Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Anyone a Real Estate Lawyer in NJ
Old 08-26-2018, 03:20 PM   #1
Recycles dryer sheets
 
Join Date: Oct 2008
Posts: 264
Anyone a Real Estate Lawyer in NJ

Ok own top floor of a two unit condo in NJ shore.
First floor owner did not pay me for the last 3 years for flood and building
insurance, nor repairs to building this year.
Other owner in bankruptcy.
First floor sold back to bank on 8/1 sheriff sale.

Bank has paid me half of this years flood and building insurance.
That'r great, since it is ongoing.

We are talking about another 12,000 here in unpaid insurance bills, and
building repairs.

When I sent the bank all the other bills, all I get is silence.

My contention is that they are responsible to the HOA, which is now both of us, but I am the senior associate.

When they bought back the property in the sheriff sale my contention is
they also assumed the liabilities of the rest of the unpaid bills.

My question is. Are they responsible for unpaid bills prior to 8/1/18.

They intend to put the property up for sale.

If I am not paid 1/2 of the outstanding bills.

Should I attach a lien, or the condo association attach a super lien.

I did not do this in the past, since the other owner was bankrupt.

Any help appreciated, otherwise I am checking with my real estate
agent, in NJ, and their lawyer, and or a local lawyer.

I am sure they might not want an lien on the house they are trying to sell.

Do not want to do this, but might be forced to, if the condo association
has any legal right to do this, at this time.

Thanks for any advice.
Mike
__________________

mf15 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-26-2018, 03:29 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 24,766
Somewhat relevant... DD was buying a REO condo. Both the prior owner and the bank were in arrears on HOA fees. The HOA would have received HOA fees in arrears at the closing.

Read your HOA documents.
__________________

__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56...target 65/35/0 AA
pb4uski is online now   Reply With Quote
Old 08-26-2018, 05:27 PM   #3
Recycles dryer sheets
 
Join Date: Oct 2008
Posts: 264
Interesting. Now a question might be, what entity needs to know that
HOA fees are not paid.
No one knows this except the bank, since I have sent them all the paid bills.
The only way I know to force payment at settlement if they find a buyer, is to put a lien
on the property.
But, really trying to figure out if they must pick up prior owners, lack of payment
of HOA fee's prior to 8/1/18 when the sheriff sale went off.
Mike
mf15 is offline   Reply With Quote
Old 08-26-2018, 06:35 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Jul 2017
Location: Long Island
Posts: 1,222
You will have to check with a NJ RE attorney. These are just my thoughts on the process. Your claim was against the prior owner. You did not have any lien on the condo at the time it was transferred. (There may for example have been tax liens, or mechanics' liens on the condo at the time of sale, which would have been satisfied, in order of priority, from the available proceeds, at the time of sale.) You did not place potential buyers on notice of your claim. Thus, the bank acquired title w/o your lien. The trick is getting a valid lien filed prior to the sale.


Again, YMMV, I have no knowledge of NJ law.

Let us know how it goes.

Good luck.
__________________
Use it up, wear it out, make it do or do without.
MarieIG is offline   Reply With Quote
Old 08-26-2018, 06:52 PM   #5
Recycles dryer sheets
 
Join Date: Oct 2008
Posts: 264
Thanks all. From what I understand even if I/HOA put on what is called a super lien, prior to the sheriff sale, that would have been dissolved at the sale with 6 months worth of payments. Not really worth all the trouble.

Just looking for options at this time, if any. If none then so be it.
Mike
mf15 is offline   Reply With Quote
Old 08-26-2018, 06:54 PM   #6
Full time employment: Posting here.
Silver's Avatar
 
Join Date: Sep 2010
Location: Orlando, Fl
Posts: 772
Assuming there is a title company involved, do some research on New Jersey estoppel laws.

Whenever there is a HOA an estoppel letter must be sent to the title company providing info on what HOA violations are open and HOA any monies owed. The title company must ensure a clear title and cannot close on a title that is not cleared of all violations and liens. An officer of the HOA must provide the estoppel letter. This may be a way to get the monies owed into the title process.
__________________
"Some people describe themselves as being able to see a glass half full. For some, the glass is half empty. Me? I can't even find the f***king glass."
Silver
Silver is offline   Reply With Quote
Old 08-26-2018, 07:24 PM   #7
Recycles dryer sheets
 
Join Date: Oct 2008
Posts: 264
Estoppel letter is an interesting concept. Funny the first floor has been sold twice, since
I owned the top floor, and I never had a request for an estoppel letter.

If you are buying a property governed by a homeowner’s association, your lender must receive an estoppel letter from the HOA prior to the closing. The purpose of the estoppel letter, a legally binding document, is finding out whether there are outstanding balances owed to the HOA. Such balances could end up with the HOA putting a lien on the property.

I see that what ever goes on I should contact a real estate lawyer in NJ.
That way I will know if there is any obligation by the bank, for unpaid bills
prior to the sheriff sale.


Thanks for the info.
Mike
__________________

mf15 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
The REAL Real Estate Appreciation Rate honobob FIRE and Money 158 06-21-2009 09:46 AM
Real Estate Agent in Down Real Estate Market TromboneAl Other topics 4 06-09-2007 11:20 AM

» Quick Links

 
All times are GMT -6. The time now is 02:40 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
×