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04-11-2010, 10:10 PM #1
Renter
- Join Date
- Apr 2010
- Posts
- 1
Fee to convert from sandwich lease to fee simple
I'm in escrow to purchase a condo that has a sandwich lease that they claim was paid off to convert the unit to fee simple. It was marketed as fee simple with no mention of the fee until after the home inspection and appraisal was completed. The sellers claim they didn't know about it. There's a master lease and a sub-lease on the property. The master lease, I believe is what was paid off, but then there's a $5K fee that is an attorney's fee to make it truly fee simple. Should I be footing the bill for this fee or should the seller be paying? If my realtor negotiates the selling price down $3k to help me pay for the fee should I go for the deal or back out and look for another unit?
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04-12-2010, 06:10 AM #2
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- Join Date
- Sep 2007
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- Outer Banks
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- 1,281
The sellers marketed the property as fee simple so it is their responsibility to provide it and pay any expenses associated with providing it.
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