John F. Renger

Greenway Projects and Community Benefits

A “Greenway” is usually defined and promoted as an area or strip of land which is preserved for recreational use or environmental protection – though in most cases other benefits are publicized, as well.  Typically, Greenway land consists of underdeveloped or vacant properties which are acquired by municipal or other government entities through condemnation proceedings or private donation.  Greenways usually connect separate city neighborhoods through a series of pedestrian walkways and trails.     

Can a Chain of Emails Create a Binding Contract?

There is little in the real estate business - or any business for that matter - that is not handled by electronic communications.

Email exchanges are an effective and efficient manner to transact dealings with multiple parties. Most state legislatures have recognized the growing reliance on electronic communications in transacting business and have enacted statutes facilitating the incorporation of such messages into enforceable agreements. North Carolina is one of these states (North Carolina General Statute 66-311, et seq.). 

There’s more to a Contract Than Just Its Terms

Recently, I was presented a scenario wherein a Buyer and Seller entered into a standard Offer to Purchase and Contract with a substantial, non-refundable Due Diligence Fee.  Shortly after the Contract was executed, the Buyer began their due diligence inspections.  Prior to the completion of the inspection period, the Seller informed the Buyer that the Seller would not entertain any repair requests or reductions in the agreed upon purchase price - the property would be sold As-Is.The Buyer felt this pronouncement by the Seller was unfair.

8 Tips to Snaring Your Dream Home in Today's Market

There’s some good news in the real estate market.  While there are many homes on the market, homes are selling relatively quickly – some have even had offers the day after they go up for sale.  The smart home buyer will gather his weapons together before setting out for the hunt. Here are 8 tips to help you snare your dream home before someone else does: 

1. Before looking, get Pre-Qualified for a mortgage loan 

Why Quit Claim Deeds Can be Problematic

Deed Warranties: Why Quit Claim Deeds Can be Problematic

In North Carolina real estate transactions, there are three (3) basic forms of deed which are used commonly: General Warranty Deeds, Special Warranty Deeds, and Quit Claim Deeds (Non-Warranty Deeds).  Each form of deed defines the scope of recourse and recovery purchasers may have against their sellers based on a claim of defective title.    

5 Things to Check before Purchasing a Property

For over 100 years, city and county authorities, neighborhood developers and homeowners have created and amended various methods of designing and maintaining communities in an effort to protect and improve property values.  Regulating the size of homes, the homes’ location on a lot, the subdivision of lots, and the types of improvements to a property are ways in which limits on renovations to properties actually benefit the whole community.     

4 Things to Know about Closing with a Power of Attorney

A Power of Attorney (POA) is a document in which a principal party appoints a fiduciary party to act on behalf of the principal party, typically in regard to legal affairs.  The POA can be a useful tool in residential real estate transactions when a necessary party will be unavailable to execute documents prior to or attend the closing.  Sometimes, however, providing a POA for closing a real estate transaction is easier said than done. Here are four things you need to know to facilitate closing a transaction using a POA:

Securing Emails in Real Estate Transactions is Imperative

Encrypting or Securing Emails in Real Estate Transactions is Imperative

In 2010 the Dodd-Frank Act created the Consumer Finance Protection Bureau (CFPB) for the purpose of supervising and regulating parts of the financial services industry.  The role of the CFPB developed to include providing guidelines to the financial services industry which would protect consumers from excessive risk.  One identifiable risk that stemmed from the CFPB’s regulation deals with the dissemination of Non-Public Information (NPI).  

Avoid Delays in Selling Estate Property Located in Another County

We are often presented with scenarios wherein heirs have contracted to sell real property.  In most cases, the heirs and their Realtors have been diligent in the initiation of the proper administration of the estate in the county in which the owner died.   In these cases, the estate matter usually poses no major issue, and the transaction can likely close on a normal schedule. 

Investment Properties and Limited Liability Companies

Most real estate investors understand the importance of using a limited liability entity to buy and sell property and to hold property for rental income.  Many of these investors form a separate Limited Liability Company (LLC) or entity for each property they purchase.  Unfortunately, some investors inadvertently do not comply with the basic “corporate” formalities required by state law when it comes to investment properties.  Being non-compliant with entity formation, registration or reporting required by state law can be costly to investors.