Deeds.com

April 26, 2024April 26, 2024

Michigan Deed Holders: Your Property Rights Could Change

Living in Michigan? It’s time to check your deed restrictions. Michigan deed holders should know that changes made to the state’s Marketable Record Title Act (MRTA) took effect March 29, 2024. And there’s a new deadline to record a notice under the MRTA.

KEY POINT TO KNOW: Michigan deed holders now have until September 29, 2025 to keep certain conditions on their deeds that originated 40+ years back. Otherwise, the law will effectively delete certain longstanding “rights and interests” including deed covenants, restrictions, and easements — by letting them sunset.

Now, let’s go into some details about deeds, restrictions on deeds, and how Michigan’s changes could apply to you and/or your homeowner’s association.

April 24, 2024April 25, 2024

Now They’re Holding Titles for Ransom? Here’s How Real Estate Scammers Target Floridians (and the Rest of Us)

St. Johns County, which includes St. Augustine Beach, has plenty of attractive real estate. Just beware the trickster who holds a deed for ransom.

One of the seniors who lives in St. Johns sounded the alarm. Some shady firm told her to pay $20K to get her title back.

It’s a trend in which local “investment companies” (or run-of-the-mill fraud rings) take the title of a home hostage, for a payoff. Now, St. Johns County officials are warning the public about these real estate ransoms.

April 23, 2024April 25, 2024

Can Blockchain Help Turn Vacant Buildings Into Homes Again? Baltimore Thinks So.

The city of Baltimore plans to record all its 13,000+ empty houses and townhouses on the blockchain.

And it all started with Ebony Thompson’s class project.

April 22, 2024April 25, 2024

Deed Records Go Digital: Getting Up to Speed in Delaware County, PA

Delaware County (“Delco” to the locals) is home to more than a half-million residents, making it Pennsylvania’s 5th most populated county. It borders the southwest edge of Philadelphia. It’s a little bit country, a little bit urban. It includes scenic Ridley Creek State Park. Several universities stand at least partly within it: Cheyney, Villanova, and Widener.

The Delaware County Recorder of Deeds’ office, which holds 240 years’ worth of documents, is putting them all online. The public can already take advantage of the county’s new system. And this year, the Delco Recorder of Deeds has deployed keyword search software.

Search through public documents using keywords? What a novel idea! Let’s see what else people can do with this new online resource.

April 19, 2024April 25, 2024

Risky Business? Minnesota Home Buyers Skip the Mortgage, Preferring Contracts for Deed

Land contract financing, a.k.a. the contract for deed, is a go-to method of home buying in Minnesota — especially in urban neighborhoods. These contracts allow homeowners to sell directly to buyers, bypassing the scrutiny of a mortgage lender. Each year, thousands of Minnesota buyers use them to finance their home purchases.

Federal lawmakers across the political spectrum say it’s high time for Congress to apply stricter oversight to Minnesota, and to all states.

But why? What’s going on? Would more regulation make sense? Let’s take a look.

April 17, 2024April 25, 2024

Register of Deeds Blasts Crooks Who Steal Homes Out From Under Owners’ Funerals

The Register of Deeds of Shelby County, Tennessee recently took to a live television newscast to warn the public about scammers scouring funeral listings and obituaries. They’re looking for dead people whose homes they can steal.

They forge deeds. They record bogus title transfers.

Once they have control over their ill-gotten homes, criminals sell them, borrow against them, rent them out, and evict rightful owners.

April 15, 2024April 25, 2024

Consumer Financial Protection Bureau Gets Tough on Mortgage Loan Junk Fees

Are lenders’ “junk fees” pushing the high cost of closing on a home even higher? The federal government thinks so.

The Consumer Financial Protection Bureau (CFPB) says fees need to be more transparent, understandable, and reasonable.

Why are the fees charged? Are they really “junk”? Do borrowers get a say in what they pay? Let’s take a look.

April 12, 2024April 25, 2024

Legal News: Oregon Starts Restricting Real Estate Wholesalers

Oregon’s governor has signed H.B. 4058 into law. The point of this new provision? To help people know how brokers work with sellers and buyers in deed transfers.

The bill takes effect January 1, 2025. Most notably, the law sets out to regulate residential property wholesaling. Before this, Oregonians could engage in wholesaling without legal restrictions.

OK, so what is real estate wholesaling?

April 9, 2024April 25, 2024

Is Buying a Home a Path to Financial Freedom? (Is the Answer Changing?)

For most U.S. deed holders, a home is at the core of their retirement wealth. So, does that make buying a home a path to financial independence?

It certainly can be, although the calculus is changing.

April 8, 2024April 25, 2024

Reporting a Home Sale? What to Know About Capital Gains Tax (Even If You’re Exempt)

Hopeful buyers have struggled on and on with real estate price surges. Those who have managed to break into this market have watched their home values surge, too.

When these homeowners decide to sell, the profits they accumulated in their homes are known to the Internal Revenue Service (IRS) as capital gains.

People who sold their homes in 2023 have received Form 1099-S from their brokers. They’re ready to file it, to declare proceeds from the sale of a home. Most of these sellers will be glad to know they’ll get to keep their gains.

Here, we take a look at what home sellers should know — even if their profits won’t be taxed.