to look at the contract to protect you.

2 This is the way things use to be done in the past. Did you ever see those silent movies where Dick Dastardly kicks a widow and her children out their house because they came up 5 cents short? They would then keep all the money they had paid, kick the people out, and then turn around and sell the property to someone else in the hopes that they would miss a payment and get kicked out.

You can make many times the value of the house this way. This is not the way real estate works these days. What kind of agreement did you sign because all real estate terms and conditions must be in writing!

If Dick Dastardly does not register the sale, then he has not sold the property to you. He's pulling a scam and you should not have dealt with this guy. I suspect you did not engage the services of a lawyer, because he would have talked you out of this.

I don't know if you can get out of this. You have to READ the agreement you signed, then take what you signed to a lawyer. If the agreement is illegal, you can get it broken, but if it is within the law, the best advice I have is to get a loan in a conventional way and PAY THIS GUY OFF so you can get a clear title and deed to the property and before you get in TOO DEEP.

Good luck! .

This is the way things use to be done in the past. Did you ever see those silent movies where Dick Dastardly kicks a widow and her children out their house because they came up 5 cents short? They would then keep all the money they had paid, kick the people out, and then turn around and sell the property to someone else in the hopes that they would miss a payment and get kicked out.

You can make many times the value of the house this way. This is not the way real estate works these days. What kind of agreement did you sign because all real estate terms and conditions must be in writing!

If Dick Dastardly does not register the sale, then he has not sold the property to you. He's pulling a scam and you should not have dealt with this guy. I suspect you did not engage the services of a lawyer, because he would have talked you out of this.

I don't know if you can get out of this. You have to READ the agreement you signed, then take what you signed to a lawyer. If the agreement is illegal, you can get it broken, but if it is within the law, the best advice I have is to get a loan in a conventional way and PAY THIS GUY OFF so you can get a clear title and deed to the property and before you get in TOO DEEP.

Good luck!

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I've read that I can use an IRA to invest in real estate, not just a stock, but an individual property. How do I do it?

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