Record Search For Forclosure Purchase
If I am buying a property "through an agent" that has been forclosed on...do they have to disclose any liens, back taxes owed, etc. or is it my responsibility to search for anything that might come up after the sale. What should I be looking for that may not be told to me upfront? I know that there is approx. $14,000 owed in last year and this year property taxes so far. The agent said it was only $4,200 owed, but I found out different, now I'm wondering if she's telling me everything and want to cover myself. I have not received the disclosures yet. We close on Oct. 15th This prop is in CA. Any advise would be appreciated.
Thank you!
Marci
What are the terms of your purchase agreement?
Are they guaranteeing a clear title?
What continuities did you use?
[addsig]
Why would the agent care what is owed for taxes? Your asking advice from someone who has no interest in those details.
But why do you care what is owned in back taxes? Are you paying all cash?
If your getting a loan the lender will require you to have title insurance. If your buying with cash you still need it.
Terms of purchase agreement are
30 day escrow, 5,000 earnest money deposit is in escrow, price is $685,000 w/ 6,000 back for closing cost, inspection contingency w/ 13 days from acceptance, appraisal contingency same, home protection plan, bonus of $270.00 a day for early closure. Insurance contingency (prop. close to forest) previous flood damage and claim, but have not seen disclosure yet. No termite inspection (10 yr old house, no wood all stucco). As is sale once property goes into escrow.
How would I know if I have a "guarantee clear title"? Should I ask or is it just assumed? What do you mean about the constituionalities?
Thank you so much for your help.
Yes you should ask, but is probley in the purchase agreement.
Quote:
On 2004-09-15 15:07, mdrei wrote:
Terms of purchase agreement are
30 day escrow, 5,000 earnest money deposit is in escrow, price is $685,000 w/ 6,000 back for closing cost, inspection contingency w/ 13 days from acceptance, appraisal contingency same, home protection plan, bonus of $270.00 a day for early closure. Insurance contingency (prop. close to forest) previous flood damage and claim, but have not seen disclosure yet. No termite inspection (10 yr old house, no wood all stucco). As is sale once property goes into escrow.
How would I know if I have a "guarantee clear title"? Should I ask or is it just assumed? What do you mean about the constituionalities?
Thank you so much for your help.
[addsig]
Quote:
On 2004-09-15 15:07, mdrei wrote:
How would I know if I have a "guarantee clear title"? Should I ask or is it just assumed? .
This is not a game so I never assume.
To protect your self on titile issues get title insurance.