I hope you are having a great start to the year. As you know, GAR made a change to the Community Association Disclosure (“CAD”) a year or so ago regarding the seller’s responsibility to pay for improperly disclosed HOA annual assessments. Because I continue to see Section A(3) of the CAD filled out improperly, I wanted to send this email to reiterate what the section says and highlight the impact to the seller for failure to fill out this section properly.
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“Do I need title insurance?” is one of the most common questions I am asked as a closing attorney. The answer is a resounding YES. Most individuals purchasing a home do not understand what title insurance is or how it can protect them from the issues that frequently arise in connection with a real estate closing. In fact, many of the most common title issues that occur are not anyone’s fault. But without an owner’s title policy, it can create issues for your client in the future. Since most people purchase an owner’s title insurance policy, we are able to rely on that policy to prevent most delays in connection with closing. I hope this article helps educate buyers on the importance of obtaining an owner’s title insurance policy at closing.
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While there is plenty of information out there on the benefits of installing a solar panel system on a home, there isn’t much guidance when it comes to selling a property with solar panels. I have had a lot of questions recently regarding this issue. This article will address (1) what usually occurs on the public record when solar panels are financed, (2) the options a buyer and seller have at closing when financed solar panels are involved and (3) contract provisions that should be included when negotiating the sale of a home with a financed solar panel system.
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Death . . . it’s inevitable and unfortunately a part of the Circle of Life (Alexa play the theme song to The Lion King while I read this article). While there are oftentimes issues that arise when an individual passes, that certainly is the case when the individual dies owning real property. This article will address (1) what needs to be addressed from the listing side before the property is listed for sale, (2) a general overview of the probate process and (3) contract provisions that should be included when your client goes under contract on a home when probate hasn’t even been started or is pending.
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While many of the closings you work on as a Realtor involve owner-occupied properties (and you know exactly what to do), do you know how to approach one that is tenant-occupied? In situations where a property is tenant-occupied and the tenant will remain in the property after closing, the contract must be handled a certain way to ensure that your client, whether it’s the buyer or seller, is protected throughout the transaction (and after closing). This article will touch on some of the more important aspects from contract to close when a tenant will remain in the property after closing.