Whose responsibility is it to recorda lease option?

Get Legal Help Today

secured lock Secured with SHA-256 Encryption

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 10 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. 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption