Real Estate Law
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My understanding from HUD's asset manager (HUDPEMCO) is that PNC should have resolved any title issues before conveying it to HUD who sold it to me through their asset manager (HUDPEMCO). HUD had title to the property when (on their behalf), HUDPEMCO/HUD entered the contract with us. The manufactured home was considered personal property because it didn't have its DMV title retired yet. My understanding in real estate is that any personal property left with real property is conveyed to the new owner if left there. Why couldn't we close...Well the title company said that technically, they intended to sell the home plus the land. The manufactured home is titled like a vehicle through the DMV until retired as real estate. This is the reason the contract was cancelled. The DMV still showed it as a vehicle and the title search indicated it was not deeded as real estate yet. Shouldn't PNC have cleared this before conveying the entire real property to HUD? Couldn't my claim be against PNC as well?.
Please let me know if my answer is helpful to you. The website has been experiencing systematic problems lately -- consequently many customers are not receiving my answers. Thanks again.
Thanks that was helpful and made sense. This is my last question/point of clarification. I looked over the HUD sales contract. It reads the following in fine print...
D. Seller may rescind this contract and return all or a portion of
Purchaser's earnest money deposit under the following conditions:
1. Seller has not acquired the property.
2. Seller is unable or unwilling to remove valid objections to the title
prior to closing.
3. Seller determines that purchaser is not an acceptable borrower.
Tender of the deposit shall release the Seller from any and all claims
arising from this transaction.
Do any of these terms or conditions negate my ability to be successful with a claim or file a lis pendens regarding the property...
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