Here We Go Again!

I wrote a while ago about properties that are not what they appear. One had a four foot deeded piece of land taken out of the middle which then belonged to someone else; my buyer walked away. Another didn't really own the entire driveway, a fact discovered only after the buyers closed.

And here's another example. My husband was going to buy a lot which would then have been marketed by me as a building lot for a contractor. A win-win. He would make money, I would get the listing and the sale eventually, and my contractor would build the house. Not so! my marvelous attorney persisted and insisted that all avenues be explored, as she should. After months of investigation, it appears that part of the property is owned by a long-lost relative.

Although the chances of this person - or his heirs - returning to claim the portion of the land that was not fully conveyed legally was slim, still it seemed prudent at least that title insurance be paid to back the claim of ownership. The sellers refused the $300 it would cost, but that didn't matter. My husband chose not to pursue the deal.

Imagine that the lot is bought, the home is built and then by golly the gentleman in question shows up! I can see several months if not years of litigation - who could sleep? Certainly not the people who bought the lot and built the house! But then, that's assuming anyone would take that chance.

So here's the question: does that make the land worthless? There are other ways, ways other than what the owners chose to ameliorate the situation. They could continue down that path, and not just do the cheap thing. A family could buy it and the title insurance and take the chance. If they are going to be there for years - sure, why not? If their mortgage company is satisfied and they can sleep - fine!

Again, though: the lesson is to always have an attorney check carefully, assiduously, all the records PRIOR to closing!


I stand corrected: Recently I wrote that Coach Robinson at SU makes over a million dollars and Jim Boeheim, the SU basketball coach made much less. In fact, Boeheim now makes more. It's the Chancellor and Athletic Director who make roughly half as much (as well as Penn State's legendary football coach Joe Paterno).