- April 5, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Situation with a Friend’s Home Purchase
A close friend of mine was in search of a starter home for quite some time. After tirelessly searching, they finally found a perfect place and decided to make an offer. When the situation turned into a bidding war, my friend gave their best and highest offer and eventually won the house. Everything seemed to be going smoothly, with the closing date just a few days away. All the necessary inspections had been completed, and the earnest money had been paid. However, just when it seemed like the deal was about to close, my friend received a shocking alert – the deed to the property had a lien placed on it.
The reason for the lien was even more unsettling. It turns out that the ex-partner of the seller, who had been jailed for domestic violence and abuse, had come to know about the sale and was now claiming a share of the proceeds as they had contributed towards the purchase of the house and furniture. This unexpected turn of events, along with the uncertainty of when a settlement would be reached between the seller and their ex, raised concerns for my friend. The fact that a potentially violent individual was familiar with the property made the situation even more alarming. In light of these developments, my friend decided to back out of the sale, foregoing the earnest money, and seeking a clean break from the deal.
After the dust had settled, my friend received unsettling news – the seller was considering suing them for backing out of the contract. It turns out that the seller and their ex had resolved their issues, the lien had been removed, and the seller expected my friend to honor the initial agreement. Faced with the threat of a lawsuit, my friend is now feeling anxious and unsure about their legal standing in this situation.
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In this complex and stressful legal situation, AI Legalese Decoder can provide valuable assistance to my friend. By utilizing advanced artificial intelligence technology, the AI Legalese Decoder can analyze and interpret the legal language and terms used in the contract between my friend and the seller. The AI can break down the complicated legal jargon, provide clarity on the rights and obligations of both parties, and offer insights into the potential implications of backing out of the deal.
Moreover, the AI Legalese Decoder can assess the validity of the seller’s claim and the likelihood of their success in a lawsuit against my friend. By leveraging its deep understanding of legal principles and precedents, the AI can help my friend evaluate their legal position and make informed decisions on how to proceed in this challenging situation. With the support of AI Legalese Decoder, my friend can navigate the legal complexities with confidence and clarity, ensuring a fair and just resolution to the dispute.
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FREE Legal Document translation
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Yes. If this lien is arranged in such a way that it is resolved at closing there’s room for concern.
A delay in closing is not that unusual in the case of an unexpected lien. It does not automatically get the buyer out of the contract, and from what you’ve said the lien has already been resolved.
The buyer should seek the advice of a real estate attorney.
NAL
If the lien is settled, then there’s no reason not to complete the sale. Expect a suit if they back out and expect to lose.
Usually the amount of the lien gets put in escrow so you can still close. Assuming seller has sufficient equity. If lien exceeds seller’s proceeds, time to hire a lawyer