Whose responsibility is it to recorda lease option?
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Whose responsibility is it to recorda lease option?
We entered into a lease option, all of which documentation was prepared by a real estate agent and an attorney. We just received notice that the property has been sold through a judicial sale. We were never given notice from the seller or the tax office of this sale?
Asked on October 3, 2011 under Real Estate Law, Pennsylvania
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
In most circumstances it is the responsibility of the person obtaining the option to purchase real property to record it on the parcel that the option applies to in order to protect the purchaser's interest in the property's potential acquisition.
As you probably realize, the option that you entered into was most likely junior to the mortgage or trust deed that was foreclosed upon resulting in legal title being taken out of the name of the person that gave the option to purchase.
One way to possibly acquire the property that you had an option to purchase that was foreclosed upon is to see if the lender foreclosed upon it. If so, it most likely will want to sell it.
Good luck.
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