Land we rent sold

[gemini5362]

ABSOLUTELY BUY TITLE INSURANCE If you are buying the lenders policy the combination policy that will cover both of you is not going to be very much more money. This is the only time that you will be able to buy insurance that will cover you if something happens. I hear stories from my wife all the time about her office where someone starts to sell something and they find that the legal description is wrong on their deed. There have been some cases where the person did not have the right property. If it is something that happened in her office ( generally these are older claims that happened before she started there) They just fix it for free. If it is from another office they charge the seller to fix it. If it is just something they can fix easily it is not a big deal. Let me give you the worst example that I can think of that she told me. A developer bought a lot for development. A main city sewage line went through the lot. Someone missed that the line was there and did not include the easement for it in the legal description. The developer built several home to the tune of 500,000 each over the line. Several years later the line collapsed and when they went to dig it up guess what it ran under several very expensive living rooms. The title company fixed the problem by running a whole new section of sewer line at the edge of the property and paying for it. It they would have not had title insurance those property owners would have had a big problem. Or the developer would have. Call the title company and ask them how much more the combination policy that will include you costs. If they have to pay on a lenders policy all they will pay is the amount owed on the house. You would lose your down payment if something happened that the title were clouded

 

[AlanB]

OK, everything is tracking again, should be able to pick up my check this afternoon, and go to the lawyers in the morning and get this deal closed out.

Will buy the additional title insurance to cover myself tomorrow as well.

Hopefully it will all work..... Where are all those little sign here arrows

 

[AlanB]

Closed..
Very, very little paperwork (at least for buying a house)
Bought the additional title insurance for me. $150.
Transferred Electricity,,
Transferred Water
Got registered as a farm.....

All by 11 am, then let my Realtor take me out for a steak dinner but somehow, I think I still paid for it

Yee Haaaa, different threads upcoming....

Thanks for everyone's help.

 

[mudcat]

Congratulations!!!

 

[EddieWalker]

Good Job.

Eddie

 

[gemini5362]

I am glad you got it. You have had to do a lot of legwork to get to this point. We are looking forward to seeing what you do in your constant battle to improve things. NOW you can get started eradicating the mold. I just bought a new to me type of sheetrock that is paperless. It is supposed to stop mold from forming on it since there is no paper for it to eat. You might look into that. I believe it was you and if not I apologize for being old and having a faulty memory. I believe you were asking about prices for windows. The place that I was talking about was Window World, Inc.. Around here they advertise any size window up to a 4ft x4 ft installed for 189.00 these are double pane vinyl windows. They do the tilting in thing for cleaning and have an interesting warranty. If one gets broke for something that mother nature does and your insurance company will pay for they are not covered. but if something happens like a lawnmower, or a neihbors kid or your kid throws a rock or a softball through the window then the window is replaced for free. If I remember right there is a one time fee of ten dollars per window when you purchase them for this warranty but I am not sure if that is a correct amount for sure.

I thought the title insurance that put you on the policy would not be very much. 150.00 versus what the house cost is a pretty small investment.
Depending on how much and what kind of wine the wife drinks at dinner that would just about cover the two of us going out for a nice dinner.

 

[AlanB]

I think I will move over to the "projects" area, and start posting some of them there.

I really do appreciate everyone's help and support.

Rox, you would have been proud of me,,, Lawyer goes through everything, and I say, OK, great, just let me read through all this and then we will sign it I am not real sure but he did not immediately go to his "happy Place" I don't think,,,,, Then again, as I was paying all the bills for that party, I figured I should do my best to make sure everything was covered.

Only thing that came up was nobody was certain if it had been checked for the flood plain thing or not, Quick call to Farm Credit, and they had verified it and it was not.

Other interesting point, was somewhere at the start, as I like to be blunt and ask direct questions, I looked at the lawyer and said, "you are working for me and looking out for my interests correct?" He looked right back at me and said, "NO, I am working for the Lender". I like that... Although I wish he was working for me as I think I actually paid the bill, but then my realtor piped in that she was looking out for me...................... Yeah, that made me sleep better...............

It was good though, now just have to make the other things happen, but I think they are more in my control.

 

[MarkV]

Happy to see it worked out Alan. Now the fun begins so load up the tools.

MarkV

 

[gemini5362]

I think I will move over to the "projects" area, and start posting some of them there.

I really do appreciate everyone's help and support.

Rox, you would have been proud of me,,, Lawyer goes through everything, and I say, OK, great, just let me read through all this and then we will sign it I am not real sure but he did not immediately go to his "happy Place" I don't think,,,,, Then again, as I was paying all the bills for that party, I figured I should do my best to make sure everything was covered.

Only thing that came up was nobody was certain if it had been checked for the flood plain thing or not, Quick call to Farm Credit, and they had verified it and it was not.

Other interesting point, was somewhere at the start, as I like to be blunt and ask direct questions, I looked at the lawyer and said, "you are working for me and looking out for my interests correct?" He looked right back at me and said, "NO, I am working for the Lender". I like that... Although I wish he was working for me as I think I actually paid the bill, but then my realtor piped in that she was looking out for me...................... Yeah, that made me sleep better...............

It was good though, now just have to make the other things happen, but I think thy are more in my control.

It sounded like you said in an earlier post that the lawyer had said something about looking at the title and how clean it was etc etc. If so that sounds an awful lot like something we used to use a lot in arkansas called a lawyers title opinion. If you paid for the lawyer to do work make sure that any opinions they gave in writing are in your closing packet. If not call someone and ask for them. Since the attorney informed you that he was not working for you then you are not the client but it still is a good idea to have everything that the attorney said. if you can get it.

I know that the idea of having the lawyer work for the lender and you pay him seems strange but acctually an attorney is working for their client no matter who pays the bill. I had to use my attorney in a matter for my son. Even though I paid his fees my attorney told me that he could not discuss any aspect of the case with me without my sons written permission.