Legal Question in Real Estate Law in Arizona
Trust deed on condominium
I have a trust deed on a condominium developement. The trust deed is for a purchase of an apartment complex for conversion to a condominium. The declaration of condominium was filed on january 31 and my trust deed was filed on february 1 and is against one of the units in the apartment/condominium complex. The condominium conversion was never completed legally, nothing done but the declaration of condominium, no public report et cetera. The apartment/condominium that i have a trust deed against was sold to a buyer, although it could not be legally sold. Do i have a valid security interest? Is it a security interest in the entire apartment complex or only one unit? Can i foreclose on the property?
1 Answer from Attorneys
Re: Trust deed on condominium
Your questions cannot be answered from the information that you have provided. Not only must the documents be reviewed, but it would be necessary to learn the whole transaction, how you got into this transaction, what was the intended transaction, what representations were made and by whom, etc. etc.
You need to consult with counsel at once to determine what your rights may be under the facts as you can prove them to be.
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