Consumption and Real Estate
I listed a 2family house, and when I went to get the CO, I find out it was only registered as a 1 family!?
Question : I listed a 2family house, and when I went to get the CO, I find out it was only registered as a 1 family!?
This house was previously listed by two other realtors as a two family. The owners were refered to me by my aunt (they worked together) and they also informed me that the house was a 2 family. They currently pay taxes as a two family. They were reassest in the 70′s but when I go get the CO at City Hall they tell me that the house is a one family. I am supposed to close on Friday. So my question is what can I do? Would the lawyers have seen this when running the title search or on the deed? I’m licenced in New Jersey.
I believe since they have had use on this property has a 2 Family and have paid taxes as a 2 family for the past 40 years, before a CO was required , or a variance that they could fight this with the town and have them grant them a grandfather clause. What do you guys think?
jersey city realtors
Best answer:
Answer by Kanakalele
I’d say they are OWED big money in back taxes on a two-family dwelling,when in fact it is a single family dwelling. You know the information and CO proves you know it. Don’t get burned, divulge the information to the buyers, they may actually appreciate it as it would lower the taxes for them!
This entry was posted by admin on October 22, 2010 at 10:34 pm, and is filed under Real Estate Listings. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.
- Dream house plans – the characteristics you need to have
- Design Your Dream House With Wonderful Residence Style
- Your dream of owning a house can easily come genuine now with the very best genuine estate providers
- Rochester NY House Painters – Red Truck Painting
- Genuine Estate Agents In Chicago: How To Uncover One particular
- To do a real estate agent I have only to take this course online? Or if I do I go?
- Can I buy a house in Germany without a German citizen?
- Where can I find a “box” real estate newsletter sent to my customers?
- Why U.S. house is so expensive?
- Houston real estate can, where can I find a real website that …?
In Florida the current owner is responsible for any problems. The key word is any, but the current owner also has the right to go and sue the previous owner if the problem was not disclosed before or at the time of sale. This give the current owner the chance to recoupe some of the damages caused by the previous owner.
In your situation the current owner may have the right to seek damages for the person he purcheased the home from since he/she thought they were getting a 2 family home when really they only have legally a single family home. Have them check with an Lawyer to see what rights they have, the closing agent may provide this info also.
As a Realtor you have learned to do you home work ahead of time ( research your listings at the begin) to find any problems that will cause you to not have a closing. No surprises at closing means you get paid.