move estate planning to the front burner? Homeowners, especially, need to have
a plan in place. If there is no will, and no other arrangements for the
home to pass
to a co-owner, it will pass according to the state intestacy
provisions. That’s not an estate plan. There’s no better time than the present
to choose a beneficiary, and make an estate plan.
Here is the
basic set of options, and how they might play out—financially, legally, and in
emotional terms. We include a few tips to note in the process. Any
or all could be a great conversation starter with your lawyer or financial
adviser. Schedule a talk with family or other beneficiaries, too.
Continue reading “Homeowner Estate Planning: Real Estate Tips”
Time to start a new chapter in your life? A reverse mortgage can be an option if your goals include:
- Getting a degree.
- Helping someone else through college.
- Covering major dental or medical expenses.
- Starting new creative projects or business ideas.
- Enjoying recreation and travel.
- Having funds to tide you over until you qualify for full Social Security benefits.
mortgage is available to homeowners who have paid off most or all of their
mortgages. The name describes a lender’s monthly payments to the
homeowner, rather than the reverse.
Continue reading “Should You Get a Reverse Mortgage? Consider This.”
We’ve talked about scams, and the risks that can be involved in delegating a power of attorney to another person. Now, let’s uplift the mood. Visualize the day you submit that very last mortgage payment.
debt is satisfied.
of satisfaction can now be recorded in the county where your home is. If your
home is in a deed of trust state, the deed of trust now comes off your
title. A deed of
reconveyance is the deed of trust state’s equivalent to the deed of
release of mortgage.
Continue reading “The Golden Years, With a Paid-Off Mortgage”
More than a
third of the U.S. population is now in the over-50 set. As the
seniority trend continues, expect the rate of financial
exploitation to rise accordingly. Be aware. Keep tabs on what elders
need to look out for. Here, we review the kinds of financial manipulation
happening on a large scale today.
Continue reading “Fraud, Scams, and Power of Attorney Problems”
Much is said
on the role of title insurance in protecting
protect the buyer from unknown liens, easement holders, or a prior owners’
heirs who claim an interest in the buyer’s new home.
insurance covers the policy holder against loss related to these
various defects in title. Other examples of title defects include
undisclosed restrictive covenants on the property, documents recorded with
mistakes, and fraudulent or otherwise invalid transactions in the chain of
title. A good title insurance policy protects the policy holder
against property devaluation stemming from such problems if they arose during a
previous ownership, unbeknownst to the buyer. The role of the title insurer is
to defend the policy holder against legal challenges to the title,
and to pay the policy holder for covered losses in value.
So far, so
happens if there is a title defect, and the owner actually has to use the title
Continue reading “Unexpected Real Estate Title Defects: How to File a Claim With the Insurance Company”
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 co-op is
different—and maybe it’s perfect for you. But if you opt to live in a co-op,
will you hold the title to your home? Here’s how it works.
Continue reading “Owning a Co-Op: Different From Traditional Real Estate”
When you buy
a home, you receive the deed. And you hold title. The deed and title are
interrelated yet distinct concepts.
to ownership, including the legal right to possess and use a parcel, the
right to exclude others from using it, and the right to transfer
your interest to others.
If you do
transfer your property to another person, the deed is the vehicle that moves
your legal interest in the property to the other party.
Continue reading “Property Title? Deed? What’s the Difference?”
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?”