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Updated over 5 years ago,
Deed Couldn’t Be Recorded?
Looking for some advice. Recently found an off market opportunity....I work on the side for a developer who bought a house about a year ago (he owns a large sqft area adjacent to the house and bought this particular house to avoid any issues with his potential development)
Long story short, this house worked perfect for me and my family. I worked out a deal to purchase the house. I in turn sold my single family in order to buy and move into this property.
I am currently in an intense academy
For my profession and due to my limited availability we needed to “close”/sign documents on a Friday at 5. This affected the day/date the house would be recorded
Apparently when the attorney went to record the deed, there was an issue. In the deed we agreed to include language saying I would not contest any potential development, if ever approved. The closing attorney told me that this type of language was flagged and is allowed to by included.
The attorney is going to remove the language (me and seller get along great and I personally like the idea and plans that seller/developer is potentially building ).
I guess my question is, IF simply removing the language in deed isn’t allowed for some reason, and this ends up in land court, what am I up against?
I put down 20% (94k), closing fees, insurance for the year....etc etc etc?
Any advice or guidance would be great.