Home purchased-owner carry loan-no contract-what are our rights?

UPDATED: May 28, 2009

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Home purchased-owner carry loan-no contract-what are our rights?

Purchased a home with owner carry loan agreement, $60,000 d/p, what are our rights upon not being approved for a loan? There was zero contract, are we entitled our d/p if we leave the home? Also, the d/p went to the previous party who was purchasing the home with the same owner carry agreement (they are related). What are our rights as far as the down payment?

Asked on May 28, 2009 under Real Estate Law, Arizona


B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

In most states, with nothing in writing, you may have no rights, and it is certain that whatever rights you do have will be more difficult to enforce.

I would very strongly advise you to talk to a real estate lawyer in your area as soon as possible, for reliable advice about what to do next.  I'm not an Arizona attorney, and there may be other facts to this case that could make a difference.  One place that you can find a lawyer is our website, http://attorneypages.com

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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