i was about to close on a property in rock stream,ny until my attorney noted
the property was encumbered by a Perpetual Easement from a prominent gas/oil company.
it is a property i planned to live on not develop
the easemant allows for a road to be cut through,across the property at no specified location
and at no specific future date-----my guess soon as owners bailed quickly-
the road norm is 75 feet wide which i still own need to insure and pay taxes on
with only 360 foot of frontage this would be a disaster to live next to.
the lawyers are trying to get a release from the gas company i hold little hope
they paid for it and need it to get to a gas lease on a landlocked piece behind my property and several others- i do not blame them
has anyone had experience with cancelling a signed real estate contract with
such an undisclosed impediment-i.e., title defect?
thanks matt
Dear Matt,
Not a title defect since it was placed of public record.
Hopefully, the contract provides for examination of and acceptance of title with no burdens.
The best solution if the gas company does not want to release the easement is to ask them to define the easement and have it run on the border of the property. With landscaping, maybe it will not be too bad.
Otherwise, the seller might be able to require specific performance.
hhanks Buddy you are 100% right since it was on public record
the seller could have sued for specific performance my attorney said
the seller deemed it too expensive to sue and property could not be sold during legal
process
I signed a release and property on realtor.com
immediately
Sadly -the seller did not know of easement not caught by his attorney-tyey were in shock!
property on 13.7 acres narrow at road front road would be a burden
dont blame the gas company they paid for easement —just sorry
such a nice property ruined
the property is in a small finger lakes community rock stream(five wineries in town)
my next contract will say " acceptance of title with no burdens"
thanks for the advice Matt