Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Congratulations, the seller has accepted your purchase offer! You are anxious to close the deal and take possession of the property within 60 days from

Congratulations, the seller has accepted your purchase offer! You are anxious to close the deal and take possession of the property within 60 days from the seller's acceptance date. You have been made aware of potential title issues that may delay the closing. You have asked title company to provide you with a preliminary title search to identify any title defects. Your review of the preliminary title search has revealed the following:

  • Appurtenant easement (your property is the dominant tenement)
  • Easement in gross (the easement owner is dead)
  • Specific lien for the first mortgage placed against the property by the seller
  • Mechanics lien recorded by new window replacement contractor for unpaid materials and installation services
  • Lien recorded by property association for last year's unpaid annual dues
  • Lien for unpaid real estate taxes

Address the following in your initial post:

  1. Describe the difference between the appurtenant easement and easement in gross. Will either of them cause a delay in closing? Why or why not?
  2. Describe the differences between the specific lien and mechanics lien? Will either of them cause a delay in closing? Why or why not?
  3. Identify the lien classification type for the unpaid association dues and the delinquent real estate taxes. Will either of them cause a delay in closing? Why or why not?
  4. How are lien priorities established and which one of the above liens has the highest priority?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Medical Law

Authors: Jo Samanta Ash Samanta

2nd Edition

1137486589, 978-1137486585

More Books

Students also viewed these Law questions

Question

Define offboarding. Why is it important?

Answered: 1 week ago