Obviously, Dave, we we have different experiences, and do not
handle these matters in the same way.
One should never wait until closing to review any restrictions or other
documents of title. Doing that is dangerous, and ill advised. Title
and restrictions should be researched and reviewed long before closing,
and within a period of contingency specified in the purchase agreement,
including an escape clause that would allow the buyer to safely squelch
the deal without fear of breaching the contract if he decides he is not
happy with what he sees. Thus, examination of title should occur long
before closing. Waiting until closing is ill advised -- For one reason,
there is not enough time to do that without causing unreasonable delay.
If the Realtor is not doing a title search, then the buyer is not
adequately protected. If the Realtor is not qualified, and the buyer
avoids hiring legal counsel to accomplish the task, he is not fully
protected. The average buyer should not do this himself, either. As
to what the local register of deeds is willing to do without a
substantial fee, even if he will do it at all - may vary substantially
by jurisdiction, and practices in your bailiwick may be radically
different from from my jurisdiction. It would not happen in my area.
I don't know what you mean by "running away with this."
Whether a Realtor is qualified or not IS the point. You just cannot
safely rely upon the realtor to get the stuff from the county as you
say. If the person researching title restrictions is not qualified, the
buyer cannot safely rely upon his work. This is not a matter to be
trifled with. Once you close the purchase transaction, you are subject
to all restrictions of record, and failing to do perform a thorough and
safe title examination can lead to disaster. It may not have happened
to YOU, but I made a career sorting these things out in court for people
who did not want to spend a mere $350 to get an attorney's assistance
BEFORE buying Blackacre.
Lots of people think lawyers are too exspensive, but the truth is
Realtors get (in my area) 7% of the purchase price as a commission --
which upon a $350,000 home comes out to $24,000 -- but it might cost as
much as $1500 for an attorney to handle the entire matter, from drafting
the purchase agreement to passing on title, and reviewing and monitoring
the closing process. But people trust the Realtor more than the lawyer,
and I know which one is more qualified, better trained, and
knowledgeable. And I know it costs much more to fix the problem in
court, than to avoid it by getting qualified advice before the deal is
closed. So... go ahead folks... YOU decide whose advice you wanna
follow...
BTW, I like the "un-sliced baloney" comment -- polite, but expressive.
I guess we will just have to agree to disagree.
Happy trails and 73. ---- Richards - K8JHR ----
==============================================================
Dave Harmon wrote:
> You will not see any deed restrictions and/or covenants until closing and
> they are not always presented. The realtor knows who to call to obtain a fax
> of the info. They do it all the time.
> ***********************************************************
> ****wrong again....they are not doing a title search, just a simple fax of
> the restrictions....it ain't a big deal...and there is no charge.
> ***********************************************************
> ****you are running away with this.
> ************************************************************
>
> ****no one said that a realtor needed to be qualified on these matters
except you.
> As I said previously, the only thing you need a realtor for is the listing,
> appointments, and info from the county re restrictions and the city for
> their restrictions.
> The responsibility for immediate action is on the buyer.
> If there are so many pages of restrictions that you need to hire a real
> estate lawyer then you should look elsewhere.
> *************************************************************
> ****respectfully speaking of course.....un-sliced baloney.
> *************************************************************
>
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