Legal Question in Real Estate Law in Tennessee

Real Estate
I own a home that is currently financed with a tradional mortgage (FHA Loan) in TN, but moved to TX last year for a job and the home has been rented. The renter would like to purchase the home but has asked me to ''quit deed'' it to him. I feel obligated since at the time he rented it was in foreclosure and he paid me enough to pull it out based on the pretense that he would purchase within one year for whatever the payoff amount was; meaning he would basically walk in with about $25K in equity even after the money he paid to pull out of foreclosure. He has retained a local real estate atty. and she seems to think this is okay. What are my obligations? There are no contracts and nothing has ever been signed.

Asked on 6/19/07, 8:51 pm

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Re: Real Estate

Contracts for the purchase of real property must be in writing for them to be enforced.

Answered on 6/20/07, 1:22 pm

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