I am watching a duplex in Tarrant County that is currently under contract and the deal seems to falling apart. The facts as I know them:
1) The property was offered for sale as a single property and the buyer offered to purchase that one property. Seller and buyer are both represented by real estate agents.
2) Each side of the duplex has its own distinct address and is taxed separately.
3) There is a single survey for one property with one structure.
4) Just before closing the buyer was told that since there are two separate addresses for the duplex he will have to finance each half of the separately (two loans), effectively doubling the closing costs. It has become enough of a hassle that the buyer is ready to back out.
I am interested in this property to buy and hold but I don't want to buy a headache -- that headache being either now as I purchase or later when I decide to sell. I would appreciate some guidance with this ... The most obvious question, is the one-survey/two-address situation really a problem? What are the issues with purchasing a property under these conditions? Is there a way to purchase this property with a single loan? Should there be a survey to "separate" the land and structure into two parts? Will there be problems with insuring such a property? What am I not asking about that I need to know?
Thanks in advance for any information you can share about this situation.
Kevin
