afraid you're right
Posted on 10/02/2011 2:28:40 PM PDT by DeaconBenjamin
Roy and Karen Walker's condominium at Lake of the Ozarks fulfilled a retirement dream when the couple bought it nearly a decade ago.
The unit overlooking the relatively calm Niangua arm of the lake had everything they wanted. It was near town, right on the shoreline, with an easily accessible boat dock.
But proximity to the water has gone from a selling point to liability, their property from asset to albatross. The couple are among thousands of property owners along the lake now stuck in legal limbo after being notified that all or part of their homes, decks, gazebos and patios were built on land that belongs to Ameren Missouri's Bagnell Dam and Osage hydroelectric project.
What's more, the Federal Energy Regulatory Commission — the agency that regulates the lake, the dam and the hydroelectric plant — issued an order that all of the so-called nonconforming structures must be removed.
St. Louis-based Ameren, caught in the middle of the dispute, has asked the federal agency to reconsider, at least with respect to the 1,200-plus residences in jeopardy. The utility, which manages the shoreline under federal oversight, wants to redraw the hydroelectric project boundary to exclude most, if not all, of the homes in danger.
Meanwhile, the Walkers and many of their neighbors at the Lake Valley Condominiums — many with substantial portions of their life savings locked up in their homes — are scrambling for answers. Two of the development's buildings, along with a swimming pool and new wastewater treatment plant, are supposedly situated on Ameren's property. Some of the neighboring homes are also at risk.
"How can you buy a home, pay taxes on it, take care of it and have someone say you don't own it?" Karen Walker said. "It seems like a bad dream."
(Excerpt) Read more at stltoday.com ...
Stories. Like this are why I hate the govt and rthose who work for it.
Not against the government. The developers are the ones on the hook here.
afraid you're right
not my understanding at all... the lender requires it to protect the loan, therefore it protects the buyer also
Suffer rich honkeys!!!!
Government caused real estate to over correct in value, what a perfect time to use eminent domain and pay you market value when seizing one’s property.
You got it - “the lender requires it to protect their loan..”
The buyer has to purchase _their own_ title insurance, at additional expense, if they want to protect their interests.
Again, this all moot, since clear title is now FUBAR six ways to Sunday as a result of mortgage securitization, the MERS debacle, etc.
You really don’t own anything anymore, you simply pay for its use... this is how the world will come to an end, your soul slave to the governing elites.
they won't give the loan if they don't think it's safe, how does that NOT protect the buyer?
It is not just real estate. ALL that you have (read: including your life) the state views as it’s property. The kings of times past were just more open about it.
thanks
Because the buyer may not discover a problem - until he’s the seller.
This is yet another reason why nobody should buy or sell real estate without having an attorney. All of the documents are written by lawyers, and the bank’s lawyer is present at the close, most “homebuyers” go in naked and haven’t a clue what half of it means, and mistaken about the other half.
“Title insurance” protects the lender, not the buyer. They make the buyer pay for it (along with everything else).
Because the buyer may not discover a problem - until he’s the seller.
This is yet another reason why nobody should buy or sell real estate without having an attorney. All of the documents are written by lawyers, and the bank’s lawyer is present at the close, most “homebuyers” go in naked and haven’t a clue what half of it means, and mistaken about the other half.
“Title insurance” protects the lender, not the buyer. They make the buyer pay for it (along with everything else).
ok, i'm confused... why does the bank even care about a title search if you are still on the hook for the loan on the property???
question, you are talking about "Title Insurance" which is an insurance policy, a title SEARCH is performed to assure you that there is no outstanding lean/loan or claim of other ownership, NOT insurance...
if a title search company does a search and gives you a clean bill of sale and it turns out to be WRONG, you can SUE the title search company
Call it what you want.
You can sue anyone for anything.
Good Luck.
no... they are different, i have bought and sold several properties here and in St.Croix and never bought title insurance but had title searches done for everyone the title search is a physical document listing each and every owner back to the the original owner of the property that proves you are the clear title owner nothing more, and if they are wrong(the title search company) they are screwed
The same pose Benito Mussolini was fond of.
I’ve said it before and I’ll say it again: if it touches the water, RENT IT!
The lake has 1250 miles of shoreline. The hit on the state and local schools could be probably 100s of millions per year. It won’t fly in court.
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