Real Estate Law
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Not sure if you got my reply. I was told that escrow would not close until I either paid the liens in full or they were fully satisfied in order to remove them and allow close of escrow. How do I have escrow put aside only the monies to cover those said liens but release the rest of the proceeds of the sale of property at close of escrow and then have the set aside monies be kept in an escrow account to give me time to properly prove I don't owe them and then once proved have the monies released to me? Can I do this and how long will I have because I don't want to loose 60K when I have proof I don't owe it?
Thank you again for your advise. Here is more to my problem. We are now past the deadline escrow was to close and have now had to extend to time out twice. The buyer is being very aggressive and demanding that escrow close by the 13th or they will sue and force me to sell regardless of my situation and sue for additional monies and are trying to force me to reduce the purchase price of the house and claim that they have the legal right to force all of this and I have no choice but to submit to their demands. What option do I have if title will not agree to do what I am asking with putting aside separate monies in escrow and give me time so I don't have to lose so much money? If I come to this ugly scenario what is my legal option to protect myself from paying money I don't owe and protect my self from being forced to sell my property at a reduced price or even worse? Can I file chapter 7 bankruptcy and be protected from both situations or what can I do? I also have the option to transfer the property into my LLC and sell it from there without dealing with the lien problem right? Then we could just redo escrow and since everything is already done couldn't we just have a 10 day escrow and have this thing all done that way? That is if the buyer is willing to cooperate and do this right? or am I just screwed at this point? What is the best and fastest way to solve this making everyone happy?
Thank You Again... So I gather that transferring the property to my LLC and doing the sale that way is out of the question? Or Chapter 7 bankruptcy isn't an option if forced to pay up front? Which insurance company are you referring to the one placed on by escrow or my own personal home owners insurance?
Ok, I will take your advise and pray for it to work out as you described. Thank you very much for all of your advise and your guidance, you have been such a huge help and I appreciate it more than I can say. I will absolutely give you an excellent rating...
Thanks again... Have a great night