Important NC Title Insurance Rate Changes

NC Title Insurance Rate Changes Go into Effect April 1, 2016

Changes in North Carolina Title Insurances are effective April 1st of this year. If you are closing on a property, please make sure your lending partners are aware of these new rates so they can plan for it on the Loan Estimate and Closing Disclosure.

If you have any questions, contact one of the real estate attorneys at Hutchens Law Firm:

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. 

North Carolina Property Tax Relief Programs

Every homeowner knows that they have to pay property taxes on the real estate they own.  But did you know that North Carolina offers certain homeowners property tax relief?  It’s true!  If you qualify, this could mean significant savings on your property taxes.  The North Carolina Property Tax Relief Programs are not automatic, you must apply— and applications are due on June 1st of the applicable tax year. 

Tale of Two Properties: Do I Have an Easement

I recently handled a closing that serves as an example of how important it is to have an attorney involved early in the real estate closing process. 

My client was purchasing a home and lot located across the street from the Intracoastal Waterway. Rumor was that there was also an easement for access to the waterway that crossed the property located directly across the street. 

Estate Contracts Bear Close Examination

The sale of estate property could have devastating results for Realtors and their clients if documents are not properly executed. Many times I will get a contract that deals with an estate signed by "Jane Doe as executrix of the estate of John Doe." 

At first glance, this appears correct. However, a quick review of North Carolina law regarding real property of a decedent reveals who has the authority to sign the Listing Agreement and Offer to Purchase. 

So, who has authority?  The executor/administrator?  The heirs?  Both? 

Watch as I Convert This 3BR into a 4BR Home

Converting a room to an additional bedroom may cause you pain 

In today’s economy it is especially important for a selling homeowner to squeeze as much value out of their property as possible. 

One of the ways an owner will seek to add value (especially with an older home) is to convert a formal living room, study, den or bonus room into a bedroom. 

Simply add a closet and voila—an additional bedroom. Now the home can be advertised and valued as a three or four bedroom home, right?   

Not so fast. 

5 Tips When Considering Buying a Real Estate Owned Property

You are interested in buying property that your agent says is an REO.  What does that mean? 

REO is an abbreviation used by lenders, agents and attorneys that means “Real Estate Owned”.  Most banks and mortgage companies have an REO portfolio but they want as few properties in that portfolio as possible. This is because lenders do not make money on their REO portfolio. In fact, most of the time, lenders lose money when a property enters their REO portfolio.

Termites and Moisture Damage: Not "If" but When

I have heard more real estate agents use this phrase than I can remember when referring to whether a house will get a termite infestation.  North Carolina is a beautiful state from the coast to the mountains.  She has rivers and streams, rolling hills, pine trees, and termites.  Our state has an abundance of termite’s two favorite things, wood and water. 

Termites

Five Tips for Buyers Shopping for Real Estate

With the real estate market fluctuating as it has been the past several years, there is a lot of inventory for sale.  Some sounds like a bargain, but is it really? 

With properties that have been on the market awhile or if the seller is in a hurry to sell, they may feel the need to embellish, misrepresent or, quite frankly, lie about their property to make a sale. These tactics employed by desperate sellers are unethical, and the law will protect you, right? 

A review of North Carolina case law shows that the answer may surprise you. 

Home Buyers Beware... of Ghosts?

Thinking about buying a home? Have you completed all the necessary checks?

  • House Inspection… CHECK
  • Termite inspection…CHECK
  • Ghostbusters… wait, what?

'Tis the season of ghostly and gory movies and TV shows. Whenever I see a movie or TV show depict hauntings or grisly murders in a house, I often wonder… “if I was buying that house, would the seller have to tell me about the lingering spirits? Could I be stuck with a real life Haunted House?”

Buying a House: I’m Packed and Ready to Move in

Buying a house, selling a house... all in the same day....today, tomorrow or maybe next week….

I have had four closings in the past two weeks that did not happen as scheduled. Two of them were delayed because the buyers’ loans are still in underwriting (this is the process the mortgage company goes through to determine if the borrower is a healthy risk for them), and the other two were delayed because the buyers have to sell their current house before they can buy the new one.

The Domino Effect