Tapu question
Can anyone advise whether it is possible for the builder to borrow money against a property if you have the tapu marked Kat Irifaki or to continue to owe money against the property from the building stage?
I thought when I got my tapu that meant I was the sole legal owner and that the builder had to have cleared all debts against the property or I would have been informed at the time of the transfer. A friend now tells me this is not the case and that it is still possible for the builder to have debts against the property.
I don't think my builder does have any debts against the properties but I would like to know exactly what is possible and what isn't.
Can anyone please explain this and put my mind at ease.
Miela
I thought when I got my tapu that meant I was the sole legal owner and that the builder had to have cleared all debts against the property or I would have been informed at the time of the transfer. A friend now tells me this is not the case and that it is still possible for the builder to have debts against the property.
I don't think my builder does have any debts against the properties but I would like to know exactly what is possible and what isn't.
Can anyone please explain this and put my mind at ease.
Miela
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