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baronessekatSo, this moring I get a call from a title company. Yesterday I had asked them to do a continuation of a search they did last year for a bit of property that is finally getting sold. Our Deed says Lots 1, 2 &3. Title company calls and says "um... it looks like someone else recorded a seperate deed for Lot 2. And the legal description on your Deed describes Lots 1 and 3." I blink and go... "Ooookay. Can you send me all that you have found including this other deed for Lot 2".
Sure no problem. They will send it within the hour.
No sooner do I get off the phone with the title company when I get a call from the company buying the property in question. They too just noticed that our deed is for Lots 1 and 3. The contract is for Lots 1 and 2. Spidey-sences goig off... "ISSUE... ISSUE... ISSUE".
Nice lady from purchaser says also "We got a survey of the lots done and not only that... both houses are on Lot two with only little encroachments on Lots 1 and 3." I blinks and feel a headache coming on.
I ask her if she can send me a copy of the survey. She says sure. She then goes on to say "Now... we actually want to buy both houses. But House A is the one we put the contract in for and House B is a different listing. Do you think the Client would be willing to do a two for one thing if we up the price? Buying both houses will actually solve the issue as our insurance company will insure both and help us get it all resubdivided."
I see solution. However... I don't have said power to authorize this. So I tell her that they need to talk with the listing agent and see if the Client will renegotiate.
I get off the phone and start reading through the documents we already have. Sure enough... Deed's description is for what is listed on the tax rolls as House A. But the legal descriptions are only for Lots 1 and 3. Previous mortgage for House A states Lots 1 and 3. But our files don't have a survey to show where the house is. And obviously no one though it odd that people want two lots that are not adjescent.
Mortgage for House B is with legal description that states Lot 2.
Now the issue... my company did not do the foreclosure for House B. which means, the Client for us does not own the bit of land House A is on.
I have to do a mail run and then I'm going to go talk to my supervisor and see if my idea will fly... which is we get the Client to give us authorization to run title on Lot 2 and sell all of it at once.
Now I just need to present it. *fingers crossed*
Sure no problem. They will send it within the hour.
No sooner do I get off the phone with the title company when I get a call from the company buying the property in question. They too just noticed that our deed is for Lots 1 and 3. The contract is for Lots 1 and 2. Spidey-sences goig off... "ISSUE... ISSUE... ISSUE".
Nice lady from purchaser says also "We got a survey of the lots done and not only that... both houses are on Lot two with only little encroachments on Lots 1 and 3." I blinks and feel a headache coming on.
I ask her if she can send me a copy of the survey. She says sure. She then goes on to say "Now... we actually want to buy both houses. But House A is the one we put the contract in for and House B is a different listing. Do you think the Client would be willing to do a two for one thing if we up the price? Buying both houses will actually solve the issue as our insurance company will insure both and help us get it all resubdivided."
I see solution. However... I don't have said power to authorize this. So I tell her that they need to talk with the listing agent and see if the Client will renegotiate.
I get off the phone and start reading through the documents we already have. Sure enough... Deed's description is for what is listed on the tax rolls as House A. But the legal descriptions are only for Lots 1 and 3. Previous mortgage for House A states Lots 1 and 3. But our files don't have a survey to show where the house is. And obviously no one though it odd that people want two lots that are not adjescent.
Mortgage for House B is with legal description that states Lot 2.
Now the issue... my company did not do the foreclosure for House B. which means, the Client for us does not own the bit of land House A is on.
I have to do a mail run and then I'm going to go talk to my supervisor and see if my idea will fly... which is we get the Client to give us authorization to run title on Lot 2 and sell all of it at once.
Now I just need to present it. *fingers crossed*
