I am in the process of buying a condo (it is a condo conversion), and we just found out (right before closing) that there are some liens on the whole development not the unit, that the developer doesn't want to take care of and the management company doesn't think they should pay. So as it stands I can't close on the property until these liens are taken care of. What can I do?
2006-11-03 03:30:09 · 8 answers · asked by VeSpAfReAk 1 in Business & Finance ➔ Renting & Real Estate
Get a lawyer.
The liens may or may not be a problem, but if they are, they are your Seller's problem. They don't have to clear the liens completely, but if they can't get your unit released (A Partial Release), don't close.
2006-11-03 06:13:58 · answer #1 · answered by open4one 7 · 0⤊ 0⤋
I'm sure these matters showed up when the title was examined. There is really nothing you can do. The liens attach to the property until they are released of record. You really don't want to get into this mess, as it could be some time before this is taken care of. I'd start looking for a different home and demand you earnest money back.
2006-11-03 03:47:12 · answer #2 · answered by Kathleen M 4 · 0⤊ 0⤋
Since the lien is on the entire property and not just he unit, there is nothing you can do until it is satisfied.
My suggestion would be to begin looking for a similiar unit in another subdivision or wait out the process if you can.
2006-11-03 05:56:02 · answer #3 · answered by Willard S 2 · 0⤊ 0⤋
Nothing you can do. You can't buy it with liens on it unless you want to be responsible for paying those liens. Not a situation you want to be in. I'd start looking for a different place, because it doesn't sound like the current owners are going to pay up unless they relalize they will not sell otherwise.
2006-11-03 06:10:32 · answer #4 · answered by strtat2 5 · 0⤊ 0⤋
Unless you're personally going to pay off the current liens, you will have to wait. Property cannot be transferred without all liens being satisfied.
2006-11-03 03:34:19 · answer #5 · answered by Justin 3 · 0⤊ 0⤋
At this point, I would look for a different condo, because it could take years for this developer to finally pay off the leins. I'm sure the amount is probably prohibitive, and you should not take on this other man's debts.
I would be looking elsewhere for another property.
2006-11-03 03:38:55 · answer #6 · answered by Anonymous · 0⤊ 0⤋
This information should have been revealed when the HOA certificate was ordered for the lender. This should have been done by the loan processor, and at the very least, the title company should have caught it. If you have lost money on the appraisal and still can't close, you are entitled to that money back. You got hosed.
2006-11-03 03:40:29 · answer #7 · answered by Shepherd 5 · 0⤊ 0⤋
You should probably look for a different property. Your loan officer can probably make a new application (when you find a new property), and waive or transfer your pre-paid application fee over to your new loan.
2006-11-03 06:00:05 · answer #8 · answered by bubblegirl 2 · 0⤊ 0⤋