[Grovenet] question

[Allen Warren]

David, 

The article states ~50% of the $486k was interest.  Still a hefty sum.

Again, I have no idea if a Title search was completed.  I'm wondering *IF* a Title search was conducted and if so, did the fees show up?

My 1st assumption is a Title search was not completed as I'm also assuming these fees would've shown up in a Title search.

I'm a "what's the root cause?" kind of person . . . ever since reading the article I've been wondering why Steve Emmert did not know about the fees that came w/the property, assuming he truly did not know.  I'm putting it in the context of a future learning for me, just in case I ever choose to purchase a piece of property as I can't even BEGIN to imagine reading a notice like what Steve Emmert read about owing $486k.
 
Allen Warren


________________________________
From: David Morelli <jo.david at verizon.net>
To: Forest Grove local interests list <grovenet at rdrop.com>
Sent: Friday, March 6, 2009 3:01:31 PM
Subject: Re: [Grovenet] question

$486k !!  What kind of improvement costs that much, that the  
"benefited" land owner and title company would be ignorant of it?

Local person, or absentee landowner?


David

On Mar 5, 2009, at 4:06 PM, Allen Warren wrote:

> In this week's News Times is a report on Cornelius officials  
> considering foreclosure on deliquent properties, i.e. owners of the  
> properties are said to be deliquent in paying city fees.
>
> One of the owners highlighted is Terry Emmert, who is said to owe  
> $486,340 in principal and interest for sewer and sidewalk  
> improvements near his property the city performed in the late  
> 1990s.  According to the article, Emmert is claiming he didn't know  
> he owed anything to the city for the improvements, which occurred  
> prior to him purchasing the property.
>
> In the past 20 years, my wife and I have purchased & sold a few  
> properties.  Every time we purchased a new property, we paid fees  
> to a Title company for Title insurance.
>
> Here are my questions:
> #1. Don't commercial property transactions also use involve Title  
> insurance?
> #2. Wouldn't fees such as those needing to be collected from Emmert  
> by the city of Cornelius have shown up in a title search?
>
> just wondering . . . thanks!
>
> Allen Warren
>
>
>
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