heir property

[angela1973]

Jurisdiction

Kentucky

I purchased a home from a gentleman who inherited heir property from grandfather. He proved he was only living family member. Last deed was 1915 until I purchased it in 2011 on land contract. Will this cause issues with title search for home morgage loan?

 

[army judge]

I purchased a home from a gentleman who inherited heir property from grandfather. He proved he was only living family member. Last deed was 1915 until I purchased it in 2011 on land contract. Will this cause issues with title search for home morgage loan?

A land contract isn't a purchase.
You're simply renting the property with the future potential to attempt to purchase the property.
Land contracts are fraught with great risk.

You should have commissioned a title search before you signed any documents and gave anyone your money.

Yes, there might be many ownership issues and even a clouded title because you failed to do proper, rigorous due diligence.

 

[adjusterjack]

I purchased a home from a gentleman who inherited heir property from grandfather. He proved he was only living family member. Last deed was 1915 until I purchased it in 2011 on land contract. Will this cause issues with title search for home mortgage loan?

My guess is yes, it will. For one thing, if the property was never deeded to the guy who "sold" it to you then he had neither ownership nor authority to sell it and you might have bought yourself a pig in a poke.

I hope you haven't put any money into the property other than your payments (rent).

I suggest you run this by a real estate attorney.

 

[angela1973]

A land contract isn't a purchase.
You're simply renting the property with the future potential to attempt to purchase the property.
Land contracts are fraught with great risk.

You should have commissioned a title search before you signed any documents and gave anyone your money.

Yes, there might be many ownership issues and even a clouded title because you failed to do proper, rigorous due diligence.

They actually put the deed in my name at time of contract

 

[army judge]

They actually put the deed in my name at time of contract

Was it a warranty deed or a quitclaim deed?

 

[angela1973]

Was it a warranty deed or a quitclaim deed?

Quitclaim deed with affidavit of descent

 

[army judge]

Quitclaim deed with affidavit of descent

As suggested, have a title company in your county run a title search to verify who legally held title to the property before it was sold to you.

That's the only way to begin to ascertain the legitimacy of your title.