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I hope i can make a messy situation clear. I'm on the board of a building has 5 former sponsor units (rent controlled with tenants) that the owners defaulted on back in the early 90's. The sponsor representitive had 3 buyers lined up over the past year to purchase them. When the board took them off the table, because 1 of the owners passed away, It was revealed that management never did a proper foreclosure of the units, and ALL of the previous owners suddenly resurfaced, and laid claims (through lawyers) on all of the apartments. they all want to pay arrears and get them back after 15+ years. Our lawyers says that we have no real options. Any thoughts appreciated?
Find a really good real estate lawyer! It will be worth the cost. As the other poster here points out, there's probably a statute of limitations or if not some other way to keep control.
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you say "all of the previous owners" i thought they are sponsor units? one owner?
was it a single action that was botched? or several? this was done 15 years ago? what about the other transfers? wasn't there title insurance? a lot of avenues and variables to be considered.
I am not an atty, and this requires the advice and council of your hired atty; however, I would assume there to be a statute of limitations. if not, there are H.T.O. laws that permit ownership to certain parties after so many years (I think NY is 15 years), providing certain conditions are met.
nevertheless, the management may not be responsible, but the atty and other professionals who performed the foreclosure.
~AR
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