All Forum Posts by: Shahid Iqbal

Thanks Stetson,

Can you please share with me builder contacts? I'm also going to PM you on this.

Thanks.

Hi,

I am considering building a SFR or Duplex in Lehigh Acres on existing lot and wondering if I can connect with local professionals who can help in the process or suggest where to start. This will be my first construction project and I'm remote.

Is this even a good idea to begin with during current interest times?

What are possible financing options that I should explore?

Is managing a construction project from remote even possible with local professional engaged?

Please help me out here.

Thanks Greg. To answer your question: 

On survey: Initially there was standard survey terms per standard contract with seller to pay for the title. And standard terms, you are right, contingent on closing. Later amendment was signed with remarks as: 'A new survey will be ordered for which seller will be responsible to pay up to $2000.' This survey was ordered / paid by buyer. 

On earnest money, as closing date passed and seller was still not providing trust agreement (and only was willing to providing trust certificate that was not acceptable by title company). Seller sent e-mail to title company to release earnest money. That buyer did not accept and asked for seller for contract conformance. Seller later provided original trust but title company was still not able to secure commitment (due to encroachment). At that point, earnest money was released to buyer without any further letter / notice from seller or buyer.

 Buyer? It was seller responsibility to pay for title commitment/issue title commitment. Along with any shortages to be adjusted at seller cost.

No notice of termination from seller. Title company refunded the earnest money stating that they are not able to get title commitment. Seller offered to just to do warranty deed transfer only, that I declined. 
as it was discussed over text messages if current title company not able to close,  we will try different title company. 

That's where things stand as of now.

Jay,

Thanks for the response. If buyer has been in compliance of terms, what triggers him 'out of contract'? Is this the return of earnest money or something else?

Moreover, just to clarify contract specifically says: 'A new survey will be ordered for which seller will be responsible to pay up to $2000.' This survey was ordered / paid by buyer. 

In this situation what happens to this money?

Hi Pros,

I can use your guidance here.

I have scenario where buyer signed a contract to purchase a piece of land here in Texas held by a trust. Contract is using standard 'TREC Unimproved Property Contract' with seller responsible to provide survey and pay for title / commitment. There were two installments of earnest money that were both paid by the buyer on-time. As closing date (originally May 2) approached, seller was not providing original trust that was required by title company to issue the title commitment. Before closing, survey was performed (paid by buyer; but seller is responsible for the cost) and it identified that there was encroachment by neighbor. Buyer raised the objection for boundary issue to be resolved a day before closing date; so per contract language, closing date gets extended for 14 days for seller to cure the objection. In first week of May, seller provided the title company original trust and agrees to extend the closing date to May 15. Even though there was objection on boundary issue, buyer is open to idea of closing on property as long as title commitment can be issued with exception. Title company responded that it's not able to get anyone to issue title commitment and returned the earnest money to buyer. So that is where things are now.

Buyer is still interested to close the property and asking seller to take contract to different title company and execute. Buyer has incurred about $5000 (survey and other due diligence related cost). Now seller is not cooperating or responding to any of buyer attempt and kind of walking away from the contract.

Buyer is considering to file for 'specific performance' so seller complies with contract. Is this a case that typically good chance for buyer to:

A. Force the sale of the property. AND/OR

B. Force seller to pay for the monetary damages / expenses incurred by buyer and any related attorney charges for covering 'specific performance' case.

Many thanks.

Hi Pros,

I can use your guidance here.

I have scenario where buyer signed a contract to purchase a piece of land here in Texas held by a trust. Contract is using standard 'TREC Unimproved Property Contract' with seller responsible to provide survey and pay for title / commitment. There were two installments of earnest money that were both paid by the buyer on-time. As closing date  (originally May 2) approached, seller was not providing original trust that was required by title company to issue the title commitment. Before closing, survey was performed (paid by buyer; but seller is responsible for the cost) and it identified that there was encroachment by neighbor. Buyer raised the objection for boundary issue to be resolved a day before closing date; so per contract language, closing date gets extended for 14 days for seller to cure the objection. In first week of May, seller provided the title company original trust and agrees to extend the closing date to May 15. Even though there was objection on boundary issue, buyer is open to idea of closing on property as long as title commitment can be issued with exception. Title company responded that it's not able to get anyone to issue title commitment and returned the earnest money to buyer. So that is where things are now.

Buyer is still interested to close the property and asking seller to take contract to different title company and execute. Buyer has incurred about $5000 (survey and other due diligence related cost). Now seller is not cooperating or responding to any of buyer attempt and kind of walking away from the contract.

Buyer is considering to file for 'specific performance' so seller complies with contract. Is this a case that typically good chance for buyer to:

A. Force the sale of the property.    AND/OR

B. Force seller to pay for the monetary damages / expenses incurred by buyer and any related attorney charges for covering 'specific performance' case.

Many thanks.

Hi,

I am about to close a property, got new survey and found that neighbor is encroaching with couple of parking (about 8 foot - added in 2018) spots and fence iron extended (about 6 foot in 2017). Ariel image is add here as well. Image from Nov 2017 is showing addition of parking / fence. Older image same year is without these two extensions.

I have mentioned the issue with neighbor and they have ordered a survey of their own. Hoping to talk to them to resolve issue once it's available.

Seller wants me to close as-is and deal with it afterwards. Seller will be providing me their tax payment, and lawn care landscaping maintenance for several years. 

Q. Based on the timing of additions, does neighbor has adverse possession claim on these additions?

Q. With information provided by seller, would I as new seller be able to defend and reclaim?

Q. Can you recommend someone in DFW area who can right nice letter and/or help to reclaim.

Many thanks for your guidance.

I am also interested in finding some guidance on similar project. Any help / tips, greatly appreciated. Rama, let's connect to share notes. I'm in West Plano as well.