It’s so important to understand your ownership interest when you inherit a property. Here’s a story of why and what can happen if you inherit a property and choose not to hire an estate professional to help you with the paperwork. What follows is a tale of why this is so important. Jennifer signed a… Read more »
Even though many settlement agents are attorneys, the settlement agent is neutral in the transaction. In Virginia, the settlement agent typically doesn’t represent Buyer or Seller – they carry out the terms of the transaction. Therefore, the settlement agent can discuss what the contract means, but the settlement agent should not be making a legal… Read more »
A quitclaim deed releases a person’s interest in a property without confirming the person’s interest or rights. It gives no warranties of that person’s interest or rights in the property. In other words, when a person signs a quitclaim deed they are basically saying ‘if I have any rights or interest with respect to this… Read more »
Builders, foreclosure companies, and some individuals, give a special warranty deed. Many resale Contracts, including the NVAR Contract, calls for a General Warranty Deed. So, what’s the difference? You can think of it this way: With a general warranty deed the Seller is confirming to the Buyer that they have the right to sell the… Read more »
All money changing hands between the Parties must be reflected on the settlement statement and approved by the Buyer’s lender. Before negotiating any credits or escrows, always be sure to check with the lender and the settlement company to make sure that credit/escrow complies with all lender and title company requirements. The lender must approve… Read more »
People will frequently ask to add their kids to title of their house. While it may seem like this protects your child, any potential benefits are typically far outweighed by the numerous downsides. It is typically better to have an estate plan that distributes your assets and protects your heirs. Remember … Once you add… Read more »
What if the Earnest Money Deposit Deadline is missed? The Northern Virginia Association of Realtors (NVAR) Contract specifies that the Earnest Money Deposit is due ____ Business Days after Ratification. If Buyer misses the EMD deposit deadline, can that be cured? Yes, you can cure as long as the Seller has not yet Delivered the… Read more »
Source: https://www.housingwire.com/articles/many-homeowners-dont-understand-their-escrow-account/ According to a recent survey, only 52% of homeowners fully understand how their escrow account works. The survey also found that 80% of respondents said they know what an escrow account is and that its purpose is to pay property taxes, homeowners insurance, and sometimes mortgage and/or flood insurance, but they do not… Read more »
Source: https://www.attorneygeneral.gov/taking-action/attorney-general-henry-files-lawsuit-against-mortgage-brokers-who-conspired-in-kick-back-scheme/ Pennsylvania’s Attorney General filed a complaint against a Lehigh Valley-based mortgage broker and their manager regarding a kick-back scheme that involved real estate agents directing potential home buyers to the mortgage broker. The complaint alleges that the mortgage broker discounted ownership in a joint venture mortgage brokerage company and handed out sporting event… Read more »