4 replies to this topic

[muppet]

Okay, I thought everything was hunky dorey with my land purchase. Signed the contract, paid legal fees, closing was suppose to be end of April, with due diligence period (option to purchase) ending April 26th. But now I find out (from the Title Commitment) that the seller has a "lien" on the land. The title company says - "we will pay this off at closing." Am wondering if I need to go back to my lawyer to sort this out ... although the idea of more legal fees is not appealing ... but don't think I can just trust the title company. Any advice appreciated. M.

[Cirrus]

In this environment I wouldn't trust anyone.

[muppet]

Thanks. I know what you mean. One way or another, I will get written assurance that the lien will be discharged, at or before closing. Best, M. (p.s. - my fearless forecast ... Gold will continue to rise / so too for oil)

Edited by muppet, 04 April 2007 - 11:38 AM.

[Rich]

The lawyer should have discovered the lien. I wouldn't go back to him. I suggest you buy title insurance. Rich

[muppet]

The lawyer should have discovered the lien. I wouldn't go back to him. I suggest you buy title insurance.

Rich

The lawyer has not seen the Title commitment ... I just paid him to look over and advise me about the initial purchase contract. He also gave me advise about getting a "survey deletion" which means that I ask for the deletion of standard printed exeptions ... so the title company insures me against these risks (boundary lines, encroachments, acreage etc). I think he gave me good advice and will probably have him look over the Title commitiment.

Best, M.