who did their title search???
Posted on 10/02/2011 2:28:40 PM PDT by DeaconBenjamin
Roy and Karen Walker's condominium at Lake of the Ozarks fulfilled a retirement dream when the couple bought it nearly a decade ago.
The unit overlooking the relatively calm Niangua arm of the lake had everything they wanted. It was near town, right on the shoreline, with an easily accessible boat dock.
But proximity to the water has gone from a selling point to liability, their property from asset to albatross. The couple are among thousands of property owners along the lake now stuck in legal limbo after being notified that all or part of their homes, decks, gazebos and patios were built on land that belongs to Ameren Missouri's Bagnell Dam and Osage hydroelectric project.
What's more, the Federal Energy Regulatory Commission — the agency that regulates the lake, the dam and the hydroelectric plant — issued an order that all of the so-called nonconforming structures must be removed.
St. Louis-based Ameren, caught in the middle of the dispute, has asked the federal agency to reconsider, at least with respect to the 1,200-plus residences in jeopardy. The utility, which manages the shoreline under federal oversight, wants to redraw the hydroelectric project boundary to exclude most, if not all, of the homes in danger.
Meanwhile, the Walkers and many of their neighbors at the Lake Valley Condominiums — many with substantial portions of their life savings locked up in their homes — are scrambling for answers. Two of the development's buildings, along with a swimming pool and new wastewater treatment plant, are supposedly situated on Ameren's property. Some of the neighboring homes are also at risk.
"How can you buy a home, pay taxes on it, take care of it and have someone say you don't own it?" Karen Walker said. "It seems like a bad dream."
(Excerpt) Read more at stltoday.com ...
I think the lawyers will come out rather well in this deal. All others stand to be screwed.
who did their title search???
“How can you buy a home, pay taxes on it, take care of it and have someone say you don’t own it?” Karen Walker said. “It seems like a bad dream.”
Your masters have decreed that you may use it but never “own” it, that’s how. Are you awake now?
The title insurance companies should be hosed, at a minimum. A clear title is what you pay for at closing and their title work may now prove defective.
I have heard that line numerous times and understand the facts behind it as far as paying of taxes goes. However, a recent trip to NM with its "Camino Real" (Royal Road) where I had the immediate insight of the root of "real estate" means the use of the royal property with true and clear title never passing since taxes (read: rent) being a continuing fact of "ownership".
“The title insurance companies should be hosed, at a minimum”
My intel says they are getting the shaft right now. Everybody and their brother are using the policies to cash in on the sloppy title searches done during the hectic times of the boom.
Unfortunately, while “title insurance” is paid for by the borrower/buyer, however it applies to the lender/seller. Not the purchaser.
Anyone buying real estate needs to obtain a separate policy, to protect their interests. Having said that, the system is so far gone that it’s doubtful the outcome would be any different.
This appears to be a casee in which the imperial government has redrawn the lines to eliminate all of the homes. If it goes to court the government will lose.
How long before the state gets involved? OK stands to lose a pile, too - millions I would guess. How much property tax do they collect on 1,200 vacation homes?
Just think about the average. What use have they for you?
Forget about your silly whim.
It doesn't fit the plan.
The impetus behind this insanity is in plain view of everyone. It is the tree-huggers in the Obama administration that are determined to return all of the scenic property in this country back to its undeveloped natural state. It is being done by the EPA at every opportunity, and now the FERC is being used. It is the “Chicago” way. The end justifies the means.
They want us to all be living in homes without central heat and air and with one 23-watt CFL hanging from the ceiling in each room. Their ultimate goal is to share the wealth until we reach the point where we are all equally poor. It is called communism. The Russians tried it on a national scale and it failed miserably, but they just didn’t get it right. Obama and his bunch know how to get it right this time.
It they can’t have a home on Lake of the Ozarks with a view, then no one can. It is just that simple. How else can you explain the order to remove homes, docks, and other facilities from a shoreline that have been there for decades and caused no problems for the operation of the hydroelectric facilities on the lake?
“who did their title search???”
No kidding!
We have several acres that back a river but cannot do anything with it since it falls under the governments jurisdiction. I own it and pay taxes for the privilege of living where I do even though I can’t do anything with it.
Privacy is my main concern.
But, I knew this before, long before I bought the property.
People should have been apprised of this.
I can’t imagine who is going to prevail, they should have rights under a title snafu, but I would think that they will be thrown under the bus.
This is what the Nation has voted for over the past many decades....So stop bitching and bend over!
“We’re from the Federal Government....and we’re here to help.”
Look up the laws on “adverse possession.” They may be able to refute the government’s claim.
IMO, the Lake of the Ozarks is a hell hole. But, different strokes for different folks. Some people like the place. People have been building right up to the water’s edge for generations. That’s what you do at the Lake of the Ozarks. For the government to come along now and say, “Sorry, you can’t do that,” is nuts. Somebody needs to invite a few federal bureaucrats down for a fact finding mission . . . down a lonely deserted cove, if you can find one.
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