Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The question is quick, but the background is not: I own a parcel in rural NC with three siblings that we have recently listed for sale. Our listing agent sent over a couple of offers, and the most appealing had the name of a trust as the seller. None of our names was listed as "seller." My sister had put her share of the property in a trust called, basically, Jane Doe Living Trust. (I'm using "Doe" as our family name for the purposes of this question.) The listing agent said the interested buyers apparently saw that on the tax records (and, my opinion, apparently ignored the other names.)
So, the buyers and their agent have listed the "seller" in their contract offer as Doe Living Trust. The addendum shows the parcel, lists the seller as Doe Living Trust, and the names of the buyers. No names of the seller other than the trust.
I've complained about the lack of our "real" individual names in the document as "sellers." I've asked the listing agent to provide a corrected document. Apparently there isn't room in the actual contract for our names (and those of our spouses, which apparently need to be included because we're in a community property state). She said she would talk to her attorney about it (but she hasn't). I suggested she simply get the buyer's agent to provide a corrected, e-signature contract. Apparently she's not serious or interested in that, because this morning she sent out for e-signatures from everyone, in a particular order. I'm last in the chain, and I'm hesitant to sign if the "Seller" info isn't correct. Apparently she thinks that our e-signatures will spell out who we are, as owners.
Everyone's now waiting for me and my husband to e-sign it (because they're anxious to get it sold). Is that a mistake? Should I demand a corrected contract? Without my signature, nothing can proceed, I presume...
One of the documents you (and the buyers) sign (or will sign) is an agreement to cooperate in correcting any errors.
I might be wrong, but it seems to me if the address of the property is correct and if the signatures are of people who have an interest in the property, all of this can be corrected in the final sale documents.
Having said that, YOUR agent should provide a recommendation of how to proceed.
Thanks so much, rational1. Our agent is someone selected by one of my brothers, and she takes no time to explain things to us. I am used to agents who give a quick snapshot of info around any info/contract they send -- anticipating questions and providing answers. She does not, and phone calls with her are not helpful.
I’d question why your asking to sign if you aren’t listed as a seller? Play dumb, drag your feet...in no way would I accept the “no room on the contract.”
You are asking for a legal opinion, and you need to ask a local lawyer for that.
I agree that a local lawyer would be the best to ask this question of. I wouldn't put much if any faith at all in what the real estate agent told me on this legal matter. The agent might be right or they might not be.
My thinking, FWIW, is that the contract should have the signatures of ALL the people who have a legal interest in the property. That way, if something happens to cause a disagreement between all the sellers between now and closing time, one of them can't object by saying "Well, I didn't sign the contract to begin with" or words to that effect. Best to get them all committed to the deal with their signature than just a verbal OK because you never know who may change their mind or get cold feet later.
Thanks to all of you for your quick and great responses. As an update, I ended up calling the buyer's agent to ask if he could just resubmit it with the correct info. He said he would. Our agent said she was going to do that, but he hadn't heard from her -- and didn't know the back story about the living trust representing only one of the four of us. I'm feeling encouraged again. Much obliged!
Thanks to all of you for your quick and great responses. As an update, I ended up calling the buyer's agent to ask if he could just resubmit it with the correct info. He said he would. Our agent said she was going to do that, but he hadn't heard from her -- and didn't know the back story about the living trust representing only one of the four of us. I'm feeling encouraged again. Much obliged!
That's unfortunate that your agent ignored your request. Really could have saved you some worry and would have taken about 60 seconds of their time.
Here in MA, we just typically write "Owner of Record" in our contracts. Keeps things simple and prevents a misspelled name from causing issues and certainly prevents concerns like yours.
You're lucky all the heirs agreed to sell the property. Now, I hope you all agree to the price and the terms of the contract.
Many times leaving real estate to joint heirs can be treacherous, especially if one doesn't want to sell "the house on the lake where Dad taught me to swim and other such wonderful memories of being children."
Could be a major problem if you don't all get along with each other.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
