You own real
estate. If you’re asked, how do you show proof of your ownership?
the proof is in your property’s title history. This means:
- Your ownership interest is only as good as the interest conveyed to you by the last owner; and
- Others could have dibs on your property, if you used it to borrow money.
when you bought your home, the title company researched the chain
of title to ensure previous owner had the right to convey to
property to you. How do you check the chain of title now? The county
keeps records. Many county websites make the information
accessible online, so you can look up mortgages, other liens,
and deeds that pertain to your property.
Continue reading “How to Prove Ownership of Real Estate”
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?”
who owns real property dies, the property goes into probate or it automatically
passes, by operation of law, to surviving co-owners. Often, surviving co-owners do nothing
with the title for as long as they own the property.
Yet the best practice is to remove the deceased owner’s name
from the title.
review some common scenarios, and reasons to update a home’s title after an
Continue reading “Should You Remove a Deceased Owner from a Real Estate Title?”
Your home is
your castle. But language in your deed just might keep you from installing
a pool, constructing a basement apartment and renting it out, or
using a non-neutral shade of paint on your exterior walls. Here is a brief
explanation of deed restrictions and how they impact individual homeowners
— and entire communities.
Continue reading “Deed Restrictions: How They Impact Homeowners and Communities”
of trust, a trustee is
a third party who holds legal title to a property until the homebuyer or
commercial developer pays off a loan associated with the parcel—or until
the borrower defaults.
state’s law allows for deeds of trust as instruments to hold legal
title to a property:
- A lender financing the sale or development can easily exercise the right to foreclose.
- Foreclosure occurs not through the court, but under the power of sale clause in the deed of trust. (This allowance for non-judicial foreclosure differentiates deeds of trusts from mortgages and some land contracts.)
thrust is to lower risk for lenders. Perhaps it’s no
wonder that deed of trust states rarely go to bat for a
borrower fighting foreclosure.
analysis, we’ll look at the trustee’s narrow liability under the deed of
trust (not to be confused with a living
trust, in which a trustee must comport with exacting
review a recent case in point, involving a commercial borrower in
we’ll look at the exception that proves the rule: North Carolina.
Continue reading “You Have One Job: The Narrow Duty of a Trustee Under a Deed of Trust”
have liens on their real estate. Consider your mortgage—a lien
that leverages the home as collateral for your mortgage loan. Other
liens, too, can show up in a title search. Homeowners should know what
kind of liens might attach to a home they already own, or a home
they’d like to buy. Here, we review the basics of home liens: types of liens,
how they impact the home’s title, how they can lead to foreclosure, and
how to remove them.
Continue reading “How a Lien Affects the Real Estate Title”
planning, wills and trusts aren’t everything.
Homeowners who want to be sure the home passes to the desired beneficiary must be sure the property is correctly vested.
common example. If you co-own property with a right of survivorship, your
interest cannot be willed to any other party. The person who survives automatically
in your interest.
review this and other consequences of the vesting of real estate.
Continue reading “How’s Your Property Vested? It Matters as Much as Your Will or Trust”
hope to buy homes, but struggle to qualify for loans. And this
means millions of first-time buyers are deferring their dreams of
homeownership until they are in a stronger position to qualify for a mortgage
Today’s renters are renting longer—often not by choice. Half of renters now in their mid 50s and older don’t anticipate buying a home any time soon, according to a survey carried out by Freddie Mac, and 15% don’t think they’ll ever be able to afford one. About a third of renters aged 40-54 don’t anticipate buying soon, with 12% predicting they, too, will never have the financial resources to buy.
least part of the problem be that the mortgage industry has not
adjusted to the way millions of renters work?
Continue reading “Gig Economy: The Impact on Mortgages and Real Estate Ownership”
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.
written legal description sets forth the county and state of the property. It
allows a surveyor to
identify precise dimensions and correct, historical borderlines.
existing legal description is based on the original survey. And
a key task of the current survey is a verification of the accuracy of the
property’s legal description. In short, real estate legal descriptions and
surveys work together.
Continue reading “How Real Estate Legal Descriptions and Surveys Work Together”
underwriters are hard to please. When a mortgage loan approval eludes the
hopeful homebuyer, another signature on the papers might be the only way
to move forward.
Continue reading “How Getting a Mortgage With a Co-Borrower Affects the Deed”