Wire fraud is on the rise everywhere and the Federal Reserve is being asked to take a more proactive role in preventing it, especially as it relates to real estate transactions. Two key points are:
1. All parties involved in the real estate transaction need to help educate customers on the dangers of wire fraud and on the ways to protect data and funds. For example, by encouraging consumers to call their known reputable source at a verified number to verify instructions before transmitting funds.
2. Financial institutions on the receiving end should match not only the account number but also the payee’s name when there is a wire transfer. Oftentimes fraudulent wire instructions will say the transfer is to be sent to the attorney’s trust account, for example, but instead it goes to the criminal’s personal account as beneficiary.
If you intend to wire funds to us and suspect anything may be wrong with the instructions, please phone us to verify. If we have sent you instructions and you suddenly receive an email asking you to wire to a different account, phone us to verify. We have only (1) IOLTA account, so we will never change our instructions and ask you to wire to a different account.
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.
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.