Legal Question in Real Estate Law in New York
I am looking into buying a property where the owner has a 'contract' that they must pay a private party 50% of the proceeds of the sale. How can I Be certain that there isn't a lien on the property and how do I protect my interest from this "third party" should I pay for the property in full up front.
1 Answer from Attorneys
You know about the contract. He who takes with notice of an equity takes subject to that equity. Some contracts are totally unenforceable if they are not recorded, but they are very scarce. What does it matter to you if the seller has to share the proceeds? Just make sure that the sharing party gets paid, because otherwise you will be sued.
Recording is a way to make sure buyers have notice of these things. In your case, you know about the problems so the lack of recording is irrelevant.Unless, of course, you're prepare to lie under oath about your knowledge or lack thereof.
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