What happens if i transfer a deed to someone else's name before 60 days when the property has a 60 day deed restriction?

It sounds like you bought an REO or bank- owned home and you are attempting to "flip" it to a new buyer, but agreed not to re-sell it for a specific period of time, as part of your original purchase agreement when you bought it from the bank. I believe that the deed restriction is a recorded document and you will not be able to obtain title insurance, which will be a problem if your new buyer is obtaining financing to buy your property. You may be able to get around it, if the buyer is paying cash and the buyer doesn't care about title insurance. If a new loan is involved in your sale to the new buyer, you will have to wait until the deed restriction expires, because the new lender will not fund or record without title insurance. - Richard and Janine Kirchnavy

I would suggest you speak with a real estate attorney asap. However; the attorney/title company where you did your closing should have the docs you signed and should take a good look at them.

Depending on the terms of your purchase you could be subject to penalty, please consult with an attorney.

If you purchased the home as a primary homeowner and it was under Federal guidelines (such as a HUD or FannieMae home), then you can be subject to very stiff fines and penalties because you signed something at your closing that stated you were a primary owner with this being your residence. If it is not this case, I would certainly consult a real estate attorney to find out if BOA has any recourse for violating that portion of the sale.

Call the title company and possibly an attorney. You can rescind a transfer but you would have to speak with one of them to find out how.

Speak with a real estate attorney as soon as possible. Interesting question.

Explain your situation to the title company and ask for their suggestions to resolve the problem. You may have to consult an attorney also.

I suggest to verify with the Title company.

I suggest to ask the title company.

There are always certain restrictions when purchasing a foreclosure property. That's why it's important to use the services of an experienced real estate agent. However since you've already transfered the deed, this transaction may not be legal. It's best to consult with your attorney.

Its very likely that the transaction is void. Obviously you did not transfer this to a bonafide purchaser for value.... Did the buyer? donee? know about the restriction? What damages can you incur from the faulty transfer from the bank (liquidated damages) or the buyer? Cant you just reconvey in a little bit? I cant give you advise because my license is pending, however, you should call an attorney with these questions.

There will be a cloud on the title. You will wan to contact the title company that provided title insurance on the home when you bought and ask them for the best solution.

When you purchase the property, seller MUST disclosed to you that deed has restrictions, plus it should be on the title report you got from the seller.Did you get all of the above? If you did and miss, bank may come after you.

When you purchase the property, seller MUST disclosed to you that deed has restrictions, plus it should be on the title report you got from the seller.Did you get all of the above? If you did and miss, bank may come after you.