Why do I
need a survey of the property I'm buying?
This is a good question that I
hear often. When you purchase a home you are buying
the rights of the land, the air and any physical
improvements that were done. You will want to know
the exact property lines (also known as metes and
bounds). Your attorney will review the survey and
let you know if the neighboring properties are
encroaching on your property. This can be in the
form of a fence, a driveway, landscaping, etc.
These issues pass to you if they are not addressed
before your transaction closes. As your real estate
attorney, I would help you negotiate correcting
any of these issues.
A survey gives you, the buyer, the piece of mind
that the property you are buying is clearly identified
and that you are fully aware of any encumbrances
that may exist.
If I can answer any further questions on this topic,
or any other general questions about a real estate
transaction, give me a call. 973-898-7300 x126. www.martyeagan.com
Why should I refinance my mortgage?
- You can significantly lower
your mortgage payments, in turn lowering your
total monthly payments and freeing up that cash
for other purposes.
- You may be able to lower your
debt to income ratio. Refinancing today could
help a great deal when it comes to lowering
your debt load. By freeing money up from mortgage
payments, you'll be better able to increase
the payments you make on your debt load.
- You can eliminate the cost
of private mortgage insurance (PMI). If you
were not able to put 20% down on the cost of
your home when you first purchased it, you're
likely paying a fee in a type of monthly mortgage
insurance called PMI. If you refinance, you may
find that you're able to either reduce
or completely eliminate your PMI payment. This
could save as much as $150 per month.
- You can get cash for a large,
one-time expense. It's better to borrow
money on your home in the form of a home equity
loan than it is to take out other types of
loans. This is because interest on the home
equity loan is tax-deductible which provides
you extra savings. Home equity loan rates are
usually lower than regular loan rates.
If you have decided to refinance, you should
contact lenders and compare their interest rates.
Once you select a mortgage broker, contact us
and we can close it for you.
If you have any questions about this article
or the refinancing process, give me a call. 973-898-7300
x126.
Marty Eagan
Marty@MartyEagan.com
Why do I need a real estate closing attorney?
Real estate closings bring all
interested parties together. They involve the execution
and delivery of all necessary documents simultaneously
with the payment of the purchase price and the
settlement costs of the transaction. While this
may seem like a simple process, conducting a real
estate closing is a complicated matter and requires
a thorough knowledge of the law. Accordingly, sellers
and purchasers often turn to attorneys. Closing
involves a series of complex phases: examination
of the title, completion and explanation of legal
documents, and resolution of any possible title
difficulties. Real estate closing attorneys conduct
each of these steps. First, they examine the title
records for prior conveyances, unpaid mortgages,
liens, judgments, easements, and other encumbrances
and clouds on title. They verify that the seller
has the authority to convey a good title to the
property and that no errors exist in the deeds
in the chain of title. They likewise negotiate
with the title insurance company for insurance
coverage to insure titles against any adverse claims
of ownership, liens, and easements. Closing attorneys
next combine all relevant information into one
set of closing documents. At the closing, they
provide detailed explanations of the documents
to insure that the parties understand all issues
involved in the transaction. Such matters include:
the relevant contracts of sale, obligations of
contracts, ordering of the title searches, their
analysis of title searches, significance of the
title search, quality of title, extent of risks,
probability of damage, obligation to close or not
to close, process of closing itself, and documents
there exchanged. They then disburse funds, record
relevant documents as public records, and prepare
title insurance policies for the purchaser and
lender.The closing attorney's role can be summed
up as follows:For buyers, attorneys:
- Review and negotiate the specific
terms of contracts;
- Evaluate all legal documents,
such as the deed, title policy, mortgage, survey,
closing statement, and seller disclosure statement;
- Attend the closing and make
sure clear title is transferred;
- Scrutinize charges to make sure
that they are consistent with estimates; and
- Provide updates of any facts
that affect the property interest and provide
counsel if difficulties arise.
For sellers, attorneys:
- Review and negotiate the specific
terms of contracts;
- Request title searches, surveys,
mortgage payoff letters, condominium documents
and all other items necessary for closing;
- Prepare the deed, all other
closing documents, and closing figures;
- Arrange for the closing at a
convenient time and place;
- Attend the closing and ensure
that clear title is conveyed;
- Review charges for consistency
with estimates; and
- Provide updates of any facts
that affect the property interest and provide
counsel if difficulties arise.
Not all states require attorneys
for closing a real estate transaction. Many states
in the western United States allow title companies
to fulfill this role, so in those parts of the countries
attorneys are not involved in routine real estate
transactions such as purchasing a residence or raw
land.
Call me if you have any questions about this article. 973-898-7300 x126.
In need of a quality
real estate attorney? What you need to know
when choosing one.
Feel free to read the attached
article...it contains great advice on what you
should consider when selecting a real estate
attorney to represent you.
How
to ... select a real estate attorney.
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