Posted by John Merchant on November 27, 2006 at 16:29:58:
If that TC insured the title to the new buyer, that TC would get the property after paying the buyer the amount of her loss as they’ve agreed to do.
If the B didn’t get a T policy, I’d bet that next time she will since she’ll then understand the value of it.
illegal subdivision - Posted by Miki
Posted by Miki on November 19, 2006 at 18:33:59:
Our city has an ordinance that states it is unlawful to subdivide real property without city council approval and also unlawful to offer for sale or sell real property which has not been subdivided in accordance with this ordinance. Ordinance also states minimum lot size is 2 acres and SF home must be 1,000 sq.ft. Our neighbor “A” owned 6.4 acres with a 2,000 sq.ft. house and separate 750 sq.ft. office building on it. In a “sly” sale of the property “A” only deeded 5.4 acres to “B”. Later “A” claimed her “remaining” acre included the office building, which she then sold to “C” as a SF home. “B” ended up upside down on her note due to the loss of the acre/office building. Her bank did a short sale to “D”, who flips properties. “C” has requested the city approve the subdivision of the land, but it has been ruled illegal, since that property meets neither the subdivision ordinance, sale of subdivided property ordinance, or the minimum lot or home sizes. Who ends up with the one acre/office building?