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Updated over 5 years ago,
Jackpot or Curse?? Need Legal Help.
SO I guess I should start at the beginning when I purchased this property back in 2017.
I am located in Southern CA and at the time was looking to expand my out of state real estate ventures when I purchased this duplex from a turn-key provider (which will remain nameless at the moment). It was an overall smooth experience but there were some things that were left out in the process as they claim to provide EVERYTHING which included financing, along with property, and property management, etc.
2 years go by, and everything seems smooth. It is now present day and I decide to sell the property. 1 side of the duplex is vacant and the other is occupied. I received interest from multiple prospective buyers. I receive another offer 9/1/19 and decide to accept. 9/2/19 It is made aware that there is a second duplex on the same parcel that I appear to own. I was completely unaware of this. I have no idea who owns the 2nd duplex, or who is receiving rents from these tenants. I contacted title and it looks like I do own this second building, which caught me by surprise as the appraisal, lender, and all other documents disclose one duplex-until I pulled the property profile with the title company. Both buildings were built in the early 1900's and it seems as the parcel was intended to be split but the proper paperwork was never completed, therefore both duplexes still sit on the same parcel in 2019 which I legally own. See below photo:
Questions -
1. What are my options, as far as breaching the contract, 3 days after signed agreement? I was told I could get sued for breach of contract.
2. Who would be liable in selling me a property that was not properly described at the time of purchase? I mean, there is a 2nd duplex that I was completely unaware of? Would this be an error that lies on the turn-key provider? Title Company? Someone else?
Im currently seeking legal counsel to see what my options are in order to move forward. I had my property management knock on the door of the second duplex, to see where the rents are going. The tenant on 1 side of the duplex claims he sends payments to a P.O., but did not provide much information. We asked them to provide a Lease agreement so I can backtrack and see who "THINKS" they own the property. Not sure if the other side of the duplex is occupied. For all I know this could be a squatter situation.
Im not sure where to go from here, but I appreciate any advice. If you are someone associated with Real Estate Law in Indiana, I would love to hear from you.
Thank you,
Mark