Quote:
|
Originally Posted by nanci2539
I had a bad experience in MA. After living in a home for over 20 years; I found that I did not own the land my home sat on. Even with title insurance. The short version is the title insurance company paid the policy but I still did not own the land. The owner (a local developer) owned the land and wanted to build behind me. The only way he could do this was to apply for a variance using a small parcel on the side of my home as a access road. If I gave him this, he would give me the land my home sat on. The neighbors were up in arms; I was in town meetings for over five years. We started off friends, we ended up enemies. We went to court; they found in his favor; he owned the land. He offered to sell it to me for $500K. At that point, we didn't speak. And then he passed away! He died of a heart attack instantly. His wife blamed me and all the stress he was under. She told me (via a legal letter) I had a month to get out of the house or she would have me arrested!
I finally sold it back to the original builder for $80K. A fraction of what the home was worth.
By paying the policy, the title insurnace was able to walk away. So, even with insurance, I still didn't own the property!
It was a mess! My suggestion, get the insurance! At least you get compensation if there's a problem.
|
Nanci - what did the insurance actually do for you? What was their compensation to you? This is exactly the kind of situation I thought title insurance was supposed to protect you against, but I'm not able to tell from your post what it did to protect you.