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Transfers of Distressed Properties

December 2nd, 2010 Leave a comment Go to comments

Sometimes the best thing that can happen to a problem property is for it to be sold.  If the local jurisdiction is operating under the International Property Maintenance Code, the seller must inform the buyer of the code violation notices he or she has received pursuant to Section 107.6 and the buyer must accept responsibility for fixing the violations without reservation.  A sworn statement to this effect must be given to the code official of that jurisdiction.  If the new buyer goes into the deal with a plan of action, the code official rarely has to take enforcement action against the new owner.  This used to happen all of the time to problem properties where I was prosecuting the owners prior to the housing market crash.  It’s harder given the economic situation now, but, a savvy buyer can obtain a distressed property at a price where he or she can still make a profit.

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