Title Companies typically will not insure things that a survey would/should have discovered. In that sense the bank would not be covered, but let's assume they can afford to take the risk.
You informed the loan officer, I do hope that that was in writing or next thing you know, after it goes flop, he will blame you for not properly informing him?
Paul in PA
Bill93, post: 455042, member: 87 wrote: I don't see how the following letter would get him in any trouble, as it doesn't state any opinions.
Dear Every Party To This Transaction:
I have observed the following facts that you should be aware of. As I have not been hired to do a survey, I have not searched for additional information which might explain the situation, and encourage you to do so.
1. The deed preamble states an acreage that does not appear to match the description.
2. A deed at book/page may affect this property.Have a good day.
Mr. PLS
Nope, Not gonna do it.
As much as I would like to do something "pro-active" I'm just not gonna do it. But I will inform my peers in the area.
Paul in PA, post: 455043, member: 236 wrote: Title Companies typically will not insure things that a survey would/should have discovered. In that sense the bank would not be covered, but let's assume they can afford to take the risk.
You informed the loan officer, I do hope that that was in writing or next thing you know, after it goes flop, he will blame you for not properly informing him?
Paul in PA
It is in writing and I have saved it.
Just A. Surveyor, post: 454902, member: 12855 wrote: Now you're just being a bit sarcastic for no reason at all.
I find it hard to avoid sharing such things. If you are looking for work, trouble and or headaches, to right ahead.
Maybe I'm misunderstanding this, but I don't see this as a major issue. In the northeast, at least, there are many deeds calling for land and acreage that have already been sold off. Usually the next deeds contain lines about the exceptions, stating the deeds where lots have been cut out, but not always. But our research and grantor/grantee searches should discover these things. Sure it'd be nice for them to have a survey showing what's out there now, but I don't see this as a defect otherwise.
Bill93, post: 455042, member: 87 wrote: I don't see how the following letter would get him in any trouble, as it doesn't state any opinions.
Dear Every Party To This Transaction:
I have observed the following facts that you should be aware of. As I have not been hired to do a survey, I have not searched for additional information which might explain the situation, and encourage you to do so.
1. The deed preamble states an acreage that does not appear to match the description.
2. A deed at book/page may affect this property.Have a good day.
Mr. PLS
Help yourself, but that would never leave my desk.
The first call your going to get is not going to be "Hey, thanks!"
More like "What the f*&@ are you talking about?"
JPH, post: 455138, member: 6636 wrote: Maybe I'm misunderstanding this, but I don't see this as a major issue. In the northeast, at least, there are many deeds calling for land and acreage that have already been sold off. Usually the next deeds contain lines about the exceptions, stating the deeds where lots have been cut out, but not always. But our research and grantor/grantee searches should discover these things. Sure it'd be nice for them to have a survey showing what's out there now, but I don't see this as a defect otherwise.
There were no "less and excepts". The subject deed just has a patent ambiguity that the powers that be (the bank) are choosing to ignore because if they elected to do something about it would set back the closing (or it would fall through entirely) and cost them around 4k to survey. So.....much better to get the buyer on the hook NOW for a significant loan with a nice little clause about "matters that a current survey would show", that the new buyers blindly sign off on during closing.
Ignorance is bliss.
Just A. Surveyor, post: 455188, member: 12855 wrote: There were no "less and excepts". The subject deed just has a patent ambiguity that the powers that be (the bank) are choosing to ignore because if they elected to do something about it would set back the closing (or it would fall through entirely) and cost them around 4k to survey. So.....much better to get the buyer on the hook NOW for a significant loan with a nice little clause about "matters that a current survey would show", that the new buyers blindly sign off on during closing.
Ignorance is bliss.
A deed does not have to say less and except. If I sell you 4 acres by deed and previously sold 2 acres out of it, then you have 2 acres. It is not necessary for me to say more, the record of the previous sale stands for all to see.
Paul in PA
I understand your wanting to help, but seems to me you'd be asking for trouble by contacting people out of the blue. You don't know if they even care about the acreage total. Size doesn't always matter, as they say!
I don't think the concern is necessarily the acreage since one cannot sell what they don't have title to,
Andy J, post: 455287, member: 44 wrote: I understand your wanting to help, but seems to me you'd be asking for trouble by contacting people out of the blue. You don't know if they even care about the acreage total. Size doesn't always matter, as they say!
I think the bigger concern is they wouldn't know where the correct boundary is and accidentally encroach on the adjoiner.
You need to look at this like the Bank does.
The Bank doesn't care where the property lines are or how much property there is.
If only cares if the buyer defaults on the loan and the Bank forecloses, will the Bank be able to sell the property and recoup the amount of the mortgage.
my concern would be that you would be risking opening yourself up for legal action by inserting yourself into their deal. You really don't know all the facts, and have nothing to gain by acting on that.