If you’re financing a home purchase, you’re going to need title insurance. Unlike other insurance coverage, title insurance actually protects your lender, even though you — the buyer — will pay for it. Keep in mind there’s also an optional owner’s title policy, too, which protects the home buyer from property title issues. Getting titleRead more
Title insurers wrote 22% more in new premiums in the third quarter compared with the second quarter, benefiting from a slight shift in the share of purchase versus refinance origination’s. There were $5.1 billion of premiums generated during the third quarter versus $4.2 billion in the second quarter and $3.9 billion in the first quarter,Read more
A Land Survey Explained Are you considering paying for a survey of a piece of property? When you purchase land, it’s a good idea to know exactly what you are paying for. Land surveys give you more information about the property you want to buy and can help reveal its true value. Let’s review theRead more
Q: Have you heard of “enhanced” title insurance? A friend of mine is buying a home, and the title company handling her purchase is offering that to her. I think she should take a pass. What do you think? A: We’ve written about title insurance many times over the years, and, in general, we likeRead more
When it comes to saving money to buy or refinance a home, you have probably been mostly focused on the amount you need for a down payment. But you will also need to plan for closing costs, which are due when your loan closes for your home. Understanding what closing costs are, how much theyRead more
When you are a homeowner, burglars aren’t the only things you should be concerned about infiltrating your property. An even bigger theft is home title fraud. This occurs when a person with bad intentions alters ownership of your property title or deed by putting their name on it. And it can cost you plenty inRead more
The IRS Issues CV-19 Tax Relief for Delaware Statutory Trusts,a Common Investment Option for 1031 Exchange InvestorsInterests in Delaware Statutory Trusts (“DSTs”) are commonly purchased as replacement properties by 1031 investors. The IRS allows these fractional interests in an investment trust holding real estate to qualify as 1031 replacement property if they meet certain criteriaRead more
While it might not be the first thing on your mind when buying a house, there are quite a few reasons you should read several important documents before making any property purchases. Those include your title abstract, the title insurance policy with schedule of exclusions, the survey while you walk the property lines and anyRead more
Despite an abnormal time for New Yorker’s during social distancing and a quarantine-stay-at-home orders, all industries are looking to different technology to keep businesses moving through their regular process. As a result, real estate and legal industry professionals have begun using more virtual and escrow closings. How Do Escrow Closings Work? In the commercial worldRead more
On June 11, the IRS released Proposed Treasury Regulations under Section 1031 of the Internal Revenue Code, as amended (the Code), which provide a much-awaited definition of “real property” and offer a safe harbor for taxpayers engaged in deferred like-kind exchanges who receive “incidental” personal property as part of their replacement property acquisition. Under SectionRead more
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