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How to buy a property with lean from getting divorced couple?

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Raraz2009

Junior Member
What is the name of your state (only U.S. law)? New York

Try to buy half of the property from a getting divorced couple. The name on the deed is wife. She try to sell her half to me.

The problem is they stop paying mortgage and real estate tax (around 36,000 a year) since 2013, and there are leans from mortgage bank and local town. And they are getting divorced.

The question is how can I buy this half of property without getting trouble? & should I have to pay off all the leans and real estate taxes before I the transaction? Or I better off waiting after they got their divorce settled?
 


FlyingRon

Senior Member
You get them to pay what they owe on the property. Often this can be done out of the sale proceeds and whoever is handling the closing deals with the bank and the tax man to get the liens removed. Of course another issue is whether even with the property in one name if it isn't indeed marital property and the wife not completely free to dispose of it. You'd best have your lawyer get a release of claim from the husband as well.
 

latigo

Senior Member
What is the name of your state (only U.S. law)? New York

Try to buy half of the property from a getting divorced couple. The name on the deed is wife. She try to sell her half to me.

The problem is they stop paying mortgage and real estate tax (around 36,000 a year) since 2013, and there are leans from mortgage bank and local town. And they are getting divorced.

The question is how can I buy this half of property without getting trouble? & should I have to pay off all the leans and real estate taxes before I the transaction? Or I better off waiting after they got their divorce settled?
(Some friendly, knowledgeable advice.)

Liens, taxes, mortgages or not - THERE IS NO WAY that you could purchase what is either an undivided partial interest in real property ("her half" ) or in which the husband may have a vested and/or equitable interest WITHOUT ASKING FOR TROUBLE!

Understandably you will not understand what I'm talking about - in particular the hazards of becoming a party to an "estate in cotenancy", which would happen if the sole grantor wife is only a partial owner -

PLUS the fact that it is readily apparent that you have not obtained a professional title search and/or preliminary report and are only relying on word of mouth as to the recorded status of the property (example: "the name on the deed is wife, yet contradictorily she wants to sell her half" are some of the very reasons why you should back away and not look back. At least not until the divorce is granted and then with an entirely new approach to any such proposal.

BUT under no circumstances should you purchase a partial ownership in this or any other property. Owning an undivided interest, regardless of the percentage, is the worst possible means of owning land!

If you don't want "get in trouble" , then don't be looking for it. This proposal contains heaps of it! Much of which you don't and couldn't recognize.
 

Raraz2009

Junior Member
Tks for all the advice I got.

Will try to get a release form from husband. If get it, will hire attorney for professional title search.

If can't get the whole property, then instantly walk away from it and not look back.
 

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