What to do about a possible house flip?
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What to do about a possible house flip?
My dad is selling his house. A contractor signed a P&S to buy it and then immediately listed it for sale again. He does not appear to be actually buying the house unless he can find a third party to buy it from him. Is that legal? Wouldn’t that require 2 P&S’s to exist on the same property simultaneously, in which case I would not think that the contractor is a legal “seller” on the second P&S.
Asked on September 29, 2012 under Real Estate Law, New York
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If your dad has actually sold the house that was in his name to the contractor where the contractor now owns it as record owner, the contractor can list it for sale again since it is his home.
However, if title is still in your father's name to the property you have written about, the contractor legally cannot enter into a listing agreement with a real estate agent to sell it because the contractor is not the record owner of the parcel.
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