question archive On September 12, 2020 Bart Buyer and Sam Seller entered into a written contract; Mr

On September 12, 2020 Bart Buyer and Sam Seller entered into a written contract; Mr

Subject:BusinessPrice:3.86 Bought11

On September 12, 2020 Bart Buyer and Sam Seller entered into a written contract; Mr. Buyer agreed to purchase Mr. Seller's office building (located in Indian River County) for $875,000. The closing took place on November 2, 2020. Prior to closing, a title examination was conducted; there were no apparent problems with the title and a title insurance commitment was issued prior to closing. On November 5, a title insurance policy was issued to Mr. Buyer. On November 8, 2020 the State of Florida approved a highway project that would affect Mr. Seller's office building. Most likely the building would be purchased by the state (through eminent domain) in order to complete the highway. In addition to the eminent domain issue, Mr. Buyer has discovered a construction lien (typically used when construction work was not compensated) on the property. The lien was properly recorded in Indian River County, but apparently the title examiner did not discover the lien (most likely an oversight). If Mr. Buyer makes a claim under his title insurance policy for the construction lien, will he be successful? Explain your answer.

 

Option 1

Low Cost Option
Download this past answer in few clicks

3.86 USD

PURCHASE SOLUTION

Option 2

Custom new solution created by our subject matter experts

GET A QUOTE

rated 5 stars

Purchased 11 times

Completion Status 100%

Related Questions