Purchasing a home may be the single biggest investment you will ever make. Before closing on the home you will want to know that no other individual or entity has a right, title, lien or claim to the property. Seeing that your rights and interests to the property are clear is the business of a title insurance company. For a one-time title insurance premium you will receive continuous title insurance protection in an amount equal to the purchase price of the property or its current market value.
Prior to a policy being issued, the title insurance company will complete extensive research into relevant public records, maps and documents to trace ownership of the property and determine if anyone other than you has an interest in the property. Through its research, the title insurance company can usually identify any title problems that may arise and have these problems cleared-up prior to closing.
Typically your title insurance will protect you from loss if someone contests your title in a legal action or if there is a title defect that cannot be eliminated. The title insurance company will protect you from financial loss up to the amount of the policy.
Need more information, give us a call at 603-836-5309 or email firstname.lastname@example.org.
Beginning on August 1st you can say good bye to scheduling a Closing or setting a Closing Date. From now on, the date that you sign your documents will be called a Consummation.
The Good Faith Estimate is also going away, it will soon be known as a Loan Estimate or LE.
If you just learned what we, in the real estate closing industry, so commonly refer to as just the “HUD” or sometimes the Settlement Statement, that is gone, too. On August 1, 2015 that will be known as the Closing Disclosure or CD.
Have any questions on these changes…we would be happy to answer them for you!
Some states require that all municipalities value property at the same assessment-to-market value ratio. Equalization rates are used to ensure that property taxes are assessed equally and in proportion to fair market value across all municipalities.
Equalization seeks to ensure that a taxpayer in one community, whose property has a fair market value of $100,000 will pay the same taxes as a property with a fair market value of $100,000 located in another town, regardless of how those two properties are assessed.
The equalization rate is a ratio of total assessed value for properties in a community to those property’s true market values. This number represents the NH Department of Revenue Administration’s judgment of how closely assessed values match the market value.
For example, an equalization rate of 90% would mean that on average the property in your community is being assessed at 90% of its market value. Check back and we will have more on this topic.
Are you selling your home without a realtor and need someone to prepare your Purchase and Sales Agreement. We can help you with that! Give us a call at (603) 836-5309 or email email@example.com for more information.
A title search is sometimes referred to as an abstract of title or chain of title. It is a detailed examination of the historical records concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of the search is to verify the seller’s right to transfer ownership and to discover any claims, defects and other rights or burdens on the property.
Trombley and Kfoury will make sure that the title to a piece of real estate is good and then issue title insurance for that property. Title insurance protects the lender and/or owner against lawsuits or claims against the property that result from disputes over the title.
We also maintain an escrow account which contains the funds needed to close on your new home and we ensure that this money is used only for settlement and closing costs. At your closing, the settlement agent will bring all the necessary documentation, explain it to the parties, collect closing costs and distribute monies. Finally, we will ensure that the new deed and other documents are filed with the appropriate registry of deeds.
If you hear the term “Know Before you Owe” this is what it means. The Consumer Financial Protection Bureau has made this the slogan for the changes coming into effect on August 1, 2015. This is when the new Closing Disclosure and Loan Estimate forms go into effect.
The Closing Disclosure is the new 5-page form that replaces the HUD Settlement Statement. The new regulations state that the Final Closing Disclosure must be provided to consumers at least three (3) business days before closing of the loan. The new Loan Estimate will replace the former Good Faith Estimate.
Every state has Homestead Laws, but they can differ greatly. In some states you need to declare your rights of homestead. In New Hampshire your rights are automatically given to you in a deed and it’s very important that they be released by a statement in the deed when you sell the property.
In New Hampshire, our law is called The Homestead Right and every person is entitled to $100,000 worth of his or her homestead to be protected from creditors. That right is created by RSA 480:1 and it means that property designated as a homestead is exempt from the rights of most creditors.. This is also why both a husband and wife must sign off on their homestead rights when they Mortgage their property.
Have you ever wondered what a Quitclaim Deed is. We hear many people refer to it as a “quick” claim deed and that is not correct. A Quitclaim Deed is a deed which makes no warranties and conveys only the right, title or interest which the grantor has. The grantor in a quitclaim deed does not represent that they have any interest whatever in the property, merely that whatever interest they have is being conveyed to the grantee.
Contact us if you need a Deed prepared for you. We can help and the charge for this service is $150.00.