Legal Question in Real Estate Law in Missouri

Lean release

My husband and I received some land from his parents. A deed has been filed and the property is in my husbands and my name. For a month we have been waiting for the paper work to be processed. The property that was given to us had a lean on it which the bank has released. I called the bank because we still can't do anything with the property through our bank. Come to find out the property owner was handed the paper work for the lean release and won�t take it to the court house to be recorded. What can we do? Is it the bank that holds the leans responsibility to file the release? Do we have right to ask for a copy from the bank? Is there some sort of a penalty for it not being recorded after so many days? Can the property owner hold something like this against us? The answer as to why he is doing this is because he is my husband�s father. He does not want us to sell the property with out his consent or after he dies. He wants to be put on the deed and bank paper work so he has a say. Any answers will be greatly appreciated. Thank you


Asked on 5/30/12, 10:49 pm

2 Answer from Attorneys
M. Scott Montgomery the montgomery law firm llc

The bank has a certain period of time within which it must release the lien. If it does not do so, and the mortgage is in fact paid off, there is a penalty you can collect from the bank for its failure to release the lien. I can't imagine that the bank would pay the penalty unless you have an attorney representing you.

It is unclear to me whether your father in law still has any interest in the property based upon what you posted. I'd be happy to advise further but I need more information.

Thanks.

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Answered on 5/31/12, 10:28 am


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