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Tenancy in New Hampshire

Tenancy in New Hampshire

New Hampshire has two types of tenancy, Tenants in Common and Joint Tenants with Rights of Survivorship (JTWROS). This has been the law in New Hampshire since November 13, 1959.

Every conveyance of real estate to two or more persons creates a tenancy in common pursuant to New Hampshire RSA 477:18. That means, that if the person preparing your deed fails to state the type of tenancy, you will automatically become tenants in common. When one person dies their half of the property will pass to their estate according to the probate process.

If you want to have your property pass to the surviving person that must be specifically stated. Your deed must state after your names “as joint tenants with rights of survivorship”. The property automatically passes to the surviving joint tenant without the need of filing probate. You simply record the death certificate and in future deeds reference the death and state that you are the surviving joint tenant.

The failure to state tenancy, or stating it incorrectly, happens quite often, especially when the deed has been prepared by an out of state attorney who may not be familiar with our laws. Different states have different types of tenancy laws. We sometimes see a husband and wife owning property and thinking they owned it as joint tenants with rights of survivorship. One spouse dies and it is not until the other gets ready to sell the property that this is discovered. It can create quite a mess, take a while to clear up and ultimately delay the closing.

So use this information to take a look at your deed and be sure that you own your property the way you wanted. If you don’t, you can have a Quitclaim Deed prepared and record it to establish the proper tenancy that you want. Please give us a call at 603-836-5309 if we can assist you in this process.

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Warranties on new homes

Warranties on new homes

You are buying your first new home here in New Hampshire and you wonder whether the builder has to offer you a warranty on it. Contrary to popular belief, there is no such thing as a “statutory builder’s warranty” on your new stick built home. A stick built home means it was constructed in whole on site. That said, most builders are proud of their product and they do offer a limited one year warranty to the original owner, They are also subject to building in conformance with and to inspections by the local building department where the home is to be located.

In New Hampshire there are other types of housing that are required to come with a warranty. Presite built housing is described as any structure which is wholly or substantially made or assembled in an off-site manufacturing facility. These homes are required to conform with the United States Department of Housing and Urban Development minimum property standards and local building codes.

A new prefabricated or presite built home is required to have a written manufacturer’s warranty to the buyer. The warranty must include the terms that the home is free from any substantial defects in materials or workmanship in the structure, plumbing, heating, and electrical systems and in all appliances and other equipment installed or included in the home. Additionally, it must state that the seller or manufacturer must take appropriate corrective action at the site of the home in the instance of substantial defects in materials or workmanship which become evident within one year from the date of delivery of the home.

Manufactured housing is described as any structure that is transportable in one or more sections, which in the traveling more are 8 feet or more in width and 40 feet or more in length or when erected on site contains 320 square feet, or more of living area. Manufactured housing is built on a permanent chassis and is designed to be used as a dwelling with or without a permanent foundation and to be connected to utilities.

In order to keep a record of and to verify the proper installation of manufactured homes, no manufactured house may be installed in this state until the manufacturer or an installer licensed by the board has obtained a warranty seal from the New Hampshire Installation Standards Board and attached the seal to the manufactured house.

More information on the above warranty requirements can be found in New Hampshire RSA 205-B and 205-D.

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Information for Homebuyers

Information for Homebuyers

A Buyer normally pays for the following:

Recording the new deed

Their share of the tax stamps. Tax stamps in New Hampshire are 1.5% of the purchase price and are split equally between the buyer and seller

The title examination and closing

The owner’s and lender’s title insurance policy

All costs associated with getting a new loan

A Seller normally pays for the following

Their share of the tax stamps

Any commission to the realtor for the sale of the property

To prepare the Purchase and Sales Agreement when no realtor is involved

Recording any lien release documents pertaining to their loan

For the preparation of the new deed conveying the property

Both parties share in the proration of the real estate taxes and there may be other miscellaneous costs associated with the sale.  Give us a call at 603-836-5309, if we can help with the sale or purchase of your home!

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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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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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