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I have a friend buying and closing the deal in less then 10 days. This seems very fast and now we find out that the house has mortgage on it. i know the Dominican family as the property is on the same street as mine and i had no problems with my title when we bought the land. Is they anything my friend should be cautious about
I have a friend buying and closing the deal in less then 10 days. This seems very fast and now we find out that the house has mortgage on it. i know the Dominican family as the property is on the same street as mine and i had no problems with my title when we bought the land. Is they anything my friend should be cautious about
Everything, including his own lawyer if he says he can close this deal this fast.
First thing you need to do is get a copy of the mortgage papers. Is the title still in the Vendors name or has the title been transfered to the bank? The agreement has to state that the bank gets its funds first, you reputable Lawyer should pay them directly, and whats left over is the Vendors. Any other liens on title need to be investigated by your lawyer. Good Luck, it aint Roses till it Closes.
Stop the deal and change lawyers. If the mortgage was made legally public from its start, then your friend will be responsible for it, if he buys the property. Make sure he and his new lawyer have read the following before going through with this or any other real estate transaction:
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buying a house with fast closing.
