Legal Question in Real Estate Law in Nevada
I am buying my home on a owner contract. It was drawn up by a lawyer with the agreed price for the home, monthly payments and interest rate. The deed to the home is now in my name. I have not been late with the payments, I have paid the payment on time for the last 5 yrs. I tried to get a loan for home improvement, and when they did a title search, the seller of the house had put a lein on it. Can he do that? He did not tell me that he put a lein on my home, I did not find out until I tried to get a loan. Is this legal?
2 Answers from Attorneys
If you are making payments to the builder for the home then I would be surprised if he did not have a lien, security interest or deed of trust on your home. Most builders are not going to build a house on an unsecured contract or promissory note because otherwise if the owner defaults or files bankruptcy the builder has no recourse. I suspect you signed such a document when you bought your home. You should get a copy of what was recorded.
If you bought the house on a contract for sale from a prior owner it is likely the prior owner recorded the contract for sale.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
