Legal Question in Real Estate Law in Virginia
Sold Property not owned by builder
The MLS listing, sales brochure, plat and survey stakes showed the new, model home I purchased to be located on 4.5 acres. The title refered only to the original deed for the subdivision, again showing the property to be 4.5 acres. Three weeks after closing, I learned that VDOT had purchased .5 acres a year earlier, but after the deed cited in the legal description of my property provided at closing. The .5 acres is basically the entire front yard and will be for a new road to be built in the near future. I've filed a title insurance claim, which has been validated by the title insurance company. Am waiting to see what the diminished value of my property is based on a new appraisal. It appears that the Title company (owned by the builder) did not do a title search. Should I take legal action against the builder (seller), title company, and/or my buyer's agent? If so, what are my chances of winning?
1 Answer from Attorneys
Re: Sold Property not owned by builder
Better first arrange for a consultation with an attorney with experience in real property law and title matters in the area where the property is located before you consider legal action against any of the referenced individuals or entity.
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