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All Forum Posts by: William Stewart

William Stewart has started 18 posts and replied 72 times.

Post: Closing dispute residential loan turns out to be tenant occupied

William StewartPosted
  • Rental Property Investor
  • Fort Mill, SC
  • Posts 76
  • Votes 23

@Peter Walther 3 tenants each having their own lease. And I agree with you about the tenants being able to argue it. But there's 2 separate line items on there.

Line 28 states, "The lessor/s has the right to give e 90 day notice if home is sold, at which time the lesse/s must acknowledge and be out in 90 days unless agreement by new owner waives this right."

Line 38. Other Disclosure states,"If property is sold, the Lessor has the right to give the lessee a 90 day notice and end this agreement.

Seeing how the lease transfer to buyer he would be considered lessor. So if they would/do argue they weren't given notice by seller of 90 days before closing than the Line 38 would give buyer/now lessor right to do it. I'm not a lawyer so this is all true in my head and not real life. Also though if they wanted to play hard ball buyer could sell give 90 days and new purchaser would then in turn have right to invoke it.

Though all this is something of opinion unless there's a lawyer who knows?

Anyway beyond all that buyer met tenants there college kids in senior year he doesn't want to kick them out they are really good people. Talked with them today explained situation and is going to move in the physical home not camper. There is an extra room. That way it's taking possession. Again though someone will most likely say this is wrong too.

Tha k you for your insight greatly appreciated

Post: Closing dispute residential loan turns out to be tenant occupied

William StewartPosted
  • Rental Property Investor
  • Fort Mill, SC
  • Posts 76
  • Votes 23

@Peter Walther wow I'm confused but thank you

Post: Closing dispute residential loan turns out to be tenant occupied

William StewartPosted
  • Rental Property Investor
  • Fort Mill, SC
  • Posts 76
  • Votes 23

@Wayne Brooks also its closed the seller has no part in this anymore

Post: Closing dispute residential loan turns out to be tenant occupied

William StewartPosted
  • Rental Property Investor
  • Fort Mill, SC
  • Posts 76
  • Votes 23

@Wayne Brooks no he talked to separate lawyer. Lawyer asked him if he got title insurance he did. Lawyer stated if anything happens they would be on the hook

Post: Closing dispute residential loan turns out to be tenant occupied

William StewartPosted
  • Rental Property Investor
  • Fort Mill, SC
  • Posts 76
  • Votes 23

@Joe Splitrock could the tenants stay in place and he live in camper and get separate policy

Post: Closing dispute residential loan turns out to be tenant occupied

William StewartPosted
  • Rental Property Investor
  • Fort Mill, SC
  • Posts 76
  • Votes 23

@John Mocker could you not just get a separate policy for tenants and move in the property and stay in a camper

Post: Closing dispute residential loan turns out to be tenant occupied

William StewartPosted
  • Rental Property Investor
  • Fort Mill, SC
  • Posts 76
  • Votes 23

@Wayne Brooks also title company will be n hook if something happens per attorney

Post: Closing dispute residential loan turns out to be tenant occupied

William StewartPosted
  • Rental Property Investor
  • Fort Mill, SC
  • Posts 76
  • Votes 23

@William Stewart love someone who knows everything

Post: Closing dispute residential loan turns out to be tenant occupied

William StewartPosted
  • Rental Property Investor
  • Fort Mill, SC
  • Posts 76
  • Votes 23

@Wayne Brooks he's also going to move in stay in camper. You really think bank will call hs loan. Worst case he will pay t off

Post: Closing dispute residential loan turns out to be tenant occupied

William StewartPosted
  • Rental Property Investor
  • Fort Mill, SC
  • Posts 76
  • Votes 23

Update 

my bud decided to admit responsibility and is going to pay down loan to 20-25%. He' not sure if this will keep him totally out of the woods but better than letting it sit how it is