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Document an Easement ?

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ZZGAMAZZ

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Elite Member
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Jul 23, 2007
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Certified Residential Appraiser
State
California
Assignment is a SFR for re-fi mortgage transaction from a non-banking broker (so "lender guidelines" aren't readily available).

Property is .80 acres with a SFR.

Per the owner an original lot of approx 1.25 acres was split, access to his parcel is through the remaining part of the original parcel that fronts the street, and the easement was recorded.

The NDC property profile doesn't provide lot size info but the accompanying parcel map clearly depicts that the subject lot has a driveway-like easement leading to the front street.

Question: If the plat map did not reflect the split, would the appraisal condition the report "subject to" the lender finding documentation that the easement was recorded? Or would this have been my responsibility.

(It's probably obvious that I'm not sufficiently familiar with how one records an easements, or the implications of doing so....)
 

leelansford

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Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Well, I suppose access to the subject property is no small matter. I believe that as the appraiser, you will want to include comment and analysis regarding ingress/egress for the subject. I'd discuss the situation further with your client; either a "subject to" or EA regarding the easement may be appropriate.
 

ZZGAMAZZ

Thread Starter
Elite Member
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Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
Following that line of thought, although changing direction a bit, which of the two alternatives would you tend to support, the EA or the subject to?

Also, presuming that you were inclined to impose a "subject to" and the lender advised you of the need for an "EA" (or vice versa) would you feel that one of the two provides a more credible result?
 

PropertyEconomics

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Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
Gama .. you have some indications that the easement exists and I believe you can CB4 the easement and be fine. The client can require the title company to insure access if they so choose and a title company should be consulted, however, it should be made clear to the title company that access is an issue and a search of the adjoining property may well be necessary in order for the easement to be discovered.
Also, is there a survey of this property? Typically surveys will show easements of record which serve this property as well.
If your client wanted EA thats what Id do .. if you client wants subject to thats what Id do .. either way you have disclosed the access issue and you are covered within your report .. I believe.
 

Howard Klahr

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Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
Before you do anything, have you looked at the deed for the subject property to see if it reflects the recorded easement? Have you even looked to see if you can find the recorded easement?

You really do not want to make assumptions over issues that are readilly available to verify. If after you have made some reasonabe effort to locate the information in public records, then discuss the issue with your client.
 

leelansford

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Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
...and the easement was recorded.

The NDC property profile doesn't provide lot size info but the accompanying parcel map clearly depicts that the subject lot has a driveway-like easement leading to the front street...

A search of title (the client should have this soon) should clarify everything.

But, I'm confused by the client being a "non-banking broker". What exactly is a non-banking broker? Who, or what, is funding this loan?
 

PropertyEconomics

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Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
A search of title (the client should have this soon) should clarify everything.

But, I'm confused by the client being a "non-banking broker". What exactly is a non-banking broker? Who, or what, is funding this loan?


Lee ... I dont know the answer to this question ... But would a title search on the subject note an easement on the adjoining property? I would suppose if the easement is for the benefit of the subject it would be, but Im not sure that it necessarily would. Wouldnt perhaps a search of the adjoining property be necessary?
Again I dont know the answer to that question.
 

Terrel L. Shields

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May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Before you do anything, have you looked at the deed for the subject property to see if it reflects the recorded easement? Have you even looked to see if you can find the recorded easement?
exactly. His deed description should plot it out as it seems that it is recorded.

A non-banking broker is a hedge fund....probably.
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
If the easement was recorded you should be able to confirm it with a call to the Clerk of the Court or the planning department. If your clerk's office is on line, like ours is, a search of the public records there should get the job done. I know Sacramento County has their Clerk on line, as do a lot of California counties (perhaps all), in which you can simply search by name.
 
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