Due to the impact COVID-19 is having on our citizens, various departments and agencies of the federal government have placed a moratorium on certain foreclosures and evictions initiated on or after March 18, 2020. The end date for the moratorium is either April 30, 2020, or May 17, 2020, depending on the circumstances (see list […]
Archive | Real Estate
Another Ransomware Attack #realestate #law #tech #ransomware
According to CBS news, the Riviera Beach (Florida) City Council voted unanimously this week to pay 0,000 in ransom to hackers who took over its computer system. How did it happen? “The hackers apparently got into the city’s system when an employee clicked on an email link that allowed them to upload malware.” In other […]
Maryland Tax Liens #realestate #law #insurance
Effective July 1, 2019, SB 484 becomes law. All Maryland tax liens filed on and after that date will have a 20-year limitation period. The new law is not “retroactive,” so it doesn’t affect Maryland tax liens filed prior to July 1, 2019. However, at least one of our underwriters has approved insuring over any […]
Forms of Estate #realestate #law
A deed is the written document that conveys a property from a grantor (e.g., seller) to a grantee (e.g., buyer). Among other things, the deed indicates the form of the estate that passes. Fee Simple Fee simple (sometimes, “fee simple absolute”) is the most complete form of ownership one can have. It gives the owner […]
Trusts: Avoiding Probate #realestate #law #trust #probate
When a person (decedent) dies with a will, the decedent’s will must enter a court process called probate in which a personal representative (a.k.a, executor) is assigned to transfer the decedent’s property to the heirs named in the will. Probate is also available when a decedent dies without a will. This is a lengthy process […]
Affiliated Business Arrangements #realestate #law
As previously discussed in What Is a Title Company?, title companies serve three roles that are heavily regulated: title insurance agent, escrow agent, and settlement agent. Part of that regulation is the requirement that they remain independent of the other entities in the transaction (i.e., the lender and Realtors). This isn’t a hard-and-fast requirement though. […]
Ownership of Property #realestate #law
There are a few different ways one can own property. These separate forms of ownership usually come into play with real estate, but depending on the jurisdiction, they may apply to personal property as well. I’m going to go through them briefly and (obviously) without any analysis of your particular facts. Always seek legal advice […]
What’s a “Title Company”? #realestate #law #insurance #escrow
I’ve provided an overview of the three functions of a title company over on my blog. https://propertyatty.wordpress.com/2019/05/29/whats-a-title-company-realestate-law-insurance-escrow/ Some people aren’t aware of what a title company is, but they’re quite important to the purchase and refinance of real estate. A title company has three functions, all of which are heavily regulated by state and federal law. […]
What to Bring to Settlement
Buyers and sellers both need to have photo identification at settlement. Buyers will need the funds to buy the property, in the form of a certified check or a wire transfer – we would be happy to send your our wiring instructions. We really prefer not to be given cash! It is best if we […]
Why does the REO seller offer to pay for the title insurance?
REO (real estate owned, meaning property that the bank owns as a result of foreclosure) transactions are peculiar in several ways. Because the seller does not attend settlement they require that the HUD 1 settlement statement be sent to them days in advance for signature. Until we have a confirmed settlement date from the buyer’s […]
