Can I get my real estate back without special assessment debt incurred by defaulted buyer?
The city since condemned and tore down the building on this lot and plan to bill the person I sold it to via special assessment.
The buyer has since missed their final balloon payment and I assumed I would have to foreclose on them to get my property back, but today they offered the sign it back over to me so I wouldn't have to foreclose.
My question is, can I get my property back without this extra demolition and cleanup debt?
2 attorney answers
Top Contributor 2021
Top Contributor 2020
Top Contributor 2019
Top Contributor 2018
Top Contributor 2017
Top Contributor 2016
Top Contributor 2015
Top Contributor 2014
Top Contributor 2013
Top Contributor 2012
I agree with Attorney Love 100%. Your sale documents should be reviewed for your rights and responsibilities between you and the buyer. However as the lender your collateral has become impaired by the buyer and your recourse is only against the buyer and hopefully the attorney who drafted the agreements will step in and help you enforce your rights.
Please be sure to indicate the best answer. If this answer was helpful, please mark as helpful below. Until you and I sign an Agreement for Legal Services, I am not your attorney. These answers are provided for informational and/or novelty purposes
No, if you take the properties, you take it subject to the sanitation liens and other debt. and unfortunately, those liens will survive the foreclosure anyway as they are given priority status. There is no way to get the properties back without resolving the debts.