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Updated about 4 years ago on . Most recent reply

User Stats

76
Posts
27
Votes
Ariel Hernandez
  • Rental Property Investor
  • Paramus NJ
27
Votes |
76
Posts

Bought a house on land contract

Ariel Hernandez
  • Rental Property Investor
  • Paramus NJ
Posted

Bought a house on land contract seller finance last November, I’m in the process of cash out refinancing and title company sends me and seller two huge judgments amounts that we’re filed against seller two weeks after we closed on the property saying those need to be paid off.

A quick Google search and I found out buying on land contract has these disadvantages because title was never fully transfer from seller to me until once contract paid in full ( great lesson for me)

Those judgments from an insurance company are about $20k more than what I owe him.

Are those filings legitimate even if filed against him two weeks after we closed on the property and I received a fully cleared title policy?

Any feedback would be appreciated

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