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 about NO GOOD DEED GOES UNPUBLISHED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
It used to be the norm that all parties to a transaction showed up to closing — at the same time, at the same title company, in the same room. Real estate agents, buyers, sellers, the settlement agent, and the lender would attend, and settlement was a formal event (formal attire and all!). Now … [Read more...] about SPLIT CLOSINGS: BENEFITS AND DRAWBACKS
The COVID-19 crisis and accompanying stock market crash has many purchasers wondering whether there is a legal argument that would allow them to change the terms of their ratified contract or void it altogether, absent an addendum to the contract addressing the pandemic. If such an argument exists, … [Read more...] about COVID AND CONTRACT DEFENSES: CAN THE PANDEMIC EXCUSE PERFORMANCE OF A REAL ESTATE CONTRACT?
Here in the real estate world we often hear the terms “marketability” and “insurability” of title. And many of us do not understand the precise meaning of these words. That may just be because the meaning is not precise at all. Marketability The Virginia court defined the meaning of … [Read more...] about THE DEFINITION OF MARKETABILITY AND INSURABILITY (… AND IT’S EMBARRASSING!)