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!
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.
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.
Does your deed contain a metes and bounds description of your property. A metes and bounds legal description in your deed is a way of describing the lines of your property by angles and distances from designated landmarks and in relation to adjoining properties. For instance, if your deed describes your property like this, “thence running north 16° 14′ 12″ east a distance of 100.00 feet to a point”, you have a metes and bounds description.
Lis Pendens is the latin phrase for pending litigation and more commonly referred to as a notice of pending action. Persons who buy or lend on the real estate after a lis pendens has been recorded take title to the property subject to the claimant’s right, if any, to the real estate. A recorded lis pendens is a notice warning all prospective buyers that title to or possession of the real estate is in dispute.
What You Should Know About the Home Closing Process: An Interview with Kirk Trombley of Trombley & Kfoury
Tell us a little bit about your experience, firm’s history and the areas of law that you practice.
We practice in areas that include general business, real estate, employment law and litigation. We have a significant workers’ compensation defense practice as well.
Our legal team lives and raises families in NH, and believe in supporting local businesses. Our mission is to assist and protect NH residents and business owners in their legal endeavors. We can help you in achieving security for your dreams and business goals, and planning for your future success.
Check out my interview, What You Should Know About the Home Closing Process on New Hampshire Homes, one of the top sites for New Hampshire real estate, including Londonderry, NH real estate. New Hampshire Homes also services New York homes for sale and Pennsylvania real estate.