Posted on: 18th Apr, 2011 12:15 pm
My wife and I bought some land recently. We paid cash for it.
the land has restrictions, one of them being that you have to build a home within 3 years. We would like to wait 5 years to build.
Would they be able to sell the property at auction if we dont meet the restrictions. If so do they have to give us time to settle the problem before they do?
we know that i lien can be placed on the land but what would that mean for someone who doesn't owe anything on the property in question?
the land has restrictions, one of them being that you have to build a home within 3 years. We would like to wait 5 years to build.
Would they be able to sell the property at auction if we dont meet the restrictions. If so do they have to give us time to settle the problem before they do?
we know that i lien can be placed on the land but what would that mean for someone who doesn't owe anything on the property in question?
My post from yesterday is no longer relevant.
Hi rimmer!
Welcome to forums!
If the seller places a lien on the property, then he will be able to sell it off if you do not meet the required condition. You will have to negotiate with the seller so that he gives you the required time period of 5 years in order to build a property on it.
However, it will remain the seller's discretion whether or not he will consider your request.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the seller places a lien on the property, then he will be able to sell it off if you do not meet the required condition. You will have to negotiate with the seller so that he gives you the required time period of 5 years in order to build a property on it.
However, it will remain the seller's discretion whether or not he will consider your request.
Feel free to ask if you've further queries.
Sussane
The placement of a lien doesn't necessarily lead to a sudden sale of the property. There needs to be a legal process here. Is there a lawyer involved on your behalf?