Real Estate Deeds Made Easy Since 1997
What’s the real estate legal description that goes on a deed? A real estate legal description for a deed is not made up of the glowing words in a real estate marketer’s flyer — as grand as that would be! It is not simply a street address, or a tax description copied from the home …
Real estate transactions involving home sales, deeds, mortgage loans, or deeds of trust all rely on a binding legal description. Mortgage companies, for example, need to be sure that the property is well described—and worth the money they lend to a buyer. A properly written legal description sets forth the county and state of the property. It allows a surveyor to identify precise dimensions and …
Continue reading “How Real Estate Legal Descriptions and Surveys Work Together”
What can the buyer do when a real estate deed carries an incorrect legal description of the property? Perhaps it describes the wrong parcel, or fails to reflect all land purchased in the sale. An error in a legal description of a property has consequences. It can affect taxes. As lenders extend loans based on a percentage of the property’s …
Continue reading “An Error in the Legal Description of the Deed: What Happens Now?”
In a real estate deed, a legal description of the real property being conveyed is universally required to be present. The deed can also include a reference to the recorded map, survey, or deed containing the legal description in order to meet this requirement.
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, …
Continue reading “Michigan Deed Holders: Your Property Rights Could Change”
Many of today’s buyers want condos. They’re compact and low-maintenance. Condos are cheaper, typically, than standalone homes. Still, it’s entirely possible to make a costly mistake by missing condo warning signs. Sometimes, a real estate agent notices things the buyer won’t. A good agent becomes that extra pair of eyes, extra ears and nose… Alert …
Continue reading “Condo Shopping: Does My Agent Warn Me About HOA Red Flags?”
The federal government wants all-cash home buyers to be easy to find. The Financial Crimes Enforcement Network (FinCEN) is part of the U.S. Treasury Department. FinCEN has proposed a new reporting rule. It wants real estate professionals to submit forms with details about cash sales when homes are sold to legal entities — like LLCs and …
Continue reading “Anti-Money Laundering: Federal Rule Coming to Track Real Estate Cash”
A quitclaim deed easily, quickly transfers your home’s title. You can use a quitclaim to give a home to someone else, with no expectation of a payment from the recipient. Some people use quitclaims to pass homes to their family members. So, is this a good way to carry out your wishes yourself — a …
Continue reading “You Can Quitclaim Your Home to a Loved One to Skip Probate Costs. Is It Worth It?”
Wondering how to donate a house? Charitable donations can keep supporting your causes long after your lifetime. Gifts of land, homes, or easements make a lasting mark. Of course, there are various reasons for real estate donations. Some donors are less interested in the cause than they are in offloading an investment property, or in …
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Update: Jury sides with home sellers in commissions trialAfter less than three hours of deliberation, the jury ruled for the plaintiffs in the landmark Sitzer/Burnett trial, awarding nearly $1.8 billion. – Real Estate News The trial started this week. Yes, in an actual courtroom. Sellers in a class action are suing the key real estate …
Continue reading “Agent Commissions (Literally) on Trial. What’s at Stake for Buyers and Sellers?”