Nothing is more frustrating and exasperating than a closing that never occured.
First of all, whose fault is it?
And could have this been avoided?
The answer is a resounding YES.
Aside from exercising extra due diligence as buyer’s agents, we should NEVER RELY on the listing agent’s listing information and seller’s disclosure.
Attention Listing Agents:
Please spare us, the buyer’s agents and buyers the agony and excruciating process if you don’t know that you are not listing a FEE SIMPLE property.
— Paragraph 10 of the Greater Hartford Association of Realtors Real Estate Purchase Contract clearly states that Seller will transfer TITLE to FEE SIMPLE PROPERTY not a LEASEHOLD or Property subject to GROUND LEASE.
Fee Simple Property is abolute ownership. The holder is entitled to all rights to the property and is limited only by public restrictions such as zoning and private restrictions such as convenants in the case of condominiums.
Do not check out NO on box no. 36 of the State of Connecticut Department of Consumer Protection Residential Property Condition Disclosure Form wherein it asks if the property is subject to any land restriction. Please do not lie and tell your agent when the buck was passed on that you don’t know that your property is on a GROUND LEASE when you pay $23 every month for the lease.
This early morning gusts of rambling is brought to you by the storm Sandy whose fury will be felt the until tomorrow night here in my neck of the woods.
Real estate likens a storm. It’s unpredictability is inherent in the beginning, the middle and the end.
It does not promise verdant oasis nor smooth sailing.
But as realtors, we can send out advisory so we become more prepared and not get caught in the midst of chaotic conditions.
Rant if you want. We are here to listen and learn.
“Be thou the rainbow in the storms of life. The evening beam that smiles the clouds away, and tints tomorrow with prophetic ray.”