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In 2020, the real estate services and real estate rental sector contributed 10 percent of the national GDP.
By 2022, the real estate sector is expected to generate an investment of 480 thousand 817 million Mexican pesos.
Mexico is one of the countries in the region that stands out for investment in properties.
Administrative errors can often be very expensive in all industries. It is the case of a woman who came out on top after buying a house and, thanks to a real estate error, kept more than 80 properties.
The real estate sector is essential for the economy of a country, but it is also a sector that has been a source of vulnerability and crisis in recent years. According to data from Institute of Statistics and Geography (INEGI), to the first quarter of 2020 the real estate services and real estate rental sector contributed the 10 percent to the national Gross Domestic Product (GDP), which is equivalent to 2.4 billion pesos, which explains why this industry represents an important factor in economic recovery after the Covid-19 pandemic.
The history
A woman accidentally bought an entire neighborhood due to a clerical error by the real estate company.
Through a publication in The Reno Gazette Journal, it was revealed that Instead of acquiring a house, more than eighty properties were included in the operation.
In what was published by the local media, the identity of the homeowner was not revealed, it is only known that she is a woman from Nevada in the United States, who thought she was spending 594 thousand 481 dollars.
The buyer had spent months looking for the ideal place to buy and finally found it in the town of Sparks, northeast of Reno, in the United States. Things abruptly got complicated, however, when the woman filed her papers with the Washoe County assessor and a major error was discovered, resulting in her owning 84 other properties.
According to what was reported by the media, the operation was include an additional 84 properties and two common spaces, all for the same price. Therefore, in total it was estimated that all the properties together would have a value of around fifty million dollars.
It all started when on July 25, 2021, the woman saw that the documents indicate that she is the owner of lots one to 85 and common areas A and B.
In that regard, Cori Burke, Washoe County’s deputy chief counsel, said it appeared to have been a typo by Westminster Title, a Las Vegas-based firm. In this way, the woman ended up receiving the property titles of all the properties.
“It appears that Westminster Title of Las Vegas may have copied and pasted a legal description from another Toll Brothers transfer when preparing the (home buyer’s) deed for record,” Cori Burke said:
“Because it was quite clear that a mistake had been made, our appraisal services division contacted Westminster Title immediately so they could begin work on correcting the chain of title for the 86 properties transferred in error,” holds.
For its part, as reported by USA Today, the property titles will be transferred back to the developers, Toll Brothers, and then reissued with the revisions.
To date, the properties include several pieces of land that have already been built and sold, with at least 64 of the lots held in the buyer’s name.
Senior Counsel Burke said the mistake is more common than people think due to copying and pasting, adding that if the woman wanted to, she could take the case to court and win.
“This particular case is a bit more interesting because of the number of batches involved. It’s simple for us, but we only see the documents on file, not what the title company goes through to get a clean title,” Burke said.
“I think someone could try to make things difficult. However, the title company also has the offer and acceptance of the purchase on record, so the intent is pretty clear,” she pointed out.
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