Interesting predicament

So I’m in contract to close on a house and the closing is supposed to be this Friday 6/24. Today I got a call from the lawyers saying that the title search came back and there was a lease on the property from the 1950s, there is no official document closing that lease so my lawyer informed me that I shouldn’t pay for a house that I might not actually own after closing since we don’t know how long the lease is for. They will be searching for any documents that show a closed lease or any heirs of the owner who made the lease. What exactly is the process that the lawyers will go through? Shouldn’t the current owner technically be in charge of that lease if it were still active today? How often do lawyers not find this info? They told me it could take months to find which really ruins a lot of the plans I had for the summer on the property and throws a wrench in the whole contract. What would you do ?

submitted by /u/pandalma
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So I’m in contract to close on a house and the closing is supposed to be this Friday 6/24. Today I got a call from the lawyers saying that the title search came back and there was a lease on the property from the 1950s, there is no official document closing that lease so my lawyer informed me that I shouldn’t pay for a house that I might not actually own after closing since we don’t know how long the lease is for. They will be searching for any documents that show a closed lease or any heirs of the owner who made the lease. What exactly is the process that the lawyers will go through? Shouldn’t the current owner technically be in charge of that lease if it were still active today? How often do lawyers not find this info? They told me it could take months to find which really ruins a lot of the plans I had for the summer on the property and throws a wrench in the whole contract. What would you do ? submitted by /u/pandalma [link] [comments]

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