Legal Question in Real Estate Law in New York
I purchased a house on a land contract 12 years ago. We have paid off the house and have just had an abstract done that shows there is an outstanding lien from the last purchase. I have talked to the owner and they state that they have nothing to show that the house was paid off from there land contract. The person that they purchased it from has since passed away. What can be done to get the lien released so that I can get a home equity loan.
2 Answers from Attorneys
You should first contact your title company. If there was a purchase and the title company failed to have the lien satisfied, you may have a claim under your title insurance policy.
Mike.
And it is the title company that should do one of two things: (1) bring a quiet title action to remove the lien of record; or (2) provide the "next" title company with an indemnity. You need to speak with the title company for the new deal...which might even be the same one that insured title the first time around. The usual solution is the second one, but if the title companies are the same for both transactions, I would get majorly testy and tell them you paid for clean title, you insured a clean title, and they can darned well fix the problems.
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.
