Posts Tagged ‘moving’

What Homeowners Need To Know About Title Insurance

Protecting your home investment:

A home is usually the largest single investment any of us will ever make. When you purchase a home, you will purchase several types of insurance coverage to protect your home and personal property. Homeowners insurance protects against loss from fire, theft or wind damage. Flood insurance protects against rising water. And a unique coverage known as title insurance protects against hidden title hazards that may threaten your financial investment in your home.

Oversimplified, title insurance insures a homebuyer — and a mortgage lender — against loss resulting from title defects, whether these defects are known or unknown at the time of the sale or the refinance. In the language of the title industry, the insurance covers both “on record” and “off record” problems.

Protecting your largest single investment:

Title insurance is not as well understood as other types of home insurance, but it is just as important. When you purchase a home, instead of purchasing the actual building or land, you are really purchasing the title to the property – the right to occupy and use the space. That title may be limited by rights and claims asserted by others, which may limit your use and enjoyment of the property and even bring financial loss. Title insurance protects against these types of title hazards.

Other types of insurance that protect your home focus on possible future events and charge an annual premium. On the other hand, title insurance protects against loss from hazards and defects that already exist in the title and is purchased with a one-time premium.

There are two basic kinds of title insurance:

Lender or mortgagee protection
Owner’s coverage

Most lenders require mortgagee title insurance as security for their investment in real estate, just as they may call for fire insurance and other types of coverage as investor protection. When title insurance is provided, lenders are willing to make mortgage money to lend.

Owner’s title insurance lasts as long as you, the policyholder – or your heirs – have an interest in the insured property.

When your seller purchased the house several years ago, his title insurance policy covered him — and his lender — for all risks (defects) that existed at time he took title; the policy did not cover future defects.

During the time the Seller owned the property did a mechanic place a mechanic’s lien against the property?

Did a creditor obtain a judgment against the seller and have that judgment recorded? Did the home get sold at a tax sale, without the seller’s knowledge? Did someone forge the seller’s name to a deed and sell the property to a third party? Or did someone accidentally place a lien against your property (Lot 657) when they really meant to place the lien on Lot 567?

Strange as it may sound, these things do happen. Your lender wants assurances that should you not be able to make the monthly mortgage payment, and the lender has to foreclose on your property, that you have clear title. Your new lender is willing to make you a loan; however, since you cannot categorically advise the lender that you have clear title, the lender will insist that you obtain a title insurance policy in favor of the lender.

What does your premium really pay for?

An important part of title insurance is its emphasis on risk elimination before insuring. This gives you, the policyholder, the best possible chance for avoiding title claim and loss.

Title insuring begins with a search of public land records affecting the real estate concerned. An examination is conducted by the title agent or attorney on behalf of its underwriter to determine whether the property is insurable.

The examination of evidence from a search is intended to fully report all material objections to the title. Frequently, documents that don’t clearly transfer title are found in the chain, or history that is assembled from the records in a search. Here are some examples of documents that can present concerns:

Deeds, wills and trusts that contain improper wording or incorrect names
Outstanding mortgages and judgments, or a lien against the property because the seller has not paid taxes
Easements that allow construction of a road or utility line
Pending legal action against the property that could affect a purchaser
Incorrect notary acknowledgments

Through the search and examination, title problems are disclosed so they can be corrected whenever possible. However, even the most careful preventative work cannot locate all hidden title hazards.

Hidden title hazards – your last defense

In spite of all the expertise and dedication that go into a title search and examination, hidden hazards can emerge after closing, resulting in unpleasant and costly surprises. Some examples of hazards include:

A forged signature on the deed, which would mean no transfer of ownership to you
An unknown heir of a previous owner who is claiming ownership of the property
Instruments executed under an expired or a fabricated power of attorney
Mistakes in the public records
A mortgage (deed of trust) is properly recorded on the land records, but there is no legal description identifying the property that is subject to the mortgage. As a result, creditors are not put on notice of the existence of this mortgage lien, and may make another loan, which will not have first-trust priority.
A deed (or other legal document) is improperly recorded with the wrong legal description.

The list, unfortunately, can go on and on. There are numerous instances where title to real estate has been found to be defective — either based on substantive grounds or technical, legal procedural reasons (such as improper indexing, misfiling or failure to comply with local recording requirements).

Title insurance offers financial protection against these and other covered title hazards. The title insurer will pay for defending against an attack on title as insured, and will either perfect the title or pay valid claims – all for a one-time charge at closing.

Your home is your most important investment. Before you go to closing, ask about your title insurance protection, and be sure to protect your home with an owner’s title insurance policy.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Financing, Homebuyer Advice, House Closings, Real Estate, Real Estate Closings, real estate news, Real estate trends, Relocation, Title Insurance, western north carolina real estate by Kim Bregman
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You Are Under Contract…What’s Next?

You searched for homes over the course of months or even years. You endured a series of offers and counter offers, property disclosures, inspections and reports. Finally, after so much excitement, stress and anxiety, the house hunt has come to an end.

But the story isn’t over yet. Here are some next steps to consider before you actually move in.

Plan any work well in advance:
Rarely does a buyer get a place that is truly in “move-in” condition. By the time you’ve signed a contract, you have lots of ideas about how you’ll live in this home, how you’ll customize it to suit you and your family, and what work needs to be done.

If the place needs work, don’t wait until you’ve closed to engage a painter, a floor re-finisher, or a general contractor. Either at your final walk-through or during a private appointment after you’ve removed your contingencies get the proper contractors in the house. Start getting bids for necessary work. If possible, have floor sanding, painting, demolition, or small fix-it work done before you move in. Real estate agents work with all kinds of tradespeople, so they’re often a great resource recommendations.

Set up the utilities:

Some people assume the utilities will work once they walk in on day one. While many utility companies have grace periods (the days between when the seller cancels service and the new owner calls), you can’t always assume this will be the case. If you have an out-of-town seller, they may have cancelled services the day they knew all contingencies were removed. In this instance, the grace period likely lapsed, and you may be stuck dealing with the electric company, waiting for an appointment or just being without power when you really want to start painting, fixing or cleaning.

The best plan is to call the utility companies and get service set up well before closing. If they haven’t received cancellation notice from the seller, let the seller know to take care of that.

Got the keys? Great, now change the locks:

Assume that every one and his brother has a set of keys to your new home. The seller’s real estate agent likely gave copies to his or her assistant, a painter, stager or even another agent at some point during the marketing period. That’s why the first person you should call after getting the keys is a locksmith.Spend the money to get all the locks changed right away. You’ll sleep better at night.

Hire a cleaning crew:

The Seller has an obligation to leave the property “broom clean”, but this in no way assures that the carpets have been cleaned, the floors mopped and the insides of the cabinets and drawers have been wiped down/ There’s nothing worse than showing up with the movers, dozens of boxes and your personal belongings only to discover the seller hadn’t had the place cleaned thoroughly.

Assume the worst and get a professional cleaning crew in there the minute after the closing. Even if the seller did clean, they may have done a poor job. You want to start life in your new home with a clean slate. The movers might make a mess while moving in. But the bones of the place will be sparkling clean and you won’t be scrambling to get cleaners in while the home is in a state of disarray as you unpack.

Have a handyman, small contractor or designer on call:

Moving in can take days, if not weeks, and is made up of the kind of stuff you wouldn’t wish on your worst enemy. Things like aligning your framed artwork, centering the couch in the living room or getting the large rug set up in the master bedroom can drive you crazy. Nailed multiple holes in the wall in an attempt to get your family photos lined up on the staircase? Not all of us are cut out to do this kind of stuff.

While it may seem like a luxury, investing a few hundred dollars in hiring someone to take orders, help with setting up and take over some of these mindless tasks will save time and potentially relieve you of a giant headache.

Thinking ahead is the way to go:

The journey to home buying could have been anything from fun to stressful and emotional. When the closing date draws near, you’re probably exhausted. But taking a little extra time to plan ahead will save you time, money and a lot of hassle. And it will make the move into your new home so much more satisfying.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, House Closings, Real Estate, Real Estate Closings, real estate news, Relocation, western north carolina real estate by Kim Bregman
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Tips For Moving With Pets

So, you’re moving to a new home. Congratulations! Whether you’re traveling across town or across the country, here are some tips for making moving day as easy and stress-free as possible for the entire family, including your beloved pets.

Prior to moving day, make sure your pets are fitted with collars and ID tags with your name and current cell-phone number. Micro-chipping is also recommended and will serve as a backup if your pet loses its collar.
If your pet is prone to car or airsickness, make sure you visit your veterinarian a few weeks prior to your move to get any prescribed medications and feeding recommendations.
Ask you current veterinarian to make a recommendation for a new pet in the area you are moving to. Ask for copies of all of their inoculation records and keep them handy.
Make sure you fill at least one week’s worth of your pet’s prescriptions since you will not have developed a relationship with a vet the minute you move in.
For long-distance moves, be sure to identify pet-friendly hotels along your route and reserve rooms ahead of time. For a list of pet-friendly hotels, see www.petswelcome.com or www.pet-friendly-hotels.net.
On moving day, make sure your pets are secured in a crate or closed room of your house or apartment until you are ready to load them into your car. The activities and sounds of moving day will be frightening to your pets, so it is important that they be kept in a secure area to reduce their stress as much as possible and to prevent an accidental escape.
Always transport cats, small dogs and other small animals in a secure, well-ventilated pet carrier. Take the time to familiarize your pet with the container in advance of the move.
Keep larger dogs leashed and under control at all times. The stress of a move can cause even the most obedient dog to run away in unfamiliar surroundings. NEVER transport any pet in an open truck bed, trunk of a car or storage area of a moving van.
Prepare a pet first aid kit, including your vet’s phone number, gauze to wrap wounds or muzzle for your pet, adhesive tape, non-stick bandages, towels and wipes, and hydrogen peroxide.
When you arrive at your new home, set up the things your pet will need immediately and are familiar with such as their water and food bowls, toys, bedding and litter box.

For long-distance moves, make sure you give your pet potty breaks and fresh water whenever you stop for a break yourself. Make sure pets are leashed at all times during potty breaks.

Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, Kim Around the Web, Real Estate, Real Estate Closings, Relocation, western north carolina real estate by Kim Bregman
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10 THINGS YOU SHOULD DO BEFORE MOVING INTO A NEW HOUSE

moving1 Moving into a new house is exciting, but the list of “to dos” can be overwhelming. You not only have to pack and prep the new house, but you have to tie up all the loose ends at the old place. Here are 10 tasks that are easily overlooked when moving into a new home – if you take care of these, you’ll have a leg up on moving day.

1. CHANGE THE EXTERIOR LOCKS: You really don’t know who else has keys to your home, so change the locks. That ensures you’re the only person who has access. Install new deadbolts yourself for as little as $10 per lock, or call a locksmith.

2. STEAM CLEAN CARPETS AND FLOORS: Do this before you move your furniture in, and your new home life will be off to a fresh start. You can pay a professional carpet cleaning service — you’ll pay about $50 per room; most services require a minimum of about $100 before they’ll come out — or you can rent a steam cleaner for about $30 per day and do the work yourself.

3. PAINT: It’s so much easier to paint an empty home than a full one. If you need to touch up paint, or want to change the wall color, do it before the moving trailer arrives with your furniture.

3. HAVE YOUR WINDOWS CLEANED INSIDE AND OUT: Your home will never be this empty again and it is the best time to start with a “clean slate”. Don’t forget the mirrors, baseboards, fans and windowsills while you are at it.

4. THOROUGHLY CLEAN ALL CABINETRY INSIDE AND OUT: Another no-brainer before you move in your dishes and bathroom supplies. Make sure to wipe inside and out, preferably with a non-toxic cleaner, and replace shelf and lining paper if necessary. Run a phantom load in the dishwasher and washing machine, clean out the oven if it needs it, and don’t forget the refrigerator and freezer. If possible, hire a cleaning service to help you get it all done. If you aren’t able to do the cleaning prior to unloading the moving van, hiring a cleaning service will be even more helpful.

5. INTRODUCE YOURSELF TO THE CIRCUIT BREAKER BOX AND MAIN WATER VALVE.

If the circuit box(s) are not already labeled, it’s a good idea to figure out which fuses control what parts of your house and label them accordingly. This will take two people: One to stand in the room where the power is supposed to go off, the other to trip the fuses and yell, “Did that work? How about now?”

You will also want to know how to turn off your main water valve if you have a plumbing emergency, if a hurricane or tornado is headed your way, or if you’re going out of town. Just locate the valve — it could be inside or outside your house — and turn the knob until it’s off. Test it by turning on any faucet in the house; no water should come out.

6. CHANGE ALL THE BATTERIES and CO2 IN YOUR SMOKE DETECTORS: No one will know when this was last done and it will be a good reminder that they need to be changed each your on the anniversary of purchasing your home.

7. GET A FRESH FIRE EXTINGUISHER FOR UNDER THE KITCHEN SINK and develop a family exit strategy in case of a fire. Rehearse this so that everyone is comfortable where all the new exits to the home are.

8. PROGRAM THE LOCAL POLICE AND FIRE DEPARTMENTS INTO YOUR PHONE.

9. INTRODUCE YOURSELF TO THE LOCAL MARKET: It’s a good idea to check out the local market and get a few staples. Between you, your family, the movers and any friends who are helping you, someone’s bound to get thirsty or hungry during the move. Why not be ready with a refrigerator full of cold beverages, sandwich supplies and other snacks? And don’t forget to grab some disposable plates, cups, and napkins, paper towels, trash bags and toilet paper while you’re at it.

10. DO SOME “YELPING” AROUND:Figure out what restaurants deliver because you are going to feel filthy and exhausted when moving day comes around.

Filed under: Blog, Home Buyer Advice, Home Buyers, Real Estate, Relocation by Kim Bregman
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