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I'm sure I will sound like a jerk, but shouldn't this have been a red flag for you? Any item on a disclosure left blank certainly warrants some digging in to. I agree that people need to trust the people they hire, but on the flip side people need to do some due diligence on the biggest purchase of their life.
You are being too hard on this buyer. Most people only buy a house every once in a great while. As agents our job exists because for someone not doing this all the time it may be hard to know what to look for. I'm glad there is a lawyer involved because at this point I think the listing agent knew about it.
The bank is not exempt from disclosing material facts they know about. The reason nothing is disclosed most of the time is because REO's are owned by an out of state bank whose representatives have never seen the property and if they have they have not lived there. They don't have to fill out a disclosure statement for this reason. This doesn't mean they can omit something they do know about once it is discovered. On numerous occasions with REOs I have had listing agents verbally tell me the issues a previous inspection has turned up. That is the ethical way to do things.
On your purchase contract when does it say that you are to receive you title commitment? Our contract in Idaho has a specific amount of days allowed for that right after the contract is signed by everyone. There is no way it is OK to not get that until closing. Did they leave that blank too?
On your purchase contract when does it say that you are to receive you title commitment? Our contract in Idaho has a specific amount of days allowed for that right after the contract is signed by everyone. There is no way it is OK to not get that until closing. Did they leave that blank too?
Thanks Zynga..feeling a little kicked while I'm down. I've looked for this in the contract but can't find anything referring to it. What section is it usually found in?
I'm somewhat confused because I thought the deed included easements however we were forwarded one by the realtor and our closing attorney (paralegal) and there are no easements listed. Even the final recorded deed attached to the title report doesn't show it. The only place places they are found are on the back of the title report..and from there it lead us to where each easement as a whole with the condemnation was filed at the courthouse.
Thanks Zynga..feeling a little kicked while I'm down. I've looked for this in the contract but can't find anything referring to it. What section is it usually found in?
I'm somewhat confused because I thought the deed included easements however we were forwarded one by the realtor and our closing attorney (paralegal) and there are no easements listed. Even the final recorded deed attached to the title report doesn't show it. The only place places they are found are on the back of the title report..and from there it lead us to where each easement as a whole with the condemnation was filed at the courthouse.
No the deed doesn't include the easements. The deed is just the legal evidence that you own a property and is the instrument in which title of the property gets transferred.
I read on our contract that title ins has to be attainable at regular rates with no surcharge for things. That lead me to the title report to see what we were charged and why. At the top of the report it says Premium: $0.00. There are also 34 exclusions. All the liens as well as the easements are included in that #. How could my mortgage co..my realtor..and my attorney fail to point these out? So they may have found away around it by having the title co exclude rather than surcharge..therefore it never coming to our attention. What a mess.
Thanks Zynga..feeling a little kicked while I'm down. I've looked for this in the contract but can't find anything referring to it. What section is it usually found in?
I'm somewhat confused because I thought the deed included easements however we were forwarded one by the realtor and our closing attorney (paralegal) and there are no easements listed. Even the final recorded deed attached to the title report doesn't show it. The only place places they are found are on the back of the title report..and from there it lead us to where each easement as a whole with the condemnation was filed at the courthouse.
Contracts vary from state to state, so I can't help you there. Keep us posted as to how this comes out. One other thing I have thought of. Do these easements take away a significant portion of the land you thought you were buying? It is wrong for there to be a huge discrepancy in acreage with what is given in the MLS vs what really is.
I'm not sure if I understand that the contract you signed had some fields not completed. In our state, it is illegal for agents to do that. All of the fields have to be completed prior to the execution of the contract. You might want to see if your state has a similar law if it is applicable.
In my completely non professional judgement I can see part of the blame being put on the buyer if this goes to court. I am in no way saying people didn't mess up. Clearly they did. And I really do hope this gets worked out.
One other thing I have thought of. Do these easements take away a significant portion of the land you thought you were buying? It is wrong for there to be a huge discrepancy in acreage with what is given in the MLS vs what really is.
I thought of this as well. Have you looked at the pic I posted? I'm guess we lose about an acre to roads/right of ways and unusable land from being cut of by the 2 roads. Listing stated 3 acres..but I don't actually have a copy of it any more. The deed states 3 acres as well.
Quote:
Originally Posted by yousah
I'm not sure if I understand that the contract you signed had some fields not completed. In our state, it is illegal for agents to do that. All of the fields have to be completed prior to the execution of the contract. You might want to see if your state has a similar law if it is applicable.
It wasn't the contract per say but the disclosure only had a few things checked like they had knowledge of a radon test being done on the property. However, pretty much everything else was left blank.
A right of way and easement won't change your legal acreage. They just purchased the right to go across the property that you own.
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I've looked for this in the contract but can't find anything referring to it. What section is it usually found in?
More digging..
All the liens as well as the easements are included in that #. How could my mortgage co..my realtor..and my attorney fail to point these out? So they may have found away around it by having the title co exclude rather than surcharge..therefore it never coming to our attention. What a mess.
