Flag Lot

[Pamela Crowley (Florida)]

I'm not getting in the middle of this one!!!!!

 

[Otis Key]

Originally posted by Pamela Crowley (Florida)@Oct 26 2004, 07:08 PM
I'm not getting in the middle of this one!!!!!

But Pam - it was "laid" out there with an open invite! :rofl: :rofl: :rofl:

 

[Terrel L. Shields]

Time to quiet title AND sue the pants off the seller, realtor, appraiser!!!, bank, title company, etc. Title quiet should reveal if the sale of the "flag" or "pipestem" was legal sale.
Right of ingress and egress is a legal easement but that does not exactly state whether 100% of the rights convey....i.e.- utilities, width of road, etc.

 

[Pamela Crowley (Florida)]

Uh... What about the appraiser being handed the old survey and not being made aware of the unrecorded change???

This is one of the reasons ALL of my appraisals say:

SUBJECT TO CURRENT SURVEY

Plus, when given an older survey, my comments include:

Survey dated XX/XX/XXXX provided to appraiser.

If the survey is not VERY recent, as in already completed for the deal that I'm appraising for, this statement is added:

Site information subject to current survey.

 

[Terrel L. Shields]

What about the appraiser being handed the old survey

typical problem. I am fixing a report now that the owner showed me a developed lot w/ small commercial and a vacant lot. The legal stated ½ Lot 7, N 140' of Lot 18, Lot 9. Lot 18 was a pipestem lot triple the size of the other but the N 140' was typical lot size...140 x 50'. The client gave me the abstract legal. But I was looking at all three lots in two tax parcels in the borrowers name BUT the adjacent 75 x 75 lot was the vacant tract, and it was in another subdivision [a replat of part of the old one] and NOT in the name of the borrower.

I appraised the property aSSuming the 2 tracts were 1-developed lot 2-vacant tract...but that was not the case. The client had not given me all the legal...nor that it was in someone else's name.

 

[Otis Key]

Originally posted by Terrel L. Shields@Oct 28 2004, 08:07 AM
Time to quiet title AND sue the pants off the seller, realtor, appraiser!!!, bank, title company, etc. Title quiet should reveal if the sale of the "flag" or "pipestem" was legal sale.
Right of ingress and egress is a legal easement but that does not exactly state whether 100% of the rights convey....i.e.- utilities, width of road, etc.

True Terrel but if you read the limiting conditions it will clearly state that the appraiser has aSSumed that the information provided by "third parties" is true and correct and we're not to be held liable for any error in that data, information or facts.

It's one of those deals that it will takes courts many years to hammer out but I know a real estate attorney called me to ask about it and he is using it as an out due to an error in the legal description that was provided by the title company, mortgage company and surveyor. He thinks he can get the appraiser off on that one. I'll let you know if and when it happens.

 

[Mike Garrett RAA]

You get a copy of the survey? Guess I am a lousy appraiser because I never have a copy of the survey. We use the legal description, as provided by the county, which is assumed to be correct...but not guaranteed. I am not qualifed to determine if the survey is correct.

 

[Jo Ann Meyer Stratton]

Since both the county recorder and county assessor is on line in my two counties, I compare the most recent deed to the legal description the county assessor used for assessment purposes. Because county assessor records are of September 15th of the previous year, there might have been split(s) since date--so then I use the legal description that was on the last recorded deed. If the there has been splits that haven't been recorded yet, I attempt to get the legal description that will be used for this specific Deed of Trust from the title company handing this new situation. If it hasn't been surveyed or a new legal description written yet I have lots of disclaimers and very vague identification in my report. For example; "per owner the legal description is to be the east 75' of the following description------" and then throw in an Extraordinary Assumption.

Also, Graham County assessor has a policy (which I disagree with) that they will only process splits if a deed from an individual to an individual is recorded. They will not process the legal description that is on a recorded Deed of Trust at a property owner's request. So the property owner might have only five acres on their most recent mortgage, they had it surveyed and a legal description on the Deed of Trust is recorded. Their most recent recording from when they took title to the property was for forty acres. So the assessor's description is for the forty acres and their tax bill is for the forty acres. So their mortgage covers five acres, the lender impounds taxes based on forty acres. Gets very confusing at times. Greenlee County assessor's office will split out the five acres at property owner's request because there is a legal description recorded in the Deed of Trust. Then the taxes impounded are for the five acres only. At times I practically have to be a title researcher to figure out is actually going on and I in turn report it correctly.