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03-12-2009, 04:54 PM
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Senior Member
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Join Date: Apr 2008
142 posts, read 105,118 times
Reputation: 49
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HELP!! Lien against condo building prevents me from selling
Last year, I relocated from Chicago to TX to join a new company. As part of the relocation package, the company offered to buy my home (a newly-developed condo). I accepted the offer.
However, later on the company found out that there are 2 liens placed against my condo building. Apparently, my developer owed some money to a contractor and , in turns, the contractor sued the developer and put liens on the building.
Then I also became aware that the liens were present at the time I bought the condo. As my title co. explained, there's additional insurance and hold harmless clause in my title policy that would "protect" me from those liens. Because of this additional insurance, transactions between the developer and buyers, and between reseller and buyers, could proceed.
I explained about this additional insurance to my company, however they still refused to buy the condo because it's against the company's policy to buy a property with a lien on it. The title needs to be clear no matter what.
Is there anything I can do to help clear out those titles? I desperately need to sell this condo...
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03-12-2009, 05:02 PM
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Senior Member
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Join Date: Jan 2008
950 posts, read 777,254 times
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Get an attorney. You might be able to buy a release from the contractor and the title insurance might have to pay.
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03-12-2009, 05:13 PM
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Senior Member
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Join Date: Jan 2009
475 posts, read 204,622 times
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where is it located?
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03-12-2009, 05:15 PM
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asdf jkl;
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Join Date: Oct 2007
Location: Uptown, Chicago
7,176 posts, read 4,866,758 times
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So you're looking for free legal advice online? I don't think any attorney worth his salt would give you advice here, and the only advice I'd take from anyone else on this matter is "get an attorney"!
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03-12-2009, 05:53 PM
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Senior Member
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Join Date: Apr 2008
142 posts, read 105,118 times
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It's a condo in South Loop.
My company inquired the contractor about a partial release, but they refused. Does this mean all hope is lost???
I'm not trying to get free legal advice or whatever... I'm just clueless and totally inexperienced in this kind of matter and trying to get some ideas from more experienced people out there... simple as that.
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03-12-2009, 07:04 PM
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Member
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Join Date: Sep 2008
30 posts, read 16,683 times
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More experienced people will quite rightly tell you: Get an attorney. This is too complicated for you to manage on your own.
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03-12-2009, 07:31 PM
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Senior Member
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Join Date: Apr 2008
142 posts, read 105,118 times
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OK... i got the point.
How much should I expect to spend for attorney?
And how much to pay the contractor for a partial release?
Quote:
Originally Posted by weindell
More experienced people will quite rightly tell you: Get an attorney. This is too complicated for you to manage on your own.
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03-12-2009, 08:32 PM
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Senior Member
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Join Date: Dec 2006
2,162 posts, read 1,420,185 times
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Quote:
Originally Posted by Lookout Kid
So you're looking for free legal advice online? I don't think any attorney worth his salt would give you advice here, and the only advice I'd take from anyone else on this matter is "get an attorney"!
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That's pretty much my take on this.
Even given the fact that I don't know Chicago property law for crap (or property law at all, for that matter) I sure as hell wouldn't give legal advice online.
Get a lawyer.
With respect to costs, I suspect most attorneys these days would be willing to bite their knuckles clean for work. You could probably get a really good deal  Just as a point of reference, my average billable hour in Chicago was $600. That went up or down depending on several factors. I also worked for a major firm. Most smaller firms are going to fall in the $200-400 range, but again... Who knows. You have to go find out |
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03-12-2009, 10:02 PM
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Senior Member
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Join Date: Mar 2008
Location: Chicago
718 posts, read 424,510 times
Reputation: 122
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Quote:
Originally Posted by revive
OK... i got the point.
How much should I expect to spend for attorney?
And how much to pay the contractor for a partial release?
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between 50 bucks an hour to a few grand, seriously.
But on the flip side does it really matter? If it cost 5 grand to get sell a condo in the south loop I would pay it with a smile. Everyone I know with a condo for sale in the SL would give their left nut to sell their condo |
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03-13-2009, 08:40 AM
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Senior Member
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Join Date: Apr 2008
142 posts, read 105,118 times
Reputation: 49
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I agree with you... avoiding another year of property tax itself justifies spending $5K. But I just want to get a better idea what to expect.
Quote:
Originally Posted by long101
between 50 bucks an hour to a few grand, seriously.
But on the flip side does it really matter? If it cost 5 grand to get sell a condo in the south loop I would pay it with a smile. Everyone I know with a condo for sale in the SL would give their left nut to sell their condo
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