Caveat Emptor; FDIC Makes Move to Take a Cut Off the Bottom in Real Estate Transactions

ImageI received some information from local title professionals including a memo from the FDIC that since April real estate transactions that they have become a party to through foreclosures or bank failures will be routinely conducted without including the mineral rights.

KUNC 91.5 FM in Colorado had a report in April.  So if you are purchasing foreclosed or bank owned real estate, check your documents closely.  Big Brother may own what’s underground beneath you.

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