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