A buyer signs up to 150 pages of documents when closing on a home, and among the multitude of notices can be an agreement to pay significant sums to the city. After a contentious debate about the $5.3 million Queens Road benefit districts, city leaders have questions about whether such agreements can be more forthright in the future.
The recently created Queens Road benefit districts will add thousands to the tax bills of residential and commercial property owners in the area, and many said they were not aware they had agreed not to protest the benefit districts. Even though the no-protest agreement would have been included in closing documents, those familiar with the closing process say they are not surprised.
“It’s a lot of paper, and a lot of it is kind of innocuous looking disclosers that say the lender can report your credit, and the lender can get your insurance,” said Greg Haehl, director of commercial services for Kansas Secured Title. “So I certainly understand why people fade out when they try to read it.”
Read more: LJWorld.