Theft of personal property isn’t always covered under a standard homeowners insurance policy. Your policy might not cover some of your personal possessions or may only cover the items up to a certain limit. Ask your insurance agent what kind of theft coverage your policy includes. You may need to buy separate coverage for some of your more valuable belongings.
When a neighbor has a driveway easement over your property, she has the right to cross your property to get to her own. Easements may be granted by written agreement, inclusion in a deed, display on a subdivision plat or may be established by an extended period of use. If the easement-holder has a different way to access a public road, it may be possible to revoke a driveway easement by agreement.
Even if you don’t have current plans to sell your house, you may decide to sell it later. Improving your home’s appearance can increase its value. Before taking on any home improvement projects, consider what kinds of upgrades might add to your home's future resale value. By making some modest improvements for under $5,000, you can enhance how your home looks on the outside or add basic updates inside and not break your remodeling budget.
If you own a parcel of land, you need to be able to get to it. Most residential property fronts on a public road right-of-way, but rural land may not. If your property does not front a public road, you will need permission to cross someone else’s property to get to yours. Written legal permission to cross another’s property is referred to as an ingress/egress easement.
When you buy a home with another person or several people, all parties have equal rights and ownership in the real estate. They also all have equal financial responsibilities in the repayment of the mortgage loan. However, if everyone involved agrees, you can buy out the interests of the other people and assume full ownership through refinancing and completing a quit claim deed.
An easement occurs when someone has rights to land that you own. For instance, if you live in a townhouse-style condo where your electric meter is on your front patio, the utility company may have an easement that gives it the right to enter your land to read the meter. Typically, easements are recorded against a property as a matter of public record. As such, you can usually find out about them by researching your property's title.
Recording your deed puts the public on notice that you own property. Just because the public doesn’t know, however, makes you no less of a property owner once you have received a properly executed deed. The act of recording a deed does not convey property, although some state laws may favor a recorded deed over an unrecorded one when property ownership is in dispute.
Most appraisal reports are prepared to be valid on the date of the report. Sometimes, though, you need to know what a house was worth at some date in the past. These appraisals frequently get prepared as part of an estate valuation, since property in an estate gets valued as of the date that the estate owner died. Most appraisers can produce a backdated appraisal for this or other reasons. You just have to ask them to do it.
A life estate is a legal property arrangement that includes a life tenant and a remainderman. The life tenant may reside at the property until his death, and the remainderman is the person who owns the property after the life tenant dies. A remainderman is not required to open a probate estate to obtain ownership to the property after the life tenant's death.
A land surveyor prepares a report that defines the boundaries of a piece of land. Having a survey completed is the best way to be absolutely sure of what you are buying when you purchase a piece of real estate. It can be particularly important if you are buying a property on which you plan to construct a house since, among other things, the surveyor can identify what parts of the piece of land are legally buildable.
The search for an apartment comes with a certain level of excitement. After all, it's a new place to live -- possibly in a new city or maybe even in a new part of the country. However, that excitement may be tempered by a desire to make sure you find the right apartment in the right neighborhood at the right price. To assist you in your search, Kevin Miller, president and CEO of WestsideRentals.com in Santa Monica, Calif., shares his top 10 tips for locating the ideal apartment.
An easement gives a property owner the right to use some or all of an adjacent property. For instance, if a house sits behind another with access to the road, the back house -- the dominant tenement -- may have an easement over a piece of land belonging to the front house -- the servient tenement. The easement would allow the owner of the back house to drive through to the road. Easements may automatically terminate, or the two parties can negotiate an end to the easement. When this happens, the person who was originally burdened by the easement, or…
Parties can hold different rights regarding the same parcel of property at the same time. Life estates have been used for a number of different estate planning reasons, such as estate management and probate avoidance. California law outlines the requirements for a valid deed and life estate. Failure to follow the procedures may result in problems with the property's chain of title.
Whether you're selling, refinancing or just curious about what your home's worth, data from comparable sales is one of the most valuable tools for determining a property's value. Appraisers assume that what buyers have recently paid for similar properties forms a benchmark for other properties in the market. While real estate professionals frequently pay for special services that report sale comparables, in most states, sale data is a matter of public record, and you can look up that public comparable information yourself.
Lis pendens is a Latin phrase that refers to a pending lawsuit concerning real estate. The lis pendens is filed with the county. This lets interested parties know that the property could be included in a lawsuit and that there could be a forced ownership transfer to the winner of the suit. Lis pendens are frequently filed as part of foreclosure proceedings, so searching for a lis pendens can also be a way to find out if a property is going into foreclosure.
Basement, cellar or attic conversions that were built without permits fall under the category of illegal apartments, as do apartments in buildings that have been condemned. Illegal apartments can be dangerous to public health and safety, which is why people feel a responsibility to report landlords who disregard building codes and laws. City governments usually take reports of illegal dwellings and send inspectors to visit and determine whether the landlord is in violation of building codes or rental ordinances.
Declaring your primary residence as your homestead allows you to receive tax exemptions each year through your local county assessor. Homestead tax exemption effectively shelters a portion of your home's value from tax assessments and reduces your yearly property taxes. Applying for homestead exempt, while straightforward, requires documentation verifying your qualifying status. Each state has specific rules and offers different types of exemptions including a general, disability, senior citizen or veterans exemption. In some states, only senior citizens are eligible, while in others, all homeowners may participate.
A condominium declaration is a legal instrument that is recorded with the county where the condo will be located. The document declares the creation of the condominium, describes the individual and common ownership interests as well as individual and common duties and obligations. State law requires that the declaration contain certain provisions and permits and other non-mandatory provisions. Since the declaration outlines the interests, rights, duties and obligations of condo owners, the document must be carefully drafted.
If you have land that you are not using, donating it to a nonprofit could be a good use for it. You'll be helping out a cause that matters to you. Donating your land, or rights to it, may also have significant tax benefits. However, gifting your property isn't always as simple as signing a deed.
If you're underwater on your mortgage, you may be considering a short sale as a way to solve the problem. In a short sale, your house gets sold for less than you owe on your mortgage. When it works out well, the bank accepts the buyer's price and releases you from liability on your mortgage. However, things aren't always that simple in the real world.
Texas deeds and mortgages are both recorded by filing them with the county clerk. Though not required by law, recording your deed provides notice to the public that you have conveyed an ownership interest in your property and affords you some legal protections. Strongly consider recording your deed immediately after your real estate transaction to prevent a subsequent buyer from purchasing your property from a dishonest seller without notice of your ownership.
Going through a foreclosure can be an emotionally wrenching experience. Between having your credit severely damaged, having to move and losing a piece of the American dream, it's normal to be sad, frustrated or angry. While a soon-to-be-former homeowner may lash out by damaging his soon-to-be former house, or choose to squeeze extra money from it by removing valuable components, the legal ramifications can make a foreclosure seem almost pleasant.
The Internal Revenue Service's rules on inherited properties are relatively straightforward. When a person dies, their property's value is calculated based on the fair market value as of the date of their death. To establish fair market value, you will need to obtain an appraisal from a qualified and licensed appraiser. Once you know the fair market value, you can calculate the total equity in the home by subtracting the mortgage balance from it.
Although buying land may seem like a simple, direct task, often it requires much more research and diligence than purchasing a home or existing structure. Zoning, building restrictions and intended uses can make buying the right parcel seem like looking for a needle in a haystack. Additionally, buyers of rural land should be aware of future growth in the area, while purchasing rural land in arid or dry regions may involve special considerations.
The silence is deafening. What once was a noisy home, filled with teenagers and young adults, is now a quiet shell. The kids aren’t around to mow the grass, touch up the paint or dust their rooms, and you're overwhelmed with keeping up the house and grounds. Suddenly your sprawling house in the suburbs becomes a less than loving project. A condo in the city, and the lifestyle that goes with it, seems attractive. Perhaps it’s time to shop for a condo and downsize.
Timeshare presentations can be a great way to get free vacation benefits. Some timeshare chains offer free or heavily discounted lodging to get you into their presentation. Others will give you cash, gift cards, or event or tour tickets in exchange for sitting in a presentation. Given that many timeshare organizations have relatively aggressive sales teams, getting invited should be relatively easy. All you need to do is let them find you.
Recording your deed after a real estate transfer is not mandatory. However, it is very desirable for a number of reasons. By recording your deed, you provide public notice to all interested parties that you are the rightful owner of the property. This will be very important in the event of a title dispute. It will also be helpful if you or your heirs ever decide to refinance or sell the property. Title companies will not insure a property with a break in the chain of title.
Securing a first apartment is a big step towards independence, however, oftentimes young people do not have sufficient credit history to lease an apartment on their own. In these cases, parents or guardians can act as a cosigner on the lease, to offer the landlord a guarantee that the rent will be paid.
As a property owner living in Texas, you are entitled to a homestead exemption on your residence. This exemption is designed to decrease your property taxes, as well as protect against some creditor claims on your primary residence. There is no limit on the homestead exemption as to the appraised value of your property; however, Texas does have a limit on the size of your property in terms of acreage.
Financial hardship affects homeowners, and their ability to make mortgage payments usually suffers first. A short sale or a foreclosure proceeding often follow. A deed-in-lieu -– deeding title back to the lender in exchange for a small monetary payment -- is an alternative. This returns the home to the lender without the costs of foreclosure and relieves the homeowner of the mortgage burden. Stipulations regarding property maintenance and condition are contained within each lender’s deed-in-lieu agreement.
Dating your house is useful for a number of reasons, such as figuring out whether any part of it, like the roof or the heating system, has outlived its life expectancy, or to see whether banned materials might still be present in the original construction. If you want to know how old your house is but don't know when it was built, don't worry. There are plenty of techniques you can use to date your home, even if it has been modified significantly over the years.
The HUD-1 statement, or settlement statement, is prepared by your escrow agent using information collected from many parties. Because so many hands are involved in forming the settlement statement, no way exists to declare a single party responsible for every possible mistake on the settlement statement. There are, however, some parties that are generally blamed when an error appears on the settlement statement.
Conveyance of real estate occurs with the signing of a deed. Often recorded with the local county recorder's office, a trust deed is a type of deed which involves three parties -- a lender/beneficiary, a borrower/trustor and a third-party, known as a trustee, to oversee the agreement's follow-through. Although not described as such on the official document, the borrower acts as a grantor on a deed of trust giving the lender, or grantee, certain ownership benefits.
The settlement document of a real estate transaction, or HUD-1 statement, is the product of participation from many parties. As a result, no single rule places one party at fault for an inaccurate settlement statement. The accuracy of the settlement statement greatly depends on the information provided to the escrow agent, while responsibility for the accuracy of the settlement statement often depends on the party that provided the bad information.
Owning property as a joint tenant with a right of survivorship is an effective means of avoiding probate when one owner dies, but the tenancy does restrict the way that owners dispose of their property. An owner in a joint tenancy could not, for example, leave a piece of property to a beneficiary in her will and die secure in the knowledge that the property will indeed pass to the beneficiary. However, a joint tenancy can be terminated in multiple ways should the need arise.
You could be paying too much on your homeowner's insurance. It's easy to do, especially if you have a policy that you pay through your mortgage escrow account. You might be able to save money on your policy by shopping around and making some changes.
If you build a building on your parents' property, it's your building, just like your car is still your car when you drive it onto your parents' property. However, when your ownership rights run up against someone else's property, the cut-and-dried theoretical situation can get more complicated. Since the land under and around your building is still your parents', you might not be able to fully enjoy your rights of ownership.
Adding family members to the title of a piece of property is a popular way to help loved ones acquire property or to avoid probate issues should one of the owners die. It is important, however, to specify the type of ownership that you want to share with your relative and to make sure that the new deed you both sign conforms to laws of the county where your property is located.
How you will get HOA to remove a deed is a process that varies wildly from community to community and even state to state. Get HOA to remove a deed with help from a property manager and real estate agent in this free video clip.
HUD-1 is basically the settlement statement. Find out why you still need HUD-1 approval with help from a property manager and real estate agent in this free video clip.
The acronym TSP stands for "thrift savings plan." Use TSP to purchase your first home with help from a property manager and real estate agent in this free video clip.
The contractual obligations for a co-signer on an apartment lease when the primary signer is deceased are many, as the co-signer is essentially fully responsible. Find out about the contractual obligations for the co-signer on an apartment lease when the primary signer is deceased with help from a property manager and real estate agent in this free video clip.
HUD basically wants you to stay in a house as a primary resident for at least twelve months. Find out how soon you can sell an owner-occupied HUD house after buying it with help from a property manager and real estate agent in this free video clip.
Finding a guarantor for renting an apartment may require you to contact your friends or family members. Find a guarantor for renting an apartment with help from a property manager and real estate agent in this free video clip.
Writing a permission letter to tenants is something you will do in a very specific way, especially if there are any special stipulations attached to it. Write a permission letter to tenants with help from a property manager and real estate agent in this free video clip.
If you own a home in the desert, there are a few key design tips that you're going to want to utilize to take advantage of your environment. Get design tips for a house in the desert with help from an experienced real estate agent in this free video clip.
Title insurance brokers play a very important role in the insurance industry. Learn about the role of title insurance brokers with help from an experienced real estate agent in this free video clip.
Defaults have a number of effects on recovering escrow deposits that you're going to need to be aware of. Find out about the effects of defaults on recovering escrow deposits with help from an experienced real estate agent in this free video clip.
If you're planning on buying an apartment, there are a few steps that you absolutely have to take to make sure that you're fully prepared. Learn about apartment preparation for buyers with help from an experienced real estate agent in this free video clip.
Removing the mortgage insurance premium from an FHA loan is something you'll have to do in a very particular way. Remove the mortgage insurance premium from an FHA loan with help from a managing broker with Windermere Real Estate in this free video clip.
Title insurance is a very important aspect of owning real property. Find out just how important title insurance really is with help from a managing broker with Windermere Real Estate in this free video clip.
Selling in a buyer's market has a few clear advantages that can't be overlooked. Learn about the advantages of selling in a buyer's market with help from a managing broker with Windermere Real Estate in this free video clip.
Title insurance is required when someone goes to purchase a new piece of property. Find out facts about title insurance with help from a managing broker with Windermere Real Estate in this free video clip.
Changing a certificate of occupancy requires you to go about things in a very particular way. Change a certificate of occupancy with help from a managing broker with Windermere Real Estate in this free video clip.
If you get a job offer just after closing an FHA loan, a few very important things need to happen next. Find out what to do if you get a job offer after closing an FHA loan with help from a managing broker with Windermere Real Estate in this free video clip.
Flipping property is associated with a few financial measures that are very important. Learn about the financial measures for flipping properties with help from a managing broker with Windermere Real Estate in this free video clip.
If you're the owner occupying a duplex, there are a few key tax incentives that you're not going to want to forget about. Find out what you can write off in taxes when you're the owner and are occupying a duplex with help from a managing broker with Windermere Real Estate in this free video clip.
Even if a home is vacant there are still a few insurance requirements that can't be ignored. Learn about the insurance requirements associated with a vacant home with help from a managing broker with Windermere Real Estate in this free video clip.
Whether or not you can get escrow insurance without your taxes depends entirely on a few key specifics of your situation. Find out if you can escrow insurance and not taxes with help from a managing broker with Windermere Real Estate in this free video clip.
Changing homeowner's insurance in escrow isn't necessarily difficult, but it does require you to follow a few key steps. Change homeowner's insurance in escrow with help from a managing broker with Windermere Real Estate in this free video clip.
A contractual mortgage is a security instrument against the piece of land that secures the lender's interest in that property. Learn about a contractual mortgage with help from a managing broker with Windermere Real Estate in this free video clip.
A certificate of occupancy is required in a wide variety of different situations in the world of real estate. Find out if you have to have a certificate of occupancy to sell a house with help from a managing broker with Windermere Real Estate in this free video clip.
An escrow buydown relates to the interest rate on your loan. Find out more about an escrow buydown with help from a managing broker with Windermere Real Estate in this free video clip.
Selling rental property and NOL always requires you to keep a few key things in mind. Learn about selling rental property and NOL with help from a managing broker with Windermere Real Estate in this free video clip.
All commissions are typically negotiable in the state in which you are planning on buying a home. Learn how to negotiate commission when buying a home with help from a managing broker with Windermere Real Estate in this free video clip.
Converting your home into a rental property requires you to take a few key tax topics into consideration. Learn about the taxes associated with converting your home to a rental with help from a managing broker with Windermere Real Estate in this free video clip.
You can calculate a property tax percentage by taking a few key aspects of your situation into account. Calculate a property tax percentage with help from a managing broker with Windermere Real Estate in this free video clip.
An escrow spread is also referred to as an escrow account shortage. Find out about an escrow spread with help from a managing broker with Windermere Real Estate in this free video clip.
Deed grabbing is another term used to describe the process of probate investing. Learn about deed grabbing or probate investing with help from a managing broker with Windermere Real Estate in this free video clip.
Title insurance is important for several different reasons. Find out about how title insurance works with help from an entrepreneur, real estate broker and real estate coach in this free video clip.
Whether or not you can transfer a deed to your house to your kids before you die depends on a few key specifics of your own situation. Find out if you can transfer a deed to your house to your kids before you die with help from an entrepreneur, real estate broker and real estate coach in this free video clip.
Estimating home owners insurance always requires you to make a few important considerations. Estimate home owners insurance with help from an entrepreneur, real estate broker and real estate coach in this free video clip.
There are a number of different ways to accept escrow depending on the situation. Find out how to accept escrow with help from an entrepreneur, real estate broker and real estate coach in this free video clip.
Probating an estate is very important for a wide variety of different reasons. Find out why probating an estate is important with help from a real estate expert in this free video clip.
When the title of a property is held as tenancy by entirety, a very particular set of circumstances is unfolding. Find out what it means when the title of a property is held as tenancy by entirety with help from a real estate expert in this free video clip.
Affidavit of heirship and probate are two very important and very different real estate concepts. Learn about affidavits of heirship versus probate with help from a real estate expert in this free video clip.
The concept of "residuals" essentially means" leftovers" in real estate and personal finance terminology. Learn about residual estate with help from a real estate expert in this free video clip.
Having someone co-sign on a loan may seem convenient or even necessary, but it has a few key disadvantages that you need to think about. Learn about the disadvantages of having someone co-sign on a loan with you with help from a real estate expert in this free video clip.
A trustee's fiduciary duty goes back to the common law that came over with the Mayflower. Find out about a trustee's fiduciary duty with help from a real estate expert in this free video clip.
A tax sale and mortgages are different concepts in a few important ways that you should know about. Learn about the concepts of tax sale versus mortgages with help from a real estate expert in this free video clip.
Loss payee and mortgagee are two terms related to the way a mortgage is operated. Learn about loss payee versus mortgagee with help from a real estate expert in this free video clip.
Selling a home for less than the assessed value isn't necessarily as straightforward as it might seem. Find out how to sell a home for less than the assessed value with help from licensed California real estate broker in this free video clip.
A single home or townhouse condo certainly has its fair share of advantages and disadvantages that you need to be aware of. Learn about the advantages and disadvantages of a single home or townhouse condo with help from licensed California real estate broker in this free video clip.
Finishing a below grade basement will often lead to increases in your property taxes. Find out how to figure increases to your property taxes from finishing a below grade basement with help from licensed California real estate broker in this free video clip.
Signing at escrow is often required to complete the sale of a particular home or piece of property. Find out what it means to do a signing at escrow with help from licensed California real estate broker in this free video clip.
Age, wear and tear and a variety of other things can all lead to a decrease in your property value. Learn about decreases in property value due to age and wear and tear with help from licensed California real estate broker in this free video clip.
When making a claim of adverse possession, you're going to need to follow a few particular steps to make sure everything is as it should be. Find out what to do when making a claim of adverse possession with help from licensed California real estate broker in this free video clip.
Buying a leasehold house requires you to follow a series of very specific steps for the best possible results. Buy a leasehold house with help from a real estate broker in this free video clip.
Rejecting a home appraisal always requires you to keep a few very important things in mind. Reject a home appraisal with help from a real estate broker in this free video clip.
Getting credit pulled for a tenant requires you to get a signed authorization from the prospective tenant in question. Get credit pulled for a tenant with help from a real estate broker in this free video clip.
Any formal letter to a co-op board needs to have a few key elements for the best possible results. Write a formal letter to a co-op board the right way with help from a real estate broker in this free video clip.
Working with a buyer's agent has its fair share of advantages and disadvantages. Get a breakdown of the disadvantages of working with a buyer's agent with help from a real estate broker in this free video clip.
Just because a house is rented doesn't mean you can't redecorate the kitchen. Find out how to properly and efficiently redecorate a kitchen in a rented house with help from a real estate broker in this free video clip.
Making an offer on a co-op requires you to go through a few very specific steps. Find out how to make an offer on a co-op with help from a real estate broker in this free video clip.
Certain real estate expenses are tax deductible, and it's important to not forget them come tax season. Learn about real estate agent expenses that are tax deductible with help from a real estate broker in this free video clip.
Delivering earnest money to a broker typically requires the use of an escrow account. Deliver earnest money to the broker with help from a real estate broker in this free video clip.
Leaving a condo for the winter requires you to make sure that condo can sustain itself without inhabitants for a long period of time. Leave a condo for winter with help from a real estate personality and broker in this free video clip.
Renting apartments doesn't have to cost an arm and a leg. Learn about the best ideas for renting apartments cheaply with help from a real estate personality and broker in this free video clip.
Being a rental sales agent is a lot easier if you know a few key tips and tricks. Learn about rental sales agent tips and tricks with help from a real estate personality and broker in this free video clip.
Apartments are great, but the definitely have their own set of disadvantages that you need to be aware of. Learn about the disadvantages of apartments with help from a real estate personality and broker in this free video clip.