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Updated almost 9 years ago,
Condo parking spot error on appraisal, tax rolls, MLS...!
My first flip in Studio City, CA and everything was going excellent bought the property at a good price, began repairs, and along the process began asking my realtor and others where my two parking spaces that the tax rolls, MLS, and appraisal all showed me as having. Turns out I only have one space...even though all of the above show me as having two spaces. I have signed contracts stating I have two spaces. I had to go all the way back to 1981 to find the building's apartment to condo conversion plan and finally, on that plan, it shows I only have one spot. The value of the unit immediately sank from $429k (listed price) to $418k currently in escrow --- with full disclosure of number of parking spots.
My questions are:
1) who ultimately is responsible for this error?
2) how can I be compensated for the error?
3) the Title company states they have a clause which covers them in case of parking disputes. Does this fall under fraud or deceptive advertising?
4) Who should be compensating me for this error?
5) Can I receive a refund of property taxes I've paid due to the error?
Thanks -- all of your help is appreciated!
Ryan