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untanglingwebs
El Supremo
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Sally Haywood
September 9 at 12:33 PM ·
MISSION
The Land Bank's mission is to restore value to the community by acquiring, developing and selling vacant and abandoned properties in cooperation with stakeholders who value responsible land ownership.
All right so you buy that Land Bank property, renovate it and then you try to sell it only to find out you do not have a clear title to the property. At least one local title search company is saying that is the norm for many Land bank properties in Flint and Genesee County..
I remember hearing Land Bank officials in the past discuss going to court hearings to clear titles. Obviously that has not worked for several recent cases and more are looming on the horizon.
Edward Usewick, before he went to federal prison in the auto fraud , had a partner in the investing of rental properties.throughout Flint. . He was the former owner of the notorious Fisher Hotel It is my understanding that there are numerous properties that were formerly owned by this pair that may be facing IRS liens and other obstacles to a clear title.
A female who purchased a side lot from the Land bank found herself in that situation of not having a clear title.The property had been combined with that of the home. The Title company advised her to get an attorney because of the complexity of the case.
The first attorney quoted a large payment and said it would take 90 days.. She went with an attorney Chimovitz in Grand Blanc. Joined by attorney Val Washington they worked with her and got the issue resolved in 18 days. .Chimovitz personally drove the documents to the title company.
But how many other unsuspecting owners are out there. Representatives of ATA National Title believe there may be many. That begs the question of whether the Land Bank just wants to generate sales or are they really looking out for the community.
Last edited by untanglingwebs on Sat Sep 15, 2018 9:50 am; edited 1 time in total |
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Thu Sep 13, 2018 9:06 am |
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untanglingwebs
El Supremo
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The State of Michigan, its departments, the Michigan Land Bank Fast Track Authority (Authority), its officers,
employees, contractors, and agents, make no warranty or representation as to the status or condition of title on any
of the properties conveyed by the Authority. The applicant assumes all responsibility to search and, if necessary,
clear title to the properties. The applicant is encouraged to obtain a title insurance policy for each property and to
obtain legal or other technical advice in order to search and clear title to the properties.
The State of Michigan, its departments, the Authority, its officers, employees, contractors, and agents, make no
warranty or representation as to the presence or absence of any hazardous substance or hazardous waste on any of
the properties conveyed by the Authority. All properties are sold “as is.” The State of Michigan, its departments,
the Authority, its officers, employees, contractors, and agents, make no warranty or representation as to the
environmental condition of any of the properties or of any structures or improvements located on any of the
properties. The applicant assumes all responsibility to investigate, and if necessary remediate, the environmental
condition of the properties. The applicant is encouraged to obtain technical advice in order to investigate, and if
necessary remediate, the environmental condition of the properties.
The State of Michigan, its departments, the Authority, its officers, employees, contractors, and agents, make no
warranty or representation as to the physical condition of any of the properties or of any structures or improvements
located on any of the properties conveyed by the Authority. The applicant assumes all responsibility to investigate,
and if necessary repair the physical condition of the properties or of any structures or improvements located on any
of the properties. The applicant is encouraged to obtain technical advice in order to investigate, and if necessary
repair, the physical condition of any of the properties or of any structures or improvements located on any of the
properties.
The State of Michigan, its departments, the Authority, its officers, employees, contractors, and agents, comply with
Elliot-Larson Civil Rights Act, 1976 PA 453, the Persons with Disabilities Civil Rights Act, 1976 PA 220 and all
other federal, state and local fair employment practices and equal opportunity laws and do not discriminate based on
religion, race, color, national origin, age, sex, height, weight, or physical or mental disability, or marital status.
In addition to the sale price of said property, the applicant will be required to pay all costs associated with this
transaction, as determined by the Authority.
The purchaser will receive a “Quitclaim Deed” from the Michigan Land Bank Fast Track Authority. The
property will be conveyed, “As Is” – with no title insurance, subject to right of way of record, encumbrances, and
exceptions. The purchaser will assume responsibility for the property. The Quitclaim Deed does not warrant title
and may be subject to redemption rights (that right which allows a former owner of a tax reverted property to invoke
a legal claim, to reclaim forfeited property by paying delinquent taxes, fees and/or costs). It is strongly
recommended to the purchaser to obtain title insurance for all properties to be conveyed by the Authority. It is
further suggested that title insurance is ordered upon approval of this application.
I/We understand that the Authority will offer the property(s) “AS IS”
Those wishing to purchase Land Bank properties need to know the hazards of such a sale and the Land Bank needs to be clear at closing about the hazards of such a sale. Tile insurance can cost in the vicinity of $400 for each property. That does not include the cost of an attorney to clear title. |
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Thu Sep 13, 2018 9:11 am |
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