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BUYING VACANT LAND
Most real estate agents are concerned by the prospect of representing purchasers that are attempting to purchase vacant land for the purpose of constructing a residence. If the purchasers are working with a developer or builder that is familiar with the issues and pitfalls and that has a staff to determine feasibility, it is not very …
NEW HOME CONTRACT ISSUES | ARTICLE 2 OF 2
In last week’s Article, I discussed some basic issues that are often involved in New Home Contracts. Agents should not be providing legal advice about these contracts, but should at least be familiar with some of the frequently encountered questions and issues that purchasers might encounter. Purchasers can expect the contract to have exculpatory language for …
NEW HOME CONTRACT ISSUES | ARTICLE 1 OF 2
Sales of New Homes are often confusing to many real estate agents since the builders generally provide their own version of the contract of sale. Negotiation is usually fruitless, but it is important for the agent and their buyer client to understand some of the basic issues to be considered in new home purchases. Also, it is …
WHEN IS CONTRACT RATIFIED?
The GCAAR Sales Contract was modified last year to remove the “Date of Ratification” line at the end of the body of the Contract from a substantive part of the Contract. It now states that the Date of Ratification is “For informational purposes only”. When is a Contract considered fully “Ratified” and how do you document that …
EXPLAINING CONTRACTS TO CLIENTS
The residential real estate market is moving incredibly fast. Inventory is low and many listings are receiving multiple offers and offers above the asking price within days of going active on the market. A downside of this frenetic activity is that buyers and sellers often do not have the benefit of the time it takes to fully …
A REVIEW OF TITLE INSURANCE: BASIC VS. ENHANCED COVERAGE
Real Estate Agents, as well as consumers, are generally familiar with title insurance which requires a one-time premium payment to guarantee clear title to property for the duration of the purchaser’s ownership. Traditional lenders will always require that a policy of title insurance be purchased to insure that there is no loss or claim that …
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SUMMARY OF DIFFERENT TYPES OF NOTARIZATIONS
To: All Indiana Policy Issuing Agents of WFG National Title Insurance CompanyFrom: WFG Underwriting DepartmentDate: June 2, 2020Bulletin No.: IN 2020-06Subject: Summary of Different Types of Notarizations To All WFG Agents doing business in Indiana, If you are like me, your heads are probably spinning with all of the different types of notarizations that everyone in the title industry is talking …
JOINT OWNERSHIP AGREEMENTS
In today’s world, it is not at all uncommon for an unmarried couple to purchase a hometogether. Choices need to be made as to how to take title, and there should be a written agreementdiscussing the terms of their arrangement (although this is rarely done). With regard to title, the onlychoices are to be tenants …
WHAT IS TITLE INSURANCE
You are buying a new home – Congratulations! But how do you know what you are really buying? Land is forever, and every owner of a piece of real estate can carve up the interests in their land in all sorts of creative ways. An owner can grant Liens on the property – mortgages and …