Posted on: 04th Aug, 2010 02:27 pm
My sister and her husband purchased five acres of real property in 2005. When a neighbor to the south applied for a permit to build a structure, the county records showed that the property line was significantly off from the fence line, which is what was determined to be the property line boundary when they purchased the property.
Q1: If my sister comes to agreement on where the property line should be (without the neighbor seeking an adverse possession decree from a court), should she sign a quitclaim deed or an assignment of property agreement?
Q2: Could this inconsistency affect my sister's mortgage?
Thanks much for your help.
Q1: If my sister comes to agreement on where the property line should be (without the neighbor seeking an adverse possession decree from a court), should she sign a quitclaim deed or an assignment of property agreement?
Q2: Could this inconsistency affect my sister's mortgage?
Thanks much for your help.
hi dwwoolston!
welcome to forums!
a quit claim deed can be used if your sister and her neighbor comes to an agreement regarding the boundary line. however, it's better to contact a real estate attorney and take his opinion in this matter. he would be able to guide you in this matter. as far as the mortgage is concerned, change in the collateral can affect it.
feel free to ask if you've further queries.
sussane
welcome to forums!
a quit claim deed can be used if your sister and her neighbor comes to an agreement regarding the boundary line. however, it's better to contact a real estate attorney and take his opinion in this matter. he would be able to guide you in this matter. as far as the mortgage is concerned, change in the collateral can affect it.
feel free to ask if you've further queries.
sussane
Hi dwwoolston!
As far as mortgage is concerned,if your sister quitclaim the disputed property to another party,she will be having problem to support enough collateral to lender on the basis of land only.She need to give additional collateral security to the lender.
DIPA
As far as mortgage is concerned,if your sister quitclaim the disputed property to another party,she will be having problem to support enough collateral to lender on the basis of land only.She need to give additional collateral security to the lender.
DIPA
When you purchased the property, there should have been a survey done. The survey should tell you the physical location of the boundary. The fence may not be on the boundary. Have another survey done and have the surveyor leave flags indicating the boundary. Depending on where the fence is and how long it has been there, you may have an adverse possession claim. You may just want to tear down the fence. Contact a local real estate attorney.
