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Distracted
Land Ownership Discrepancy?
If you know real estate PLEASE bear with this, read it and give me your advice:
I closed on a home that owns 2.5 acres. When I was going through the purchasing process what was pointed out to me visually by both the seller as well as my realtor was actually 5 acres, I did not know what 5 acres looked like, so what they were pointing out I assumed was the 2.5 acres. We did not get it surveyed. So when I signed this mortgage loan (that said I only owned 2.5 acres), what we thought we were buying was only 50% of what we thought we would own, and we would have never bought the house had we known otherwise.
THE KICKER: To the present moment the PLAT database on our local county website STILL says we own the full 5 acres (when the property was divided in the 90's they never gave it a separate parcel id from our 2.5 acres until recently, so only the GIS has the updated information, the PLAT has incorrect information displayed). So that was what my realtor went off of when showing us the property.
THANKFULLY, our lovely new neighbor who just purchased the lot next door (including the 2.5 acres we thought we owned) is willing to sell us the extra 2.5 acres for a reasonable price, but what I'm wondering is do I have a leg to stand on to ask our realtor/seller/mortgage company/title insurance company if they would throw in some money towards the purchase cost of the extra land as they misrepresented the property?? If this is possible how do I go about it?? Any other tidbits of advice to get this land that we thought we already bought?
Thank you in advance as this has had me sick for days thinking about it.
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