Virginia is a "caveat emptor" state. Latin for "let the buyer beware," buyers must perform their own due diligence to discover any defects in the contract property. While the seller cannot intentionally conceal any defects, they are not required to represent the condition of the property (with rare … [Read more...] about Preempting Caveat Emptor
Owner's title insurance is an optional settlement expense - one that may be enticing to decline based on the rare chance that a buyer's title to his property is at stake. But there are a number of issues that could jeopardize interest in a buyer's property, and here are just a few: Forgery: Title … [Read more...] about Forgeries, Foreclosures and Forced Removal of Structures: Oh, buy! (title insurance)
This past week my husband and I sat down to purchase property in New York. As we prepared to sign the deed at settlement, our settlement attorney informed us that our deed reflected we were taking tenancy as “joint tenants with common law rights of survivorship”. We informed her that as a married … [Read more...] about TAKING TENANCY
When a buyer receives a closing cost estimate, the first inclination may be to try to cut costs wherever possible. And though it used to be the norm for every buyer to purchase a survey at settlement, many now wonder if the expense is worth it. Whether your buyer should purchase a survey depends … [Read more...] about SURVEYING THE COSTS OF SETTLEMENT: SHOULD YOUR CLIENT BUY A SURVEY?
Different types of deeds provide different levels of protection to the purchaser, and today we address the difference between a general warranty deed, special warranty deed, and quitclaim deed. Warranty deeds “warrant” the grantee’s interest in the property, and provide legal protection against … [Read more...] about NO GOOD DEED GOES UNPUBLISHED
It has been almost a decade since the market was flooded with foreclosures. Though the effect of the recent widespread job loss and accompanying bear market may look very differently than the ’08-’10 “Great Recession”, it is best to be prepared for clients that may be either facing a foreclosure or … [Read more...] about FORBEARANCE AND FORECLOSURE: COUNSELING YOUR CLIENT THROUGH THE COVID-19 CRISIS