Q: Paperwork for home purchased 2009 showed 8 achers actually 5 went with the house. They want land back what should we do?
For almost 10 years we been paying taxes on additional 3 acres because the land survey done by seller to divide original acreage was not prepared correctly. Several documents are in conflict with others. Talked to my lender and they want another appraisal that could affect mortgage rates, home value, cost in additional money, and the waste of my time to this process that is no fault of my own.
What are my rights as the home owner for the last 9 years? What are my obligations? What are my options?
Thank you.
A: It is not that easy to unwind if you have a mortgage securing the additional acres. However, it can be done if the additional acreage did not add any significant value to the home. (Usually a home is appraised on the first 5 acres.) You should definitely have a competent real estate attorney (not a criminal attorney or a personal injury attorney - a real estate attorney) review the papers before you do or concede anything to any "claimants."
A:
Did you get title insurance when you bought? What does the DEED say about what land you own? What type of deed did you receive (warranty or Quit Claim)? Did a Real Estate ATTORNEY represent you at the closing or did you do this without professional help?
ALL of these things matter and each will impact your recourse. Ideally, if you have title insurance and the land the seller described on the deed is different than what they COULD sell you, the title insurance company will be on the hook to make things (financially) right for you.
Seek a local real estate attorney to help now! Before you sign anything.
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