The title company had not moved forward since they found a "first right of refusal" on the deed. It had been placed there by the original seller to the developer in the late 1950s
Our seller had done a lot of research too. He had found that the deceased original selller had sold the "rights" to a closely held corporation. Said corporation has now been out of business for about 15 years.
The title company was insisting upon releases signed by the origianal seller heirs. To dream the impossible dream!
We could not find any. We had also found that there were people still around who had been part of the corporation. They are even willing to sign whatever!
Yesterday we got the wonderful news that the title company attorney together with the seller's attorneyhas decided they can accept releases from the corporation. Yippee!
Not easy, since now forms have to be designed, former corporation people have to be interviewed and signing of documents to release the rights has to occur.
Although it will not be as easy as it should be, this does sound doable as the other was not. Finally it appears to be forrward progress.
Every day is a new day in this business. Pereseverance and tenacity are necessary traits. Never before have we had a transaction this convoluted.
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