Tag: real estate law
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Getting Title Insurance? Don’t Assume a Property’s Physical Conditions Are Covered
A few months back, an interesting case came out on Georgia title insurance law. It clarified the allowable claims against title insurance. People buy title insurance on closing day to guard themselves against unknown title problems affecting a property’s market value. That is, a title policy exists to protect a deed holder’s marketability of…
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New Development in West Virginia: Tax Lien Registration Act
Legislators in West Virginia have introduced the Tax Lien Registration Act, which would create one statewide system for filing tax lien notices. Here’s what the public needs to know.
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Multiple States Demand Paybacks From Company That Paid Deed Holders to Use Its Brokerage in the Future
States have come down hard on listing agreements that bind deed holders to one brokerage to sell their homes in the future. Now, under a settlement agreement, MV Realty must pay restitution for the harm done to Massachusetts deed holders for contracts that bound customers for 40-year periods. If MV Realty complies with the agreement, it will…
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Next? Rhode Island Is Now Proposing a Law to Stop Impersonators From Recording Deeds
A new law has been introduced in Rhode Island. If enacted, it will require anyone recording a deed to show government-issued photo ID. County officials would gain the authority to delay recording, or report a suspicious document to law enforcement. The point? To deter would-be fraudsters attempting to take over people’s properties. Deed theft typically…
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Mental Health in Question: Was the Deed Transfer Valid?
The farmhouse that inspired a 2013 horror film called The Conjuring has attracted visitors to Round Top Road in Burrillville, Rhode Island for years. Then, officials closed the site. There were concerns that the place had become a fire hazard, and the owner was acting strangely. Meanwhile, an actor decided to buy the famous house.…
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Someone Placed a Lien on the Deed. Did They Follow the Rules?
Various entities can make claims for unpaid debts by recording liens on a title. Mortgage liens are voluntary — you opt in. Other kinds of liens are imposed on the title by a court, a homeowner’s association, a tax department, etc. A lien clouds a title, impacting the deed’s marketability. It sticks to the title…
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Can Buyers Waive the Inspection Upfront? Some States Might Jump on the “No” Train
A few U.S. states discourage sellers and agents from expecting homebuyers to waive their right to a home inspection. This is a consumer-protection issue for states. And that’s not all. The inspection companies don’t like to be left out of deals. And they are lobbying for what they call buyers’ Right to Home Inspection (RTHI)…
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Deed Holders “Turn Complaints Into Paperwork” After County Hikes Property Taxes
Deed holders in Davison County, South Dakota get a tax bill for each parcel they own. Many property owners were startled by their latest tax bills. In previous years, parcels of land were combined, giving their owners a lower overall tax assessment. Unwilling to pony up the money for the higher taxes, some are choosing…
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From Now On, Home Inspections Can’t Be Waived Upfront in Massachusetts
New law this year! It’s about waiving home inspections (and about Massachusetts not liking that). It took effect on October 15, with the purpose of stopping home sellers and their agents from expecting buyers to waive home inspections. Here, we outline what it means for you, if you’re thinking about a Massachusetts real estate transaction.…
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In Case You Missed It: Massachusetts “Affordable Homes Act” Doubled Homestead Exemption to $1 Million
As you may know, most states let a vested deed holder designate a percentage of the primary residence’s value as a homestead. Homestead status can stop a home’s forced sale due to unpaid debt. This year, under its Affordable Homes Act, Massachusetts increased its homestead protection from $500,000 to $1,000,000. All the better, this higher…
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Escrow Abuse? Massachusetts Real Estate Broker Charged With Embezzlement
A real estate broker in Massachusetts was just hauled into court on charges connected with the sudden closure of his company late last year. Stephen Webster left clients stranded, having allegedly diverted more than $11.6 million from escrow accounts. A large number of buyers and sellers lost their closing dates and their money. Some of…
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Can a Criminal Record Stop Someone From Acquiring a Deed?
We begin with the short answer. No. There is no background check when you file a deed with the county recorder’s office. Nor does any government, be it local, state, or federal, put real estate off-limits to people simply on account of prior criminal charges or convictions. Because questions do come up about dealing with…
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Only My Name Is on the Deed. Will My Spouse Inherit It?
If you share a home, you might figure your marriage means the home deed will belong to your spouse when you pass away. And if you own the home jointly with survivorship rights, then yes, your home will go to the surviving spouse whenever one of you passes on. But not all spouses vest their…
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On the Deed: Mental Wellness and Capacity to Transfer Real Estate
Capacity to exercise the rights of a deed holder can mean different things for adult homeowners. Perhaps an owner is experiencing age-related cognitive decline. Or perhaps mental health issues are impacting the ability of a deed holder to make decisions with clarity of purpose. Let’s take a look at some common scenarios, and get to…
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The Burnt Records Act and the Fiery History of the Chicago Title Company
The Great Chicago Fire broke out in October 1871. It raged for two dark days, and destroyed much of the city. It didn’t spare the building that housed Cook County’s deed records. It also burned up many original records stored in Chicago homes. The Chicago Tribune has said that the destruction and re-creation of property…
