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The sellers initially answered "YES" for "Are there presently any encroachments, unrecorded easements or boundary line disputes with a neighboring property owner?", on the disclosure form.
That being said, we extended our due diligence period, just in case we needed to do more digging on this matter. When the extension request was submitted, the sellers came back and said that the question was answered incorrectly and should've been a "NO". However, they did agree to our extension.
This morning I received the Title Commitment statement and spoke to my attorney. She said there were no easements uncovered in the title search and that all of the exceptions noted under Schedule B are standard.
Question for the experts. Should I be concerned and do more digging on this issue (e.g. make direct contact with the neighbors to confirm)? I walked the property and the surrounding lots are undeveloped so there are no encroachments that I could see.
Just seems a bit strange that the sellers would answer yes to an explicit question on the form then retract their answer afterwards. They also answered yes to another question regarding government allotments which they also retracted.
If you confirmed with the title agency and your attorney, I don't see a problem to worry about in this case. If you want to pay (your cost) for a new or updated survey you have that option. If the current owner can provide a fairly recent survey, I see no issues.
I am not an attorney or title agent, just my opinion.
The sellers initially answered "YES" for "Are there presently any encroachments, unrecorded easements or boundary line disputes with a neighboring property owner?", on the disclosure form.
That being said, we extended our due diligence period, just in case we needed to do more digging on this matter. When the extension request was submitted, the sellers came back and said that the question was answered incorrectly and should've been a "NO". However, they did agree to our extension.
This morning I received the Title Commitment statement and spoke to my attorney. She said there were no easements uncovered in the title search and that all of the exceptions noted under Schedule B are standard.
Question for the experts. Should I be concerned and do more digging on this issue (e.g. make direct contact with the neighbors to confirm)? I walked the property and the surrounding lots are undeveloped so there are no encroachments that I could see.
Just seems a bit strange that the sellers would answer yes to an explicit question on the form then retract their answer afterwards. They also answered yes to another question regarding government allotments which they also retracted.
Given everything you've said, I would take them at their word that it was an honest mistake.
I don't know where you are, but the disclosure forms in our state are VERY tedious and difficult it is easy to misunderstand or misread the questions. Asking for clarification is always the most important first step. You got that, and more going for you now.
If you want, you can always just go ask the neighbor about the property lines and whether there's ever been a dispute.
If you're really worried about it, call the Sellers and ask them about it. It doesn't sound like much to worry about, though, as long as the title company will provide title insurance and your attorney is okay with everything.
The forms are onerous and repetitive, making it easy to goof up. If a title search came back clean, I wouldn't worry about it myself. I would trust the title company more than a form completed by the owner, as they have far more skin in the game if they're wrong.
Thank you everyone for you replies! I feel much better.
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