Property Questions

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rhal22

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Joined: Sat Sep 09, 2017 9:28 pm

Property Questions

Postby rhal22 » Sat Apr 28, 2018 11:11 pm

If you're a bona-fide purchaser and you take possession of a home without notice of a lien or mortgage, are you subject to said lien/mortgage?

Also, if you're a BFP and you take possession without notice of existing tenants, are you still subject to the lease agreement?

In either case, if you wanted to sue the grantor for breach of covenant against encumbrances but didn't want to rescind the contract, could you sue for damages? How would that work?

Thanks in advance.

paisa_sandia

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Posts: 40
Joined: Fri Jan 06, 2017 7:21 pm

Re: Property Questions

Postby paisa_sandia » Tue May 01, 2018 10:42 pm

Take this with a grain of salt but:

If you're a BFP (and by possession you also mean title), you would be subject to any lien/mortgage on the property. You can sue for damages in this context, in which case I'd assume it would be up to the court to determine the appropriate amount. Normally a breach of a covenant would just result in the possibility of rescission, but damages is still an option.

Same would be true if there was a lease on the property. Also if there was an easement or some other use right held by a third party.



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