Creative Solutions That Saved the Deal

By
Education & Training with Rowlett Real Estate School LLC

We almost lost a sale due to a clause that showed up on the deed at the closing table.  In the deed copy the owner had supplied us, there was nothing about having to provide well access and water to the neighbor.   But when we got to the closing table, the original deed had been amended with a recorded agreement to supply water to the neighbor.  The title company said they had to go with what was on the latest recorded deed even though the owner said not to transfer the clause. The owner said he didn't know that such a clause had been attached to his property deed.  Sounds like a mess doesn't it.

It turns out, the neighbor, then a very dear friend of the owners, had been sharing the commercial well and paying the owner each month for water. One day the neighbor tried to get some financing and found out she couldn't without a well on the property.  Somehow, she was told she could get an approval if she could produce a deed guaranteeing her water rights. During this time, the owner was in the hospital.  The dear neighbor friend had him sign a clause on the deed guaranteeing her water rights and had it recorded. Apparently, he did not realize, she was attaching it to his deed and thought it was just something she needed for the bank.  So there you are.  It all came out in the wash at the closing table.

We had to go through a few hoops, but were able to get the clause removed due to the fact the agreement was no longer binding with the sale of the property, and the closing proceeded.



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Rowlett Real Estate School

Rowlett Real Estate School


For infomation on Rowlett Real Estate School and our classes in Panama City, Fort Walton, Pensacola and Destin, visit our website at www.rowlettrealestateschool.com .  Or give Captain Wayne a call at 850-547-1333

Rowlett Real Estate School is a full service Florida Real Estate School offering classroom training in Panama Ctiy Beach Florida and Destin Florida, Fort Walton Beach and Pensacola.  We offer a full line up of courses online and in classroom for all your Sales Associate and Broker real estate license requirements.
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Topic:
Real Estate Sales and Marketing
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Creative Solutions That Saved The Deal
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creative solutions that saved the deal

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Ambassador
1,529,256
Gary Woltal
Assoc. Broker Realtor SFR Dallas Ft. Worth
Keller Williams Realty

Good thing, at least this clause terminated with new ownership. That was very scary to kill the whole deal at closing. Great story of how things go for all of us in business some days...

May 23, 2012 08:26 PM
Rainmaker
697,681
Sharon Parisi
Dallas Homes
Keller Williams Dallas Premier Realty

This is another reason that it is important to pick an experienced title company.

May 23, 2012 11:03 PM
Ambassador
876,211
Larry Bettag
Regional Vice-President
Larry Bettag - Cherry Creek Mortgage

You need ... not only experienced, but ethical as well.  Great post!

May 24, 2012 11:37 AM
Ambassador
669,526
Karen Crowson
Livermore Wine Country Homes
Alain Pinel Realtors, Pleasanton, CA

There are so many details in a given real estate transaction. You learn something new all the time. Glad it all ended well for your clients.

May 24, 2012 01:43 PM
Anonymous
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Rainmaker
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Captain Wayne Rowlett

Florida Real Estate School
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