Right of Redemption Commercial Property
Hello,
Me and my partner are looking at buying a piece of commercial property and the seller would not negotiate a contract to protect us from the right of redemption. We tried every avenue and no deal. With that said we are pursuing to buy the rights from the second mortgage holder and they have agreed to sell us their right to redeem. With that said the seller has a contract in place with another buyer and we have decided to pursue the redemption process. If the property sales while we are trying to redeem, what would be our risk once we go through the process of redemption? The reason I ask is because this is where me and my partner put up a lot of money and I do not want to do this if the judge for some reason does not rule in our favor. Would there be any other pitfalls that I am not aware of? Thanks.
Merlin
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