All Forum Posts by: Mark Spritz

@Mark Spritz several posters asked questions to help you but it seems you are not understanding. Please read through and try to clarify.

The contract says you are buying 123 Maple Street and adjacent lot? This is VERY vague should have had two APN numbers and two legal descriptions on the contract so first error was your buyer agent not spelling out what you were buying. Adjacent can mean just about anything.

Title company sent you preliminary title with one parcel map not two? You, your agents and if you had a lender signed off as okay. Conventional lender may have only wanted to file their note on the lot with a house? Can't tell by your description. Did you have a lender? Did the title company issue title insurance that you paid for?

Somehow the county transferred two lots to your name and you see it recorded and you are being taxed two bills. Did you look at what was recorded? Are both tax bills now in your name? It seems to your advantage to have an extra parcel and one with water access may in the future be very valuable, does it have riparian rights to the water? Why do you think it is a bad thing to have the two parcels? Was your contract written 123 Maple and adjacent lot then you got what you wanted. If you didn't pay for title insurance on both lots you cannot complain or ask them for anything, your recourse is your agent's errors and omission insurance, but agent will claim they are not a title expert, you maybe have no recourse. 

The tax assessor bill is based on what seller paid in the past, your property taxes will increase when the tax man catches up with sale price.

@Mark Spritz How, exactly, was the property described in the purchase agreement? Was a legal description in the purchase agreement, and if so, does That description include both lots?

@Mark Spritz, a title company does what you hire them to do. You might only hire them to handle the closing or you might have them additionally do a title search, on top of that you might have them issue title insurance. They aren't guaranteeing anything only doing the work with professional care that is why title insurance exists.

In addition, what kind of deed did the seller give you. A General Warranty Deed, Special Warranty Deed, or a Quit Claim Deed?

If they gave a General Warranty Deed, then the seller is guaranteeing any title issues. So, you could go after them for compensation.

If they gave you a Special Warranty Deed, they are guaranteeing against any title issues that came into existence during their ownership. So, depending on when this issue/error was created they COULD be liable to you for this issue.

With a Quit Claim Deed they are not making any guarantees about the title at all.

If you have title insurance that is the best option because I'm sure they would handle the issue and then themselves seek compensation from the seller, if applicable.

Does the legal description match the parcel you signed a contract for? Unfortunately, no wrong doing was done if you signed an agreement to purchase a parcel of land, and that parcel alone is what was ran in the title search and deeded into your name. A lot of properties have empty lots that sit next to the parcel containing the home, especially in rural areas. The side lot may or may not have been purchased on the same deed by your seller, but unless your contract outlines both to be included in the sale, there really wouldn't be any legal action to take place, other than reconvening with the seller and having them sign a corrective deed to add the empty lot. That said, should someone at some point in the process have looked at the deed of record and noticed two legal descriptions/parcels and asked questions on why the second isn't being convened? Absolutely. But if this is the case, you shouldn't have any legal responsibility to pay tax on land you do not own, so for that reason, you have a claim to make with the state department.

@Mark Spritz I’ve bought plenty of properties in cleveland heights,. Just put a family member or yourself for the landlord and put your cell on there. Put your best mailing address too because they occasionally have to mail you things.

Lol, I think I understood your question right away as I am in a similar boat right now. I want to refinance my primary residence and I might not quality due to having too many mortgages (not enough income) but I have more than the entire mortgage amount in the bank.

Cash in the bank does not help to qualify because:

1.) You could spend all the cash in 1 second by just clicking a button with your mouse (or writing a check). Not really much security for the lender. 

2.) By law, if it's your primary residence, they must verify that you have enough past, current and future "INCOME" to make the monthly payments.
Cash in the bank is not considered INCOME.

@Bill F.

My question is why do people hate their 9-5 so much!