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re: OT Lawyers: Road Home Property
Posted on 5/28/14 at 3:05 pm to Spudly
Posted on 5/28/14 at 3:05 pm to Spudly
OK, so since Party A did not fufill the covenant... what happens now? What did Party A do with the money?
I'm guessing Party A never returned the money to the state. Is there a lein on the land?
I'm not sure why the Title Company would be in trouble, if there was no public record filed pursuant to the covenant and/or the non completion of the covenant. And why in the world did Party B sign a contract with the sale subject to the covenant.
I was living in Texas when all the road home money went out. I'm still trying to understand what in the world the state/feds were thinking. They basically just gave away all the money.
I'm guessing Party A never returned the money to the state. Is there a lein on the land?
I'm not sure why the Title Company would be in trouble, if there was no public record filed pursuant to the covenant and/or the non completion of the covenant. And why in the world did Party B sign a contract with the sale subject to the covenant.
I was living in Texas when all the road home money went out. I'm still trying to understand what in the world the state/feds were thinking. They basically just gave away all the money.
2
Posted on 5/28/14 at 3:11 pm to LSUFanHouston
quote:
I'm not sure why the Title Company would be in trouble, if there was no public record filed pursuant to the covenant and/or the non completion of the covenant. And why in the world did Party B sign a contract with the sale subject to the covenant.
The covenant is recorded. No lien is filed.
Party B's act of sale stated it was subject to the recorded covenant. Party A stated in the act of sale that it has not violated the covenants.
Posted on 5/28/14 at 3:16 pm to LSUFanHouston
quote:
I'm not sure why the Title Company would be in trouble, if there was no public record filed pursuant to the covenant and/or the non completion of the covenant.
Yeah, I was assuming one was filed and and it was missed during title opinion and that is how the 2013 sale went through.
You would have to check the specifics with the state but I think liens like that have a 10 year statute of limitations in LA. So the govt. has until 2020 to file the lien, or a 2010 lien would expire in 2020. I'm a little fuzzy on that without researching further.
Nonetheless, sounds like something I would avoid being part of.
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