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Posts by: Terrie Dolan

What a Real Estate Attorney can do for a For Sale By Owner Seller

What a Real Estate Attorney can do for a For Sale By Owner Seller

You have decided to sell your own home without the help of a realtor. What are some of the things you should know.

It’s a good idea to hire a real estate attorney to help with the closing phase. They can prepare the Purchase and Sales Agreement and guide you through the process of selling. There is too much at stake to skip this step and your don’t want a legal issue to end up ruining your sale. An attorney will guide you through the paperwork and make sure that you are in compliance with any state laws. They will work to be sure that your transaction proceeds smoothly.

Here are some of the costs you can expect to encounter when selling a New Hampshire property.

It is the Seller’s responsibility to pay for the preparation of the new deed, recording any releases of present mortgages on the property and your share of the tax stamps.

It is the Buyer’s responsibility to pay for the title search and closing, owner’s and/or lender’s title insurance, the cost of recording the new deed and/or mortgage and their share of the tax stamps.

Tax stamps in New Hampshire are calculated on the sales price of the property and are split equally between the Buyer and the Seller. The current rate is 1.5% per thousand, so on a $100,000 sale the total tax stamps due would be $1500.00.

You will also see the proration of real estate taxes and the tax year in New Hampshire runs from April 1st to March 31st of each year. There may also be other miscellaneous fees and prorations.

Please think of us for your closing needs. Your file will be handled start to finish by one person who can guide you in all aspects of the closing process. Give us a call at 603-836-5309.

 

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How do we determine that your title is valid?

How do we determine that your title is valid?

The title company makes sure that the title to a property is legitimate, so that a buyer is assured that once he buys property he is the rightful owner. To ensure that the title is valid a title search will be done. This is a thorough examination of property records to make sure that the person or company claiming to own the property does, in fact, legally own the property and that no one else could claim full or partial ownership of the property.

During the title search, the title company also looks for any outstanding mortgages, liens, attachments, judgments or unpaid taxes associated with the property. They also look for any restrictions, easements, leases or other issues that may impact ownership. Before a title company issues title insurance, it will prepare a title commitment for the Lender, which is a summary of what it found during the title search.

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What does a Title Company do?

What does a Title Company do?

A title company makes sure that the title to a piece of real estate is legitimate and then issues title insurance for that property.  Title insurance protects the lender and/or owner against lawsuits or claims against the property that result from a dispute over the title.

A title company will maintain an escrow account that contains the funds needed to close on the home and will conduct the closing.  At the closing the settlement agent from the title company will bring all the necessary documentation, explain it to the parties, collect closing costs and distribute monies.  Finally, the title company will ensure that the new deed and other and other documents are filed with the appropriate registry of deeds.

 

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Borrowers Underestimate Home Equity

Borrowers Underestimate Home Equity

Research done by Fannie Me shows that although home prices continue to rise, many homeowners and borrowers alike continue to underestimate the amount of equity they have in their homes.  According to a recent Redfin report,  misinformed homeowners and borrowers may be less likely to refinance their mortgages, apply for home equity loans, or even buy new homes because of this.

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How does Pokémon affect you as a Homeowner

How does Pokémon affect you as a Homeowner

The excitement surrounding Pokémon Go is causing problems for some homeowners as players eager to catch Pokemon trespass onto private property. Police in multiple states have issued warnings to Pokémon Go users to stay away from private and public spaces that they don’t have permission to access.

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Tips to Identify Valid and Avoid Suspicious Email

Tips to Identify Valid and Avoid Suspicious Email

While most people utilize spam filters and use antivirus software, spam and phishing emails can still slip through it and into your inbox. An Email recipient is the most critical element in preventing an attack. The following are some tips on how to identify the authenticity of a questionable email.

Incorrect Grammar/Spelling/Text Body

Many phishing email contain misspellings because some of these messages have been poorly translated from other languages., Additionally, you will want to pay attention if the time or date appears in the message body of an email. If the email contains the date format of DD/MM/YY or 24-hour time it is likely that the email’s point of origin was outside of the United States.

Email Format/Absence of Logos/Plain Text Email

Most legitimate messages will be written with HTML and should be a mix of text and images. A poorly constructed phishing email may show an absence of images, including the lack of the company’s logo. If the body of an email is only an image as text, it’s possible that it is not legitimate. While Outlook blocks showing images by default, if the email is all plain text and looks different than what you’re used to seeing from a frequent sender, you may want to contact the sender directly in a new email or phone call.

Urgent Request for Personal Information

One tactic that is commonly used by hackers is to alert you that you must provide and/or update your personal information about an account (e.g., Social Security number, bank account details, account password). Phishers will use this tactic to drive urgency for someone to click on a malicious URL or download an attachment in an attempt to infect the user’s computer or to steal their information.

Suspicious Attachments

High-risk attachments file types include: .exe, .scr, .zip, .com and .bat. Most spam filters will generally do a good job of quarantining those format. Most companies companies commonly send and receive .zip, .doc, .docx, .xls, .xlsx, .ppt, .pptx and .pdf. However, a malicious sender can implant devious code in those formats as well. Once you open the attachment your computer is already compromised. Be cautious if you have sent an email that has an attachment and the sender is questionable. You should verify the legitimacy of the email first and then examine the context of why the attachment is being sent.

Links in the Email

A common practice is to avoid blindly clicking on links in an emails. Outlook allows you to hover over a link before clicking on it. If the link in the body of the email is different than what Outlook hovered preview reports, it is not legitimate. Even if it seems legitimate, open a new browser window and type the URL directly into the address bar. If you’ve clicked on a link, a phishing website will look identical to the original, however, your system may already be compromised.

 

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Real Estate Agents and the new TRID rules

Real Estate Agents and the new TRID rules

Closing on your home soon…here is how changes aimed at helping you could end up hindering you. Your real estate Agent plays a large role in getting the deal to Settlement. One of the big challenges that real estate agents have now encountered has to do with the new consumer privacy rules.

Agents are used to being provided with copies of the settlement documents. The agent was then able to explain the documents to their clients and help check the numbers to ensure everything was correct prior to the closing. Under the new TRID rules, agents may now be on the outside looking in. Sometimes the agent is not able to see the disclosures until they are sitting with their clients at the settlement table.

As of now, some lenders and title companies lack clarity about what they are allowed to share with whom. That leaves it up to the consumers to be proactive about sharing the document with their agent. If the consumers fail to do so, it means the agent cannot catch mistakes early on that could end up delaying the settlement.

The roll-out of TRID was a big deal for the industry and the changes have not been without frustration. There has been a lot of discussion about whether the changes are a real value to the consumer and whether lenders may have to increase fees to account for the added time and manpower now needed to process loans. While it’s nice that the consumer can now get their costs and fees well in advance of closing, the new rules are adding time and some anxiety to the closing process.

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The Five Worst Passwords to Use

The Five Worst Passwords to Use

It was recently reported in a posting on foxnews.com that as of 2016 the five top most commonly used passwords on the Internet and therefore the worst to use from a security standpoint are:

 

  1. 123456
  2. password
  3. 12345
  4. 123456789
  5. qwerty

Unfortunately people are still using these passwords because they are easy to remember. Some industry experts recommend using no fewer than 9 characters, with at least one number, a symbol and an upper case character and no sequential patterns. The thought is that 6 characters takes possibly seconds to break, but 9 or more non-sequenced characters makes it more difficult so hackers may move on. Changing your passwords regularly is also key. Some cyber security measures start with the simplest of items, strong passwords being one of them.

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Things to consider when applying for a joint mortgage

Things to consider when applying for a joint mortgage

Valentine’s Day can bring up questions surrounding a relationship, including, “Will the relationship affect our mortgage?”  Buying a home and applying for a mortgage are big tasks and can be further complicated when a significant other is added to the equation.  If you are married, applying for a mortgage in both you and your and your spouse’s name may seem like common sense.  However, in some circumstances, applying in only one name may be your best option.

When a couple asks a lender for a loan, the bank may not average the two credit scores.  They may instead focus on the lower of the two and calculate the loan terms based on that to arrive at the interest rate that will be charged.  The debt-to-income ratio is a measurement that a lender uses to measure how much of the applicant’s income is spent on debt.  If you leave a spouse with significant amounts of debt off the mortgage application it may lower the debt-to-income ratio and result in better loan terms.

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Some things you should know about an Owner’s Policy of Title Insurance

Some things you should know about an Owner’s Policy of Title Insurance

  • Only the Owner Policy protects the property owner’s interest – the Loan Policy does not;
  • The Owner Policy insures the entire value of the property;
  • The Owner Policy is a one-time premium and the policy remains in effect and covers the insured for as long as they own the property;
  • Your coverage continues even AFTER conveying title by Warranty Deed in the event the new owner files a claim;
  • Coverage includes protection for “undetectable” defects such as forgery or fraud;
  • An Expanded Owner Policy includes survey coverage without a survey and covers you for things like building permits or zoning issues.

The Owners Policy of Title Insurance can be one of the most important purchases that you make for your new home.  Your lender will require you to purchase a Lenders Policy of Title Insurance to cover them.  For a minimal amount more, you can protect your interest as well.

 

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