Here’s my tip this month – Buckle Up. Industry insiders expect 2017 to be another robust year for those in the real estate field. Since the first two months of the year tend to be a bit slower, we all have that much time to get our respective houses in order. Take this time to get organized, make hiring decisions or to make structural changes to help you maximize your efficiency. I think we’re all going to need it.
The BT koozies made it to a few football games this season with Clinton Chandler (of Hunter & Chandler in Charlotte) at a Panthers game …
…and Frazier Wallace (of Doyle & Wallace in Charlotte) and his “baby” Bro, Brian, at a Wake Forest game [here shown tailgating].
What kind of coat is always wet when you put it on?
Send your guesses to Summer by clicking here.
This was last month’s riddle and answer:
What belongs to you but others use it more than you do?
There are two forms of the survey exception you will see on a title binder /policy. The first kind is a general survey exception. This exception is one that we use when a survey of the property was not performed in anticipation of the closing. Essentially, it indicates that the policy takes exception for anything a reasonably prudent surveyor would have found if there had been a survey of the land.
The second kind of survey exception is when we refer to the actual survey that was made in anticipation of the closing. The exception indicates that the policy excepts to those matters shown on the survey by [name of the surveyor who performed the survey] on the date listed in his or her survey.
So, what’s the difference? Well, in the case of an actual survey, the Buyer has all of his risk identified by the survey. The Buyer knows, before he or she purchases the property, what the land looks like, including any risks associated therewith. If, after purchasing the property, the Buyer has to file a claim due to a risk associated with the land, and he had a survey, that claim is very likely to be paid. The insurance company may seek reimbursement from the surveyor’s E&O carrier for his or her omission, if he should have shown the condition that is being claimed, but the Buyer will be protected.
That protection will likely not be available to the Buyer that does not obtain a survey (resulting in a policy with a general exception). In that case, if, after purchasing the property, the Buyer has to file a claim due to a risk associated with the land, the nebulous language of the general exception may be a problem for him. What would a “reasonably prudent surveyor” show on his survey? Good question. A sophisticated buyer will not let the insurance company (or worse yet. . .a judge or jury) control that interpretation.
On occasion we are asked to remove the survey exception because the buyer purchased a survey. It doesn’t work like that. When we are given the survey, we replace the general exception with the specific exception. Often times, we see the survey for the first time when the final opinion is sent to us.
One last thing about surveys. . .in some instances we are asked to insert a specific survey exception based on a survey commissioned by the Seller when she bought the property. If that survey is less than two years old, we may be able to do that. In those cases where we permit the Buyer to use an older survey commissioned by the Seller, we must receive a No Change Letter from the Seller. This is the Seller’s promise that she has done nothing to change the character of the property since the date of the survey. The survey exception in the Buyer’s policy will be a specific one, but it will reference the date of the survey (which is some date in the past not older than two years). The policy will not cover changes to the property since the date of the survey. Wait. ..what? But the seller said that she had done nothing to change the character of the property since the date of the survey, right? Well yes. . .that is right. But the various insurance companies are generally unwilling to provide coverage simply because the person trying to sell the property has made us a promise. Think of it, rather, as a prerequisite. Without that promise, we would not be willing to allow the Buyer to use the Seller’s old survey. But that promise by the Seller is not sufficient for us to provide coverage to the Buyer for any new matters.
Word to the wise Buyer: PAY FOR A NEW SURVEY!!!
Jennifer Conrad – Then & Now
A marine biologist. I loved the Voyage of the Mimi!
She-Ra! I think she is still buried in my parent’s backyard somewhere.
When I was 6 I went to church with my best friend and her family. In the middle of the sermon we got the giggles and could not stop. I have no clue what we were laughing about, but the minister finally had to stop preaching and looked at us until we could get it together. Needless to say, that did not help!
After consulting with my my parents, they said I didn’t do much that was annoying. The only thing they could come up with was that I would grind my teeth in my sleep. We won’t get into what I got caught doing during my teenage years.
When my mother was pregnant with me she asked my sister (who was 2 at the time) what she wanted my name to be. Katy responded with Peep Peep and my mom was so kind to say that sounded like a great one. To this day some of my family will call me Peep Peep or Peeps.
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Jennifer’s Maple Granola
¼ cup flaxseeds, processed fine
6 cups rolled oats (not instant)
2 cups almonds, sliced plain
1 cup pumpkin seeds, plain
½ cup sunflower seeds, plain
1 tsp salt
¾ cup canola oil
¾ cup maple syrup
2 cups dried cherries or other dried fruit (optional)
Preheat oven to 350. Mix all ingredients except dried fruit in a large bowl. Spread evenly in large, shallow baking pans lined with parchment paper. Bake 30 min or until golden brown, stirring every 15 min. Cool completely and toss in fruit. Store in airtight container. You can substitute equal amounts of other nuts.