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When we talk about complex appraisals, we’re not just referring to larger or more expensive properties. Instead, the complexity stems from the unique characteristics of the property, the lack of readily available comparable sales data, or the existence of special legal or environmental considerations.
It should be noted that not every state uses due diligence fees in real estate transactions, so it is important to consult with your real estate agent so they may educate you on the legal implications of a housing contract. Any existing easements on the property which legally allow another party to use someone else’s property.
” Highest and Best Use is the reasonable, probable, and legal use of vacant land or an improved property. Legally permissible. If not, obtain one, specifically covering boundaries to learn if easements or encroachments exist.). Are existing structures considered legal non-conforming use? Physically possible.
Evaluate Land Use Restrictions: Over time, legal restrictions on land use can change drastically. What You’ll Need to Know: When it comes to land use, pay attention to zoning ordinances, covenants, easements, and agricultural use restrictions, to name a few. Look up your land and get in the know.
The physical, legal, or economic descriptions of the property are in question. Consider the grantor’s position when considering a disbursement for a mixed-use development, conservation easement, or specialty use property. clarify references and data to ensure that all parties (including the jury) understand the information.
In many cases, a known easement or encroachment or even pending land use changes can be considered latent defects. Might be a better move to disclose everything, share Billy’s receipt and warranty and if things go south, reference the disclosure and suggest calling Billy. Real estate agents have certain obligations as well.
NOTE: Please scroll down to read the other topics in this long blog post on Easement Liability, college degree requirement AQB, Fannie June Update, ADUs, unusual homes, mortgage origination stats, etc == = Renovated Modernist Mansion in Salt Lake City for $3.699M Excerpts: 4 bedrooms, 4 baths, 4,660 sq.ft.,
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