To all of you "attorneys", i could use some advice now.

Hello, I am under contract to purchase a New Jersey condo and have questions relating to the Title on the property.

The seller is two individuals, "tenants in common". I retain an attorney who hired a title company to perform the title search, which revealed one of the two sellers has significant judgements against him (far exceeding the property value). Initially the title company indicated they would not insure the title. The seller, who is extremely wealthy, indicated the judgements were paid. The title company now says they will insure the title as long as the seller with the judgements places his half of the sale proceeds (after remainder of mortage is paid) into an escrow account, which the seller has agreed to do. My attorney tells me that the title will be just as good as any other title.

By contract I am entitled to a title with no encumbrances. Since it seems too "grey" to me, I am strongly considering cancelling, however I am told by my attorney i risk losing my substantial deposit since the seller will be fulfilling the contract by providing clear title. Will the title in fact be clear?

I am meeting with my attorney and the title company (agent?) so they can further explain how the title will be clear.

I will stop there for now. Please see if you can continue this thread by providing a response or asking me more questions.

Thanks!