Update on the house situation

The seller has signed our offer, and the signed copies of the offer are in the hands of her lawyer.  Once they wend their way to my lawyer, I sign it, give the lawyer a $100 deposit on the closing costs, and then have to get that paperwork to the mortgage brokers to get the mortgage on the go.  The closing date is set for August 18th, and I’m taking a week’s vacation to get this place packed and moved to the new one.

As for the closing costs, we’re depending heavily on selling one of those two computers mentioned earlier, however neither of them are generating the kind of interest they should be getting.  My father’s agreed to loan me $500 until such time that one of them sells, or if they don’t, then until I can save up enough to pay him back.  Hopefully the closing costs won’t be nearly as expensive as most other places, since there won’t be a title search, survey, or other such legal trivialities to undertake, what with it being leased land.

The fact that it’s leased land, though, gives me a different piece of paperwork to have to do — the lease consent form, that basically says the mortgage brokers are aware that it’s a leased land and are allowing it, and that the leased land owners do not have any claim over the house itself.  This is turning out to be a bit of a hassle, with both the land owners and the mortgage brokers demanding the other sign first.  I happen to agree with the mortgage brokers, on reading the text of the document — despite my not having a legal background, I can read high-level English and can usually get at least something out of the documents.  It’s in the land owners’ hands now, having been faxed to their head office.  Hopefully it doesn’t come back with another request to get the mortgage brokers to sign first, but we’ll see.

Update on the house situation

10 thoughts on “Update on the house situation

  1. 1

    Well the house was only built and bought from Prestige homes 2 years ago, and the seller was the first to buy it, so as long as we see this on the Warranty papers from Prestige (which we put in the offer we need to see first) I’m not sure how someone else could have a claim on it. Even still, we’ll ask our lawyer about it and see what he says.
    Did we mention it’s a mini-home? I don’t know if Jason actually said that or not anywhere here, so the leased-land thing is because the mini is in a ‘trailer park’ (I think they call them ‘mobile home communities or something silly now) up behind the mall here. It’s just a tiny slab of lawn big enough for the mini and that’s it, we pay rent for the cost of the lot, water, and sewage.

  2. 3

    What is the name of the document? Maybe I can help, although I’ve never heard of a home purchase being done without a title search, from everything i’ve learned over the past two years that’s extremley dangerous. The whole point of the title search is to make sure there are no other possible claims on the home. For example, it has happend in the past where some long long long long lost brotther, sister, friend, son, daughter etc… come up with a will from 75 years ago saying the house is actualyl theirs, and they can win on that. If the person who sold the house 75 years ago never had the right to sell it because it was actually willed to this long lost person then your screwed. I’m interested to know what this leased land document is, i’d like to have a look at it for my own curiosity if nothing else.

  3. 4

    It’s the lease consent form, and it’s just for the land itself.

    As for the house, remember, it’s a two year old Prestige Home — it was manufactured for this current owner, and the lease documents from the landlord where the lot is located proves that she’s been there the whole time. No titles to search for, because all the documents prove prima facie that nobody else can have a claim.

  4. 5

    ok, now I get it. I didn’t realize it was a mini-home. Also didn’t realize it was brand-spankin’-new. I still want to see if I can check out the lease consent form at work, i’ve never seen it before and i’m curious about it.

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