Nevadabev41, Home Buyer in Henderson, NV

How long are sellers liable for problems after the sale of their property. We sold 13 years ago.

Asked by Nevadabev41, Henderson, NV Mon Sep 23, 2013

Bank giving them a loan now after all this time says that the easement is not written to bank standards. Are we still responsible?

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I would not respond 'unitl' you have spoken to your attorney FIRST, then the title company. You could ask the title company their opinion about the situation, but do not say or infer anything and relay that information to your attorney. Trying to figure it out yourself may not be helpful to you, or you may inadvertantly say the wrong thing. Yet, it may be cleared up easily with a few phone calls.
0 votes Thank Flag Link Mon Sep 23, 2013
Bev,

I would talk to an attorney to double check, but I'm nearly certain that after 13 years there is no recourse. If there truly is an issue, it is more likely a title insurance problem and will likely fall under a claim against the title company's insurer. It sounds like the bank needs to reassess their standards in my opinion.

Cameron Piper
Keller Williams Premier Realty
612-839-4202
Web Reference: http://www.CamPiper.com
0 votes Thank Flag Link Mon Sep 23, 2013
Contact the closing company for the original sale and the county tax assessor. At the time of sale, sellers make full disclosure of property. Any subsequent issue could be related to new laws, zoning, development and/or actions of county or municipality governments. The buyer accepts the findings as of the date of closing and become responsible, according to the terms of the purchase agreement, for any property descriptions, etc. I expect you are not responsible for any subsequent codes or exceptions determined after the closing of the sale. Your country attorney can tell you how it works in Mn and in Itasca county. Liz, 612-986-4105
0 votes Thank Flag Link Mon Sep 23, 2013
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