Friday, June 7, 2013

All Eyes Focus On Closing Agent In Building Sale Paperwork Screw-Up; Legal Description On Deed Included Two Add'l Improved Parcels Not Covered In Sales Price; Seller's Broker: “Somebody Definitely Made A Boo-Boo!”

In Tampa, Florida, the Tampa Bay Business Journal reports:

  • Talk about getting more than you paid for.

    A real estate investor recently paid $732,000 for the 21-unit Camelot Apartments near the University of South Florida in Tampa.

    But an alert commercial real estate chief at the Hillsborough County Property Appraiser’s Office noticed the warranty deed included a lot more.

    Our examination of the deed for the Camelot Apartments sale clearly indicates that it included two additional parcels containing two more buildings,” Ken Engel wrote in an email to the Tampa Bay Business Journal.

    He pointed out that folio numbers and legal descriptions for the nearby 12-unit Villas of North Tampa and 8-unit Spanish Villas are also on the deed.

    There is no doubt all three properties have been transferred,” Engel wrote. “If it was not their intention to include the other two properties, they need to have a corrective deed of some sort filed to rectify the error or they are going to get a surprise when someone tries to buy the other two from them.”

    Broker Kevin Kelleher of Franklin Street Real Estate Services, which represented the seller, said the other two properties were not part of the deal and are still for sale.

    Somebody definitely made a boo-boo,” he said.

    American National Title in Largo prepared the deed. A call to the company was not immediately returned Wednesday afternoon. All three properties are from 35 to 45 years old and went through foreclosure in 2010.

    Kelleher said Camelot, 13135 N. 19th St., was the first pre-2000 construction in the USF area to sell for more than $30,000 per unit in at least five years. He said the remaining two properties probably would not fetch as much as Camelot.

    After somebody corrects the deed.

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