judgement on seller

[driftbuster]

What is the name of your state? Mississippi
buying a house in mississippi. she acepted my offer and the only thing we are waitng on is the termite inspection. I found out today that the owner has a judgement against her. the lawyer for the real estate agent doesn't thing this is a problem. I found out title insurance does not cover this. Now i have reservations about buying from this little old lady. since i finally settled my comp case I do not want to make any mistakes with the little money I have. should I be concerned?

 

[JETX]

Assuming that by judgment, you really mean that there is a judgment lien on the property, the seller has a problem that could affect her sale. The title company will require that she pay the outstanding judgment so that the title will be clear (no encumberances).

How much is the lien and will there be sufficient funds in the sale for her to pay it??

 

[driftbuster]

the realestate companys lawyer said it was personal and not on the property, I think that is what is confusing me. so my question is if she sells the house to me and this thing hasn't been resolved at that time can someone come and take the bouse away from me? since my title insurance will not cover it, will i have no recourse?

 

[driftbuster]

I guess my wife did not explain it properly but this is what i just found out. the judgement is against the contractor who built the house. I guess the homeowners assosiation from the sub-division has a judgement against the contractor and it had to be disclosed during purchase. my monther in law just gave the info (they are handling things for me). The house was one of 2 that we built too small almost 18 years ago. so what can happen, they make him add a room on the house? my father-in- law seems concerned but am i right to think this should not be a problem?

 

[HomeGuru]

My take is that this issue should not affect the sale but get a legal opinion since we cannot review the merits of the lawsuit and any counterclaims etc.