J
jonic12
Guest
What is the name of your state? California
I am in the middle of purchasing a new construction condo in Murrieta, CA.
As part of our purchase agreement, the bulider had us sign an addendum imposing a charitable endowment fee on the property that needs to be paid by buyer and seller each time the property is transferred. What we didn't know is that the terms are recorded on our title work. This is showing up on our prelim and is being rejected by lenders because it looks to them like a possible lien could show up on the property from this. Because I am in the mortgage business, I refused to go through the builder's lender, but now every lender I talk to is denying the file because of this, and I am being advised to back out on the property and loose my $4,000 deposit because this is a problem that will persist every time I try to refi or sell the property. I would like to know if anyone has ever heard of this before and if what they are doing is even legal.
I am in the middle of purchasing a new construction condo in Murrieta, CA.
As part of our purchase agreement, the bulider had us sign an addendum imposing a charitable endowment fee on the property that needs to be paid by buyer and seller each time the property is transferred. What we didn't know is that the terms are recorded on our title work. This is showing up on our prelim and is being rejected by lenders because it looks to them like a possible lien could show up on the property from this. Because I am in the mortgage business, I refused to go through the builder's lender, but now every lender I talk to is denying the file because of this, and I am being advised to back out on the property and loose my $4,000 deposit because this is a problem that will persist every time I try to refi or sell the property. I would like to know if anyone has ever heard of this before and if what they are doing is even legal.