My question involves real estate located in the State of: Kentucky
I purchased residential property of 5 acres. Soon after we took possession, the neighbors, who own the original house from which the land was subdivided, family member told me the parents septic lateral field extends some 25 feet onto our property. This was not disclosed before the sale; the previous owner may not have known about the lateral lines encroachment. The original house is more than 50 years old and it is presumed the septic field is also that old.
The house we purchased on our land is 16 years old and we are the 4th owner. I doubt the existence of the lateral lines have ever been disclosed, but now that we know about it, we will be honest and required to disclose when we sell.
I believe the existence of the neighbor's lateral lines limits our use of the land and decreases the property value. The pool of potential buyers will be smaller than otherwise would be.
What should I do, and is my concern about hurting our future sale valid?
I purchased residential property of 5 acres. Soon after we took possession, the neighbors, who own the original house from which the land was subdivided, family member told me the parents septic lateral field extends some 25 feet onto our property. This was not disclosed before the sale; the previous owner may not have known about the lateral lines encroachment. The original house is more than 50 years old and it is presumed the septic field is also that old.
The house we purchased on our land is 16 years old and we are the 4th owner. I doubt the existence of the lateral lines have ever been disclosed, but now that we know about it, we will be honest and required to disclose when we sell.
I believe the existence of the neighbor's lateral lines limits our use of the land and decreases the property value. The pool of potential buyers will be smaller than otherwise would be.
What should I do, and is my concern about hurting our future sale valid?
Seller Disclosure: Neighbor's Septic Lateral Lines Extend into Our Property
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