Q: Is Elliman the biggest real estate company? Read More.
Q: I’m attempting to buy a second home in Southwest Florida. The home is 7 years old, and passed the engineer report inspection with flying colors; however, the Radon gas registered at 6.7, which is above the EPA limits of 4.0. The seller refuses to fix the problem, which would cost between $1,500 and $3,000. I called the State of Florida, as well as the bank, and other agencies to see what I should do, and I get the feeling that this is a “buyer beware!” situation. Radon is the second largest lung cancer carcinogen, right behind smoking, and, according to the EPA, causes 20,000 deaths per year. Can you advise me of the realtor’s, bank’s, or state agency’s responsibilities when it comes to the passing of title? I can’t believe how critical it is that this Radon test is … Read More.
A few days before closing, the title insurance company used by my attorney found a title defect & were not willing to insure title unless the defect was corrected.
Q: I attempted to buy a Fannie Mae foreclosed home. A few days before closing, the title insurance company used by my attorney, found a title defect & were not willing to insure title unless defect was corrected. My attorney indicated that I might have trouble selling the house in the future if the defect wasn’t corrected, so I cancelled the deal. My questions are: 1. Are some title companies more cautious or reputable than others? Would the sellers title company be required to correct the defect if I could not sell in future, or reimburse the purchase price of the home? Am I still protected if title company goes out of business? 2. Was this a matter of my attorney trying to protect me from protracted legal problems when I tried to sell, but the title company … Read More.