re: OT Lawyers: Road Home Property

quote:

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Road Home has basically said that if Party B, C, D, etc. build a house on the lot and can show occupancy and insurance, then there are no issues and Road Home will release the covenants (regardless of Party A's previous noncompliance within the initial 3 year period).

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I'm not surprised by that... I get the impression the Road Home people want to put this entire program to bed, and will do whatever they can to speed that along.

My question is... does Party B currently have any performance obligations, and what is the penalty for non-compliance? That's because if I'm Party C, I want to know, especially if those are going to transfer to me.

If I'm Party C... and I intend to purchase land and immediately build upon it... I might not care. But... would this outstanding thing be something that could prevent me from getting financing to build the house? That's all well and good that Road Home will release after the house is occupied, but I still have to get a house to occupy.