Did you know how FEW buyers actually READ their Preliminary Title Report?
When buying Vacant land for the purpose of someday maybe building a home on that land, if your property does not have "legal access" and you are relying on a loan for the build - this might be a VERY IMPORTANT MATERIAL FACT to be aware of during the shopping and purchase process. I'm shocked when I run across people needing to "Sell" their land that they have owned for years waiting to build their dream home, and now they cannot build on it.... many times it is the legal access, real power or maintained road that is preventing them from getting a construction loan. Other times it is something they have done on the property which now disqualifies them from getting a loan, like having a residential structure on the property already. But that is yet another opportunity for a BLOG!
Our agents require that one of the parties on the Purchase Contract MUST read the Prelim and ask any questions that the long lengthy document might trigger. Often times this means sending a question back to the Title Company, but it is those questions that make us better educated for the next time we see a similar comment.
When your Prelim states that the parcel DOES have Legal Access, do not stop there... actually verify that the Legal access and the drive-able access is the same! A legal easement for access thru a sheer cliff when the drive-able access is a trespass access thru a neighbors property or worse yet thru State Trust Land is NOT a comfortable solution for most buyers! The Seller Disclosure (SPDS) is a good start for this question, but as always "Question but VERIFY."
May all your transactions be without "issues" your clients always have a smile on their faces, and the end of the day leaves you at home with loved ones! We are blessed to do what we do!!!!!!
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