San Diego Option to Purchase?
I was looking at my property on the county clerks office. I bought my condo in 2016, and I see the previous owner as the grantor and myself as the grantee for the deed. This is all normal.
Where things get unusual is that I live in affordable for sale housing. I was able to purchase my property because I made less than the median income. I have first loan with a bank that I make payments on. I have a silent second loan that is with the city that is due in 30 years.
Now where things get strange is in 2017 I see an "Option to Purchase" with the City as the grantor and myself as the grantee. The public records searched only shows deed transfer since my property was built in 2009. I'm the first person that has an "Option to Purchase" from the city, and it occurred 9 months after I bought the property and 8 years after the property was built. The timing seems random to me, and I'm still trying to figure out what an option to purchase means. I would be glad for any thoughts/ opinions on what this means.
Your loan to the city due in 30 years is you having the option to obtain clear title at that time I believe