Undisclosed TIC (co-ownership) on property I am under contract on.

First time posting here so please bare with me. I recently put an offer on a house listed with 1.2 acres. Through my title, deed and zoning search it was discovered that a portion of the acreage(.86) is co-owned (tenants in common)with the neighbors as it extends the walkway to a pond that is behind all houses. There were 2 parcels listed and the deed on the Shared parcel does not list other individuals as owners. The tax card for that would come with the house I am purchasing which makes me solely liable for the yearly taxes and I would be responsible to insure said land. To further complicate this the listing agent is one of the neighbors that owns a portion of this land which was not disclosed in the deed or the listing. This was discovered 1 day after the grace period that was listed in the contract so I am too late to back out on contingency. The listing agent, also owner stated the current owner of the property just collects yearly taxes from the neighbors but an amount was not disclosed and there has been no agreements in place to ensure collection each year. She also mentioned an easement for the sewer lines that the township has access to. This was not listed in the seller’s disclosure under easements. The house is in great condition, my low interest rates have been locked in and the appraisal date is quickly approaching. This added information has been disclosed to my lender which will have to disclose to the appraiser. I do not know where to go from here. I am in PA and can find very little on this subject in this State. I sent a change in terms proposal and am awaiting a response if there is going to be one. I know I can terminate the contract and will stand to lose my escrow, attorney fees and home inspection as well as low interest rates and a great house. Do any of you have suggestions that I can take under consideration in this matter?

submitted by /u/Leather_Sprinkles865
[link] [comments]

First time posting here so please bare with me. I recently put an offer on a house listed with 1.2 acres. Through my title, deed and zoning search it was discovered that a portion of the acreage(.86) is co-owned (tenants in common)with the neighbors as it extends the walkway to a pond that is behind all houses. There were 2 parcels listed and the deed on the Shared parcel does not list other individuals as owners. The tax card for that would come with the house I am purchasing which makes me solely liable for the yearly taxes and I would be responsible to insure said land. To further complicate this the listing agent is one of the neighbors that owns a portion of this land which was not disclosed in the deed or the listing. This was discovered 1 day after the grace period that was listed in the contract so I am too late to back out on contingency. The listing agent, also owner stated the current owner of the property just collects yearly taxes from the neighbors but an amount was not disclosed and there has been no agreements in place to ensure collection each year. She also mentioned an easement for the sewer lines that the township has access to. This was not listed in the seller’s disclosure under easements. The house is in great condition, my low interest rates have been locked in and the appraisal date is quickly approaching. This added information has been disclosed to my lender which will have to disclose to the appraiser. I do not know where to go from here. I am in PA and can find very little on this subject in this State. I sent a change in terms proposal and am awaiting a response if there is going to be one. I know I can terminate the contract and will stand to lose my escrow, attorney fees and home inspection as well as low interest rates and a great house. Do any of you have suggestions that I can take under consideration in this matter? submitted by /u/Leather_Sprinkles865 [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!