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Posted on Sunday, June 03, 2018 7:36 PM
 Title insurance is crucial for a home buyer because it protects you and
the lender from the possibility that your seller doesn't -- or previous
sellers didn't -- have free and clear ownership of the house and
property and, therefore, can't rightfully transfer full ownership to
you. Problems with the title can limit your use and enjoyment of the
property, as well as cause you financial loss. This is why you need
title insurance.
Your real estate attorney will arrange the process of getting you
title insurance soon after your Contract of Sale is signed. |
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Law Office of Jeanne M. Reardon: Posted on Sunday, May 13, 2018 5:21 PM
 Joint
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)
Tenancy
in common (sometimes called a "TIC") is the most popular form of
concurrent property ownership. |
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Law Office of Jeanne M. Reardon: Posted on Sunday, February 11, 2018 4:23 PM
Standard Refinance
A
standard refinance paying off an existing mortgage with the proceeds
from a new loan. In order to decide whether this is worthwhile, the
savings in interest must be weighed against the fees associated with
refinancing. Other reasons to refinance include reducing the term of a
longer mortgage, or switching between an adjustable-rate and a
fixed-rate mortgage.
Acash-out refinanceis taking a loan for more than you owe on your existing
mortgage. Your existing mortgage is paid off from the new loan proceeds
and you receive the balance of the new loan. |
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Posted on Sunday, November 26, 2017 5:50 PM
 Will you pay tax on the sale of your home? Likely not, unless you
have gains that are more than $250,000 or more than $500,000 for married
couples.
Old Rule: Until 1997, once you reached the age
of 55, you had the one-time option of excluding up to $125,000 of gain
on the sale of your home providing it was your primary residence.
New Rule: Now, anyone, regardless of age, can exclude up to $250,000of gain or $500,000 for a married couple filing jointly on the sale of a home.
That means most people will pay no tax unless they have lived there for less than 2 out of the last 5 years |
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Law Office of Jeanne M. Reardon: Posted on Sunday, November 26, 2017 5:04 PM
 There are many reasons you may want to add someone to the title of your
home. Maybe you just got married and would like your new spouse listed as part
owner of your home. Or you may want to add an adult child to your title
for estate planning purposes.
Whatever the reason, you will need to retain an attorney, experienced in
real estate, to draft a new deed conveying your home to yourself
and the person you wish to add to your title. In addition to the deed,
your attorney will also need to prepare transfer tax returns. |
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