Purchasing a manufactured home, the seller didnt pay the previous private lien and hasnt been able to contact the lender in over a year. Seller is bonding the title, what are my risk as the buyer?
Asked on 3/26/12, 1:53 pm
1 Answer from Attorneys
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
The amount of "buyer beware" to exercise here is proportional to the amount of the private lien and to some extent the likelihood that it will become a future problem. I'd recommend having a local lawyer review the bond terms and check the stability and credit worthiness of the bondsman, especially if the amount owed exceeds, say, $10,000.
Answered on 3/26/12, 3:25 pm
