Asked by ALB, Texas • Mon Dec 22, 2008
There were some upgrades to the property that were not reflected on the old survey that we furnished. The buyer did not order a new survey that included the improvements as required by their lender. The buyer never bothered to even look at the survey prior to closing nor did their realtor provide them with a copy of it. In the closing agents office, the buyer discovered an easement that he did not like and decided to back out of the purchase. He used the excuse in paragraph 4A1 as grounds for backing out of the contract, when in actuality, their lender just needed a recent survey that included the property improvements. They are claiming that they do not have financing because they do not have property approval that meets their underwriters requirements. We have spoken to their lender and they state that all they need is a new survey and then the loan would be approved.
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