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buying a home

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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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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What is a Quitclaim Deed

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.

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WHAT IS A METES AND BOUNDS LEGAL DESCRIPTION?

WHAT IS A METES AND BOUNDS LEGAL DESCRIPTION?

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.

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WHAT IS LIS PENDENS?

WHAT IS LIS PENDENS?

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.

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What You Should Know About the Home Closing Process

What You Should Know About the Home Closing Process

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.

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