I’m under contract on a park and we’ve hit a snag. The survey came back and the surveyor noted that there are some gaps/overlaps on the boundaries of the park. Somewhere along the line it sounds like a surveyor moved a section corner and as a result it has created these boundary issues. There is nothing adversarial with neighbors (I’m guessing they don’t even know of the issue)… just these relatively small gaps and overlays on the boundary lines that are creating very minor discrepancies on the legal description.
This happened to me. Fortunately I had a motivated seller who had a good relationship with the neighboring property owners. The seller’s attorney created a legal doc for the neighbor to sign to give us the space/land we needed, which they did.
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I had a similar situation at a park I sold. We ended up escrowing $50K (out of my funds) to satisfy the buyers, lenders, etc.
Two years later, they are still dealing with it. From my perspective, I made a good deal.
As a buyer, I would want this solved before I took the title.
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Thanks for sharing your perspective. Do you mind sharing what the bumps have been that have resulted it taking two years and still not resolved? That would be helpful to hear.
The bumps have been County Regulatory issues.