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.
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.