Easement Underneath House

[Tim The Enchanter]

Lee in L.A. said: ↑
you would be in for $500 plus attorneys fees.
Grossly understated

How is understated when there is an open ended variable, attorneys fees?
OK, there's no doubt other costs too.

 

[Evincere]

I bought a house in Houston in 2007 and tried to sell in 2011. The buyer's title company discovered 3 city of Houston easements, 2 inactive and 1 active. The one active is a 10 foot wide storm sewer (20 foot wide easement) running directly underneath the house. The mortgage company would not lend the money and the contract fell through.

Thanks for any help.

As the buyer in 2007 did you engage an attorney or title company to represent your interests? If not, why not. Did you pay cash - what were the terms of your 2007 purchase contract. Your attorney/title company should have been aware of the easement issues when the title company ran their search in 2007.

 

[Howard Klahr]

How is understated

Appraisal fees to properly perform for this assignment would be in the four digits not three

 

[Tim The Enchanter]

Appraisal fees to properly perform for this assignment would be in the four digits not three

$500 was the arbitrator fee.
Plus attorney, appraisal, and etc
Neither will likely be under 4 figures.
It adds up real fast.

 

[leasedfee]

Your attorney/title company should have been aware of the easement issues when the title company ran their search in 2007.

Nobody bothers with boring reading. Everyone is rushing to get the deal closed to make their coin. Even on this forum, many appraisers say: "I don't read title work"; "I'm not an attorney." There is nothing magical about getting the deal done in under 30 days. . . . . The poster has been compensated for the title defect and has been made whole. They have a functioning house during the interim, so why should it have a diminished tax assessment? If the house is pulled down [i.e., demolished], because of the easement, then the encumbered land should be assessed for less than an unencumbered parcel. Next time, read the title work like the potential buyer in 2011.

 

[Howard Klahr]

so why should it have a diminished tax assessment?

Because according to the Texas Constitution, the property shall not be assessed at a value greater then the "fair cash market value"

No property of any kind in this State shall ever be assessed for ad valorem taxes at a greater value than its fair cash market value
Source: Texas Constitution Article 8 Sec 20