Posted incorrectly in the BUYING forum so reposting here. thank you

Greetings,

We are military NY residents currently stationed in Japan. We just received closing documents on 27 acres in the Adirondacks. Although we are closing long distance and we have a attorney, I would like the advice of the board here until I hear from the attorney.

These questions are the same as the ones emailed to our attorney but I think I would get a quicker response here.

1 ) THe RP-5217 Real Property transfer report has the correct purchase price but on line 17 where it asks for total assessed value the amount differs by 6,300 dollars more than purchase price. Our contract was signed 16Sep06. Does the amount need to be changed to the purchase price?

2 ) The Uniform Settlement statement has the amount of 739.00 dollars(line 1108) for title insurance. We asked for both Lender and Owner policies, but on lines 1109 and 1110 the amounts for each policy is zero dollars. Is it important to have the amounts reflected on these lines? We have not received anything from Fidelity National yet.

3) We have a notarized Undertaking and Repurchase agreement from the seller stating that they would repurchase the property for the amount we purchased plus any costs incurred if we are unable to find a suitable building or well site. We do keep oil, gas, mineral and timber rights. The statement failed to mention septic which was discussed as part of the repurchasing agreement, and a timeline of eight months (which was not discussed or agreed upon) included.
Can we have this information changed to reflect what was agreed upon? Plus, with my husband deploying we would not be able to meet the timeline before it expires. Or, if an approved well site is found does that mean a septic site is automatically approved as well?

Thank you in advance for you expertise.

[ 02-14-2007, 02:06 AM: Message edited by: nana-san ]

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Whatever you do, work at it with all your heart, as working for the LORD, not men.

Colossians 3:23

You really need to only rely on your attorney's advice and expertise. No one on this forum is privvy seeing all the documents or knowing the circumstances of your purchase.

That said here's some free advice.

Regarding item number 1., in my area property is assessed for tax purposes in amounts different from your purchase price. That could be the case in your situation.

2. You need to make sure you're getting both owners and lenders title insurance if that's what you want. The total amount charged is unclear as to what you're buying.

3. Are you saying you want these people to buy this property back forever if you can't find a suitable building site. What constitutes "suitable"? That is ambiguous. Wells and septic systems are two different things and need to be addressed separately and specifically.

It is very, very important that your documents say exactly what you and the seller agreed to in clear and easily understandable language by both parties.

Thank you Mr. Lee,

I do believe that the assessment mention in the first paragragph is as you stated, just wasn't sure. that would be a could thing me,right? Until my taxes go up.

We did request both an Owner's and a Lender's policy at the same time and the amount is 739 dollar. but on each line where it stipulates the amount for such policies are blank.
i.e. 55,840 for lender and 69,800 for the owner's policy. Those are the number I expected to see other than zero. I don't know what is standard.

The buy back of the property is the guarantee given by the seller himself as part of his marketing. He guarantees that the land is buildable and (There are two cleared building sites) obtaining a viable well site and septic approval is also garanteed, if not then the seller will purschase the parcels for the cost we paid plus any costs incurred. This is a very good Company that we are buying from and they are associates with Cabela's trophy properties. We would do business with them again in a heartbeat. I just am not sure of the proper protocol. Do I speak directly to the seller or now that I have an attorney handling the closing let him handle it.

The just needs to be tweak. His guaranteesare listed on his website, we just wanted it in writing.
We have a very good working relationship with this Company, They have been working with us since 8/06 and we are finally closing.

Can I give their name a Plug here?

Though Jim Lee is from Tennessee his response is right on for New York also.

I would strongly suggest keeping all your communication with the seller through your attorney at this point.

If you're not represented by anyone like a real estate broker and have been talking to these people since "8/06" I don't see any harm in asking them to clarify the points you're concerned about in writing.

Although I'm not familiar with how real estate closings work in New York, typically an attorney's job would be to review the documents and ensure the legalities of the transaction. At least that's what our local title attornies do.

Plug away if you like; everyone likes a little pat on the back every now and then.

it is 1:20 Thursday morning here in Japan so I will give them a call now thanks.

I will add the outcome here.

Update.

Attorney's office recommended I speak directly with the sellers regarding the indemnificatiohn letter. and they will add the correction PLUS extend the timline for the well 12 months. These guys rock!!!

This has been a learnign experience for everyone around and a terrific group of people, I know we all at one point became frustrated going back and forth. but everyone is happy.

The company is called Christmas & Associates tupper lake Ny and affiliated with Cabela's Trophy Properties. Mike Miranda, the sales agent walked through every step, and now my closing date is 15FEB07, settlement daye 22FEB07

yippee! can't wwait to get my boots on and muck around.

Thanks for the advice guys