TRUSTS IN GENERAL: What are they?
Trusts in themselves are not legal entities which can own, manage or sell property. A trust operates through one or more trustees, who usually are individuals but may be corporations. It is these trustees who hold legal title to the property for the benefit of the beneficiaries of the trust.
WHAT DOES A TITLE COMPANY NEED WHEN A PROPERTY IS HELD IN TRUST?
What is a Survey?
A real property survey is a report that indicates the location of improvements relative to the boundaries of a property. A real property survey report generally contains an illustration of the physical features of the property and a written report detailing the surveyor's opinions and concerns.
What are some reasons why we have to have a survey?
In previous Closer's Corner articles we have discussed taxes and how they can affect your transaction:
This month we will specifically look at the Over 65 exemption and how it can affect a buyer or seller.
One of the most important times in a closing is when the transaction finally funds! That is the time when ownership transfers from the seller to the buyer and there is a lot that goes on behind the scenes to get funding accomplished.
WHAT HAPPENS DURING THE FUNDING PROCESS?
First, it is important to understand that working on funding only happens after all parties have signed. As a real estate agent you want to try and schedule your closings for early in the day (ideally before lunch time) if you are trying to close and fund in the same day.
What is it?
When putting an offer together, realtors have the option of checking a box in the contract that could end up being very important to a buyer down the line. Paragraph 6 (A) (8) gives the following options:
If you’ve ever received a title commitment back from your title company showing a requirement related to a divorce for your client you’ve likely wondered why there are additional requirements being made on your Schedule C. In order for a title company to rely on a client’s divorce decree the decree itself must contain some very important language. If the decree is incomplete a warranty deed from the ex-spouse can be required which often results in an unhappy experience for your clients. The article below discusses a few scenarios that can create delays in getting to closing.
What is an HOA?
A homeowner’s association (HOA) is an organization in a subdivision, planned community, or condominium building that makes and enforces rules for the properties and its residents. Those who purchase property within an HOA’s jurisdiction automatically become members and are required to pay dues, known as HOA fees. Some associations can be very restrictive about what members can do with their properties.
The need for a guardianship in a real estate transaction can arise in several ways. If someone in title is a minor child (likely through inheritance) a type of guardianship is needed. We may also need a guardianship if there is a mental competency issue with a seller.
A guardianship is a court proceeding to protect the interest of someone who is not legally or mentally capable of conducting his/her own affairs. This is the process where a guardian is appointed for another person to handle the ward’s personal or business affairs.