I am scheduled to close on a property this week. There are 2 buildings on the lot and the rear building is over 2000sq ft. I was at my friends house (a real estate broker) and he was looking up the property records.
He noticed that the property appears to be on neighbors land in the aerial view. I am including the map for all to see. This building was built in 1936. I am ordering an urgent land survey. My gut feeling is that the building will turn out to be encroaching on the back neighbors property.
The neighbors property was built in 1956 and the current owner has owned it since 1976.
My broker friend says that the building I am buying will need to be torn down if it's encroaching. I think I could also possible ask to buy the additional slither of land from the back neighbor?
I am already getting a good deal on this property but I'm thinking I should possibly go back to the seller and try to negotiate a lower price if the survey comes back showing an encroachment.
Has anyone ever had any similar issues like this? Any suggestions for young Natalie?
What are the local laws IRT easements (ie- if that area has been used for XX number of years it can become official part of the property). Sorry I don't know any of the legal terms and have never been involved w/ it, but I do know my father had a portion of property that became his as it had been fenced off used by him for decades when a property dispute arrised.
You're smart to get a new survey. I'm assuming you're getting an owner's title policy so once you have your survey in hand I would check with the title company to see if they will insure around the expected encroachment. Title rules are State specific but that is where you want to start if in fact the encroachment shows up on the survey.
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