Posted on: 14th Jul, 2010 11:24 pm
My son-in-law bought his condo 7 years ago. The origional owner foreclosed and sold it to someone. My son-in-law bought it from the second owner. Now son-in-law wanted to sell but when the title search was done, it was discovered that the foreclosure wasn't handled right. So he doesn't have clear title. His real estate lawer has offered the origional owner $500 to sign off on the title. Origional owner is demanding $5000. My son-in-law didn't purchase title insurance so his lawyer is racking up the fees on him. Any suggestions on how to handle this without losing all his savings? Also, can he sue the company who didn't handle the foreclosure correctly?
"Also, can he sue the company who didn't handle the foreclosure correctly?"
You can surely sue them but before that if you are able to settle it out of court that will time saving.
Just remind the original owner that if he is not accepting your proposal then you will be going to sue the company as well as the original owner.
If he is ready to sign off with minor fee (should I really call it as fee!) then it is Ok.
keep in touch.........
DIPA
You can surely sue them but before that if you are able to settle it out of court that will time saving.
Just remind the original owner that if he is not accepting your proposal then you will be going to sue the company as well as the original owner.
If he is ready to sign off with minor fee (should I really call it as fee!) then it is Ok.
keep in touch.........
DIPA