PROPERTY UNDER CONSERVATORSHIP WHAT TO DO?
I'm working on another potential deal where the owner informed me that the property is under conservatorship. I looked it up and it stated;
"The Abandoned and Blighted Property Conservatorship Act allows the court to appoint a conservator to rehabilitate deteriorating residential, commercial and industrial buildings. The Act does not relieve the actual property owner of any liability or obligation with respect to the property, and the property owner may become responsible for debts incurred as a result of the conservatorship."
So with that being said, if I contracted the place, those fees incurred would be paid by the seller out of their cut or would that have to be added in the language of the agreement? Would I have to be in contact with the conservator or no? I'm assuming title would bring any all debt with that right?