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Posts by: Terrie Dolan

9th Camp Allen Classic Annual Golf Tournament

The Annual Camp Allen Golf Tournament was held on June 29, 2015 at the Manchester Country Club. Trombley Kfoury, P.A. is proud to be a Sponsor of this charity event.

The Camp Allen Classic proceeds will benefit campers and families. Camp Allen provides opportunities for growth, friendship and fun for children and adults with cognitive and physical challenges in an outdoor environment since 1931.

Pictured from left to right are Chris Masters, Dr. Rick Calvin and Dr. Joe Sheehan.

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Title Insurance equals Peace of Mind

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 terrie.dolan@trombleykfoury.com.

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What do you mean it’s called a Consummation?

What do you mean it’s called a Consummation?

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!

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What Are Equalization Rates Used For?

What Are Equalization Rates Used For?

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.

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What is an equalization rate?

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.

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For Sale by Owner

For Sale by Owner

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 terrie.dolan@trombleykfoury.com for more information.

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What is a title search?

What is a title search?

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.

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Real Estate Titles and Closings – What Home Buyers Need to Know

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.

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The New 2015 Closing Disclosure – “Know Before you Owe”

The New 2015 Closing Disclosure – “Know Before you Owe”

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.

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The Homestead Right in New Hampshire

The Homestead Right in New Hampshire

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.

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