This story, alas, is unfolding. Physical signs of a heating world and its shifting weather patterns appear in tropical storms and in sea level rise, in heat waves, droughts, and wildfires. The economic and physical impacts of climate change are making their mark on real estate.
Affected cities have already paid heavy costs in repairs and reconstruction, insurance premiums, and loss of trade and tourism. Real estate markets are seeing severe weather events steadily chip away at property values. Public initiatives to mitigate risks will increase taxes, code compliance burdens, and financing costs.
In other words, the risks go well beyond destructive incidents from specific disasters. They include higher capital and maintenance costs related to fire, water, and weather damage on properties over time. To anticipate the risk of climate-related damage, analysts are mapping properties—feeding site-specific data into geophysical, hydrological, and economic models.
Continue reading “New Risks for Property Owners: Economic and Physical Effects of Climate Change”
A new owner
of real estate receives a real estate deed. But what about a real estate
deed warranty? What are the common deeds, and what assurances do different
deeds make? Here’s what’s at stake for a new owner, depending on
the deed involved in the real estate sale.
Continue reading “You Have the Deed and Keys to Your New Home. What About a Guarantee?”
is closing on a condo. Corey has just one more question for the title
why, in the definitions in the mortgage agreement for the recorder’s office,
I’m called “Corey McCann, a single woman.” Only my name is relevant.
I could understand declaring the single
status—if there is a firm reason that the record must show, for example, that
there is no co-habitant or person who might try to claim an interest in a
divorce. But I don’t voluntarily identify myself in public documents or online
by gender. I’d rather not do so now.
company agent answers:
Continue reading “Preferred Pronouns in Real Estate Deeds”
If you are
married and live in a community property state, you and your spouse may not
think about whether certain assets are community or separate property. The
former is generally all property acquired during the marriage, and the latter
consists of property owned by each spouse before they wed. Separate property
also includes assets inherited by one spouse or gifted to the individual. Say
one spouse inherited a house from their parents, and rent out the dwelling. The
rent received by the inheriting spouse is considered separate property.
marital home is actually separate property, as one spouse owned it prior to the
marriage. Even though the spouses may share financial responsibility for the
house, such as paying the mortgage and taxes together, or other expenses such
as insurance and repairs, in reality the home belongs to just one of them. No
matter how much the non-owning spouse may contribute to the property’s upkeep,
it’s not a marital asset. For fairness’ sake, it may make sense to change the
property from separate to community, via a process known as transmutation.
Continue reading “The Transmutation of Real Estate Ownership Between Married Couples in Community Property States”
A power of
attorney enables an agent (also called the attorney-in-fact)
to conduct transactions on another person’s behalf.
document often appears in the world of real estate transactions. A person
(called the principal)
might require a stand-in to sign financial documents, on account of
absence or disability. A limited
power of attorney can enable the agent to carry out any and all
real estate transactions or even give an agent specific authority to sell one
home (“for the sale of 123 Smith Avenue only”), and for a specified
Continue reading “Conveying Real Estate Through a Power of Attorney”
Congratulations! Paying off a mortgage is an impressive milestone.
Now that you have paid off all the debt on your property, your home state’s law will direct your lender to take certain actions.
The lender will send you a certificate of satisfaction. This certificate, which the lender records in your home county, notifies the public that you have satisfied your obligation, and the lender has removed the lien from your property.
A few details of this process depend on what state your property is in, and whether your debt was secured through a deed of trust.
Continue reading “You’ve Paid Off the Mortgage. What Happens Now?”
and the District of Columbia impose a deed
transfer tax when real property changes hands. This sales tax
is based on the value of a given property. It applies to a transfer of full ownership
from seller to buyer. It is also applied to any percentage of the property that
is conveyed short of the entire property. Thus, if one co-owner relinquishes
joint ownership in the entire property, the tax is calculated on half of the
Continue reading “Real Estate Transfer Taxes”
For a valid
real estate deed conveyance, two key actions must occur:
- The giver (called the grantor) must deliver it the recipient (called the grantee).
- The grantee must accept it.
Recipient May Refuse to Accept a Deed.
are not always right for taking on new ownership and new responsibilities.
Moreover, not every piece of real property is desirable. Even with a
significant estimated value, it might have hidden liabilities.
gift of a deed can, and sometimes should, be turned
This can get
difficult if the grantor has the conveyance recorded with the
county anyway, without the grantee’s knowledge. The grantee will then
be obliged to file a court petition to void the conveyance.
Continue reading “Refusing to Accept a Deed”
A quiet title action is a special legal proceeding to determine rightful, legal property ownership. It is often a preventative or “friendly” lawsuit to ensure that no other parties have conflicting claims to a title, or to resolve an ambiguity. Depending on state law provisions, the plaintiff—that is, the party filing the complaint—may be the mortgage lender, a potential buyer, the legal title holder, or someone in actual possession of the property.
in a quiet title action enables the rightful owner to get title insurance, to
take a loan out on the property, and to convey the property free and clear of
any cloud on the title.
to File a Quiet Title Action
doubt or ambiguity arises as to ownership in a title search, the title company
will not issue a title insurance policy. This means the property lacks
marketable title. To obtain a mortgage loan, title insurance is necessary.
Continue reading “What Is a Quiet Title Action?”
home. You might wish to adding another person—perhaps an intimate friend
or a family member. Doing this is a relatively simple action. And you have
the right to do it.
sure to consider the unintended consequences. However well-intended your desire
to bring a loved one onto your real estate deed, the conveyance is fraught with
risks and potential frustrations. Be aware that:
- A deed that conveys an interest in your real estate ownership (“adds someone on”) has the legal effect of giving that additional person the same bundle of rights to which you are entitled.
- Once the conveyance happens, it cannot be undone except with that other additional owner’s consent.
following aspects carefully.
Continue reading “Adding Someone to Your Real Estate Deed? Know the Risks.”