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Personal Finances / Buying or Selling a Home
|Subject: Re: Rant of my Own||Date: 3/13/2013 7:16 AM|
|Author: inparadise||Number: 124956 of 127672|
...it is a valuable instruction for those of us who read about it.
Thanks, Ken. That was pretty much my point in posting. I wish this were an isolated case, but surprisingly this sort of incident happens with relative frequency on the properties we bid on. Happily, it is amazing what these supporting documents will tell you if you take the time to read them. We found out the hard way not to wait for the title company to figure it out for us, since by the time it gets to them you've already paid for multiple expensive things necessary in moving a purchase through to settlement.
And it can be impressive what was not found out in the not so distant past. Case in point, the seller of this property gave deeded right of river access to the people he sold the lot with the well to, probably in the 1990's. Yes, the ones who have right of first refusal on the sale of his property. Problem is, it was not his to give. How the heck does he compensate them for that? Sure hope they bought title insurance. I would love to be a fly on the wall when the neighbors find out their river access property really isn't. The view alone is worth something, but deeded access bumps up market value significantly, particularly for these people who use it as a vacation rental, where water access bumps up rents several hundred dollars a week over water view, and results in more weeks rented.
What a mess.
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