This is simply not true. It is completely a buyer beware situation. In
most places, a seller has no obligation to research or examine title for
you. If you don't make your own examination, you will be subject to all
restrictions and regulations of record at time you purchase and there
will be no such rescission - you bought the farm the way it is, subject
to all restrictions of record. Only if the seller has misled you buy
some affirmative fraud, or misrepresentation, and caused you to not
discover the restrictions, might a buyer obtain rescission for
undiscovered restrictions. In many places, in fact, all incomplete
covenants contained in the purchase agreement are merged into the deed
-- meaning they are canceled as if they were performed, whether they are
or not in fact, and canceled by the acceptance of the deed at closing.
And I doubt you could rely upon title insurance, as a remedy, either --
unless you are smart enough to get the title insurance company to issue
a policy without standard exclusions and disclaimers. But even then,
you are bound by any recorded restrictions existing at the time you
purchase the parcel.
Let's just say, based on local law in my daily work, I wouldn't take
the case no matter how big the retainer fee.
Happy trails and 73. ---- Richards - K8JHR ----
==============================================================
jimlux wrote:
>
> If the seller "forgot" or the Title company didn't identify them, then
> the whole transaction could be subject to recission (or more likely,
> litigation), because one party believes you're subject to a set of rules
> that you didn't agree to.
>
> Typically, there would be some sort of settlement and compensation here,
> and depending on the "deal", it might be paid by seller, TI company, or
> worst case, buyer. (pretty hard for the buyer to get stuck here, unless
> they willfully screwed up.. the law tends to protect the buyer in cases
> of missing disclosures).
>
> Granted, recission of the deal may not be what you want. And determining
> damages for not being able to erect a tower when you thought you could
> might be a project for many attorneys for many years and cost many, many
> dollars.
---------------------------------------------------------------------------------------------------------
_______________________________________________
_______________________________________________
TowerTalk mailing list
TowerTalk@contesting.com
http://lists.contesting.com/mailman/listinfo/towertalk
|