property ownership can be a great solution for people who want to own a home,
especially for first-time buyers. But joint ownership can limit your rights and
options -- not only while you own the property, but also when you want to
transfer ownership to an heir or another buyer. There are three major forms of
joint property ownership (or "concurrent ownership") -- tenancy in
common, joint tenancy, and tenancy by the entirety.
Tenancy in Common (TIC)
in common (sometimes called a "TIC") is the most popular form of
concurrent property ownership.
On October 3, 2015, the Consumer Financial Protection Bureau’s (CFPB) new
mortgage disclosure law, also known as the TRID went into effect. TRID will
help consumers be more informed regarding the closing cost.
things you should know about the new law:
1. Initial Good Faith Estimate (GFE) and Truth in Lending disclosure (TIL)
are now combined into one new form called the Loan Estimate (LE).
2. Instead of the old forms such as the HUD-1 and Final TIL we now have the
Closing Disclosure (CD).
and sellers involved in a residential or commercial real estate
transaction have different issues and goals. The
real estate contract or purchase agreement is the single most important
document in the
transaction. A well drafted contract that accurately reflects your
interests and addresses potential problems is critical to a successful
real estate transaction. At the Law Office of Jeanne M. Reardon, we
have more than 20 years of experience negotiating, drafting and
Whether you are buying or selling a home, your team of expert advisers
should include a real estate closing attorney. Real estate closings are complicated matters and require a thorough knowledge of the law.
With a decision as serious as buying and selling real estate, it is
important that you are guided throughout every step of the
closing process by an experienced and knowledgeable real estate lawyer.
The purchase of a home
is often the single largest financial transaction you will
ever make in your life.