Legal Question in Real Estate Law in California
Followup: Should I buy divided property?
Followup to my question previously posted upon response from attorney...
The property is in San Bernardino county.
The landlord wants me to buy the whole property, $0 down and take over the mortgage. I don't know if it's the first or second mortgage or anything of the sort. All I know is that a finance company sends him a bill related to the property. I don't have excellent credit, so I worry about the finance company agreeing to hand over the payments to me.
I am planning to buy the whole property. I was wondering about the half am living on where no taxes are being paid on the mobile home. It seems that the tax assessor placed the whole land and only the landlord's mobile home on tax papers (each is on separate bills).
1 Answer from Attorneys
Re: Followup: Should I buy divided property?
There a number of things to be concerned about here. Is there real property involved, or are you just purchasing the mobile home? In either case, is the amount owed more than the value? Is there a monthly rental for space (if it is in a mobile home park and you have no ownership of the land).
Some loans have "Due on sale clauses" where the loan could become due in full if title changes. On the other hand, the finance company generally does not want to reclaim property, and will not care, as long as payments are made. In the scenario that you present, the seller is still liable for payment of the loan to the finance company, and you would be liable only to the seller.
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