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Good afternoon,I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today. In order to give you a clear and concise answer, I will need some additional information about the circumstances, please.
1. Help me to understand. How can you make a claim against title insurance if the title company refused to enact the policy in the first place?
2. Did you get a warranty deed with the property or did you buy it as is?
3. Which legal description was wrong---the deed as written for the sale to you, or the seller's deed?
4. How much loss of real estate are you talking about? What did the amended deed do to your ownership rights?
This seems like a very crucial matter for you, and your questions and issues suggest that an in-depth conversation might better suit your needs. If you are interested, I can offer you a phone conference as opposed to continuing in this question and answer thread. I will make that offer to you after I get this posted to your question thread. All you need do is accept the offer if you would like me to call. Let me know if you don't want a call and I can continue here.Thanks in advance,Doug
I am unable to further assist you in this matter, and I am going to opt out of your question and open this up for other professionals.Your question is being placed back in the question list for other professionals to see, and to respond to. You do not have to stay online for the question to be active. Should another professional pick it up, you should be alerted by email unless you actively disable this feature.There is no need for you to reply at this time as this may "lock" your question back to me, thus inadvertently delaying other professionals' access to it.I apologize for any inconvenience and wish you well in your future.Doug
New Expert here.
In which State is the property located?
Is the seller available to sign a corrected deed?
I'm going to opt out and let a NJ Expert take over.
Hello. A third expert here. A sale of real estate is initiated with a purchase agreement. The P/A describes what you agreed to purchase and what the seller contracted to sell. How was the property described in the P/A. Was it a street address? A metes and bounds legal description, which contained directions and line measurements? A numbered lot in a subdivision? How does the legal description on your deed differ from the legal description in the purchase agreement? You question can't be answered until all the technical facts are disclosed.
What is happening is that Title Companies never insure the quantity of land without a survey showing that exact amount. There is a standard survey exception in every title commitment that is designed to prevent liability arising from exactly the circumstance that you described here. The fact that the survey work was botched both prior to and following closing really throws everything out of joint legally speaking. You said that the P/A had a lot number but the deed has metes & bounds. That doesn't make sense, esp. with lawyers involved. It defeats the purpose of a plat, which is also based on a survey. The title company will issue the policy insuring only what the deed conveys, not what was stated in the purchase agreement. So when the corrected deed is recorded, that negates any claim against the title company. There is not enough information to assess potential liability on the part of other professionals who were involved in the deal. There may also be a difference between the lot size, as platted versus the lot size as surveyed. In any case, an actual staked or corner survey may or may not override the plat description, and this becomes a contest between surveyors to find where the exact and correct property line is. If the warranty deed that you received stated the lot size as 100' x 25', you possibly have a breach of warranty claim against the seller. In my opinion, there would have to be a pile of money involved in that two foot strip to warrant legal action against anyone.I hope that this information is helpful and that you will enter a positive rating. That is the only way I will be compensated for assisting you. Bonuses are appreciated too. I will be happy to answer follow-up questions which relate to this one. Also, since we are not acting as your attorney be sure to confirm our information with a local attorney. Thanks for choosing JUST ANSWER./p>
If it is not a title issue, then why would the title company want to re record the deed to correct the legal description?
The title company won't issue insurance for a description that is different than what is on your deed. IOW you bought 98x25 they won't insure you for 100x25. It would be like insuring a car that is already wrecked. When the deed is corrected to show 98 x 25 they will insure your title. The only place the dimensions of 25x100 appear are on the legal description tied to the 2003 mortgage of the seller i bought it from. Your seller's deed and mortgage could not have increased the size of the lot. Those instruments apparently contained erroneous legal descriptions. If the original plat was 98 x 25, then that is what you bought. There is a contract law doctrine whereby a contract may be cancelled based upon mutual mistake. If you wish to cancel and recover your money based on that theory, you should consult a local real estate lawyer. I know this is not the answer that you wanted to hear, but if I said anything different, it could mislead you into spending a lot of money in a losing cause.
I hope that this information is helpful and that you will enter a positive rating. That is the only way I will be compensated for assisting you. Bonuses are appreciated too. I will be happy to answer follow-up questions which relate to this one. Also, since we are not acting as your attorney be sure to confirm our information with a local attorney. Thanks for choosing JUST ANSWER.