My question involves real estate located in the State of: Michigan
We purchased a foreclosure 5 years back with no survey, but a warranty deed and title insurance. The legal description was fairly straight forward. The property is adjacent to our township park and along our back property line is a creek/drain. What we didn't realize was that the creek bridge within the town park is partially on our property. The township approached us with a small but fair offer to purchase a sliver including the bridge and if accepted, agreed to cover all transaction documentation, preparation fees and closing costs. We are not trying to make a killing of this, being rooted in the community, almost selling at pass through; however, our goal wasn't to have additional expenses out of this deal. Honestly, I am happy to rid ourselves of any liability with that public bridge being on our property.
We have not signed the purchase agreement yet, reviewing/revising proposed details.
To prepare this transaction, they hired a surveyor who only surveyed the sliver of the land we are selling and the township's new expanded parcel.
For our revised parcel, they took the legal description from our old warranty deed and revised it to reflect new boundaries, although the descriptions/bearings look
completely different.We were given a copy of the survey which show 3 legal descriptions and an accompanying map/survey. Our legal description,
once revised, notes that it was "not surveyed". I plan to review it with the surveyor, and know they must have some baseline for the description.
If this deal goes through, there will be our original warranty deed recorded in the county and the new one for the sale of this portion. Then, we will have a legal
description of our property revised with the tax roll. If we ever sell in the future, my concern is that the legal description will need to be verified. They will have 2 recorded warranty deeds and the revised description and we don't have a survey. I read it was best practice to survey both parcels. Any thoughts on how we may mitigate future expenses or the likelihood of a future surveying expense? We are not trying to waste the township (or our) money.
Their lawyer is preparing the closing documents, but they don't plan to secure title insurance. I don't know if a title company would've provided a good sense check in this.
Thanks in advance.
