New Jersey Mortgage Lender

Kevin Said:

Foreclosures and age?

We Answered:

Before you purchase any foreclosed property at auction, you would be foolish if you did not have a title search (exam) done. Contact a real estate attorney or title company. Have them check the title to see if there are any defects, other liens, judgments, easements, restrictions, zoning limitations, real estate tax arrearages, boundary line disputes or reversion clauses. The title exam should also confirm that the foreclosure was properly performed. If the property is a condo or part of a planned unit development, it may also be subject to association dues, assessments or special levys. Find out what the municipal taxes are and how much you will need to pay after you acquire the property.
Ownership of real estate if you are younger tan 18 may be voidable but not necessarily void. That means you may be able to get it as long as no one raises a stink and challenges your ownership.

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