Is there something that makes you suspicious? This is the sort of action I would expect a HOA to take. They try to help their members along. This is extremely common. I’d try talking to the people doing the management of the association in a friendly way. Point out that you have an interest in the property which is more than just that of a renter. Just ask for a heads up if payment are not made so you could make them to protect your position.
Assuming that your option allows you to pay the mortgage and other obligations if the owner is not doing so. Or, if an attorney thinks that the state law allows you to do so.
So, at least as far as the HOA goes, I don’t see a problem.
If you have a memorandum of option recorded in the county land records, the world is on notice about your interest in the property. Typically no body else would be able to get a deed to the property without owing you the right to exercise your option at your option price. Thus, few knowledgeable people in their right minds would pay much for the property.
This is a legal issue and you may well want to get good advice from an attorney on the situation.
I entered a “Lease with Option to Purchase” I find out that our monthly payments that have been above and beyond the amount of Mortgage and HOA were not be submitted to the HOA and they have recently filed a NOD.
We the buyers have offered to pay up their arearagaes provided they allow us to go through Escrow and they surrender the title and payments book, they agreeded to carry for two years…they have refused they say they found a buyer and want us out…What should we do?
This makes no sense to me. How can they have a buyer if they are going to lose the property at a foreclosure sale on the Home Owners Association dues?
A buyer would have to honor your option to purchase if the buyer has notice of it, I would think. Although I am not an attorney. Did you file a memorandum of option? If not, can you do so?
I think you definately need to talk to an attorney that does only real estate matters. Take all your paperwork with you to the first meeting. Do this soon.
Does your lease with option to purchase allow you to pay loans and other obligations if the owners do not? If so, pay the homeowners association lien yourself.
These people sound either confused or stupid. Perhaps both. And plus probably greedy. Be prepared to swat them down with a powerful attorney.
thank you for your responce, Yes I did already try and work with the HOA, and yes I did record a memorandium option, but the HOA first said they were going to foreclose and sell, then the next time we spoke she said that they were going to allow a 6mo pymt plan with the owners, which does not guarentee us as the buyers anything, if all this is true I highly dought they can meet these payments along with the current ones. I feel im being lied to here. what do you think?