About 1(1/2) yrs ago I found a piece of land (5 acres) which I put a first deposit on. We signed a contract, which stated that the seller would perc the property and I would get the survey done. I went for a land and construction loan and was approved. Before putting a second deposit down or getting the land surveyed I was advised by my attorney to want to see if the deed was clear. The seller was suppose to have 820 frontage which on half of the land her house was on. I was purchasing 5 acres with 400ft frontage which is that towns requirement in order to subdivide. Well shortly after the seller found out that 25 ft of her side of the property was actually someone elses property. Supposedly there was a quick claim deed that was signed over to her years ago but that man is incompetant in a nursing home now and it is now where to be found. Well that mans property went for auction and someone else now owns that 25ft. The real estate agent has been telling us for 1 1/2 yrs that we need to be patient we are just waiting for the man to sign over the 25 ft. I was to by my attorney that the man couldnt really do anything with 25 ft especially since the woman who is the seller has been paying taxes on that piece for yrs. Anyways we get a call from the real estate agent for the seller who states this man wants to by the property we have a contract with - for more money than us. He either wants to buy the land or he wants us or the seller to pay him off for the 25ft. Now this is what the real estate agent is telling us. We think maybe this is true or maybe they found a better offer and want us to back out of the deal. But we've had a small deposit down for along time and have passed up many opportunities to buy other properties. Do we have any rights? Unforturnately I am getting nowhere with my attorney who was referred to me by this real estate agent. I just don't know what to do. We have such a good price on this land and in the 1-1/2 yrs. land prices went way up!! Please can anyone give me advice. I have a baby on the way and I just don't know if this is worth me getting another attorney. I am just so angry that these people have been asking me to wait and be patient and now this! Help!!!!!!
