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What To Know About Real Estate Deeds

what to know about real estate deed

Real Estate Deeds Explored

When a homebuyer purchases a home they have a deed registered in their name which specifies how the property is owned.  If the homebuyers are married the deed will usually be “titled” or written to show that both homebuyer spouses own the property as a whole together.  There are other ways to title a deed and this article explores the different ways and the benefits and drawbacks of each of those ways.

Deeds Explained

There are a number of types of deeds that can be used for the transfer of real estate.  The most common types found are General Warranty Deed, Limited or Special Warranty Deed, Quitclaim Deeds, Trustee Deeds, and Fiduciary Deeds.  Deed types and deed names can vary based on state laws so it is always best to consult with a real estate attorney licensed in the state where the deed is to be recorded if there are any questions as to what type of deed is needed.

A General Warranty Deed is the best possible type of deed to receive from a home seller as it guarantees that the seller has clear title to the property.  The home seller gives a warranty to the homebuyer that the deed is free from claims of others and if a claim would happen to arise the prior owner could be responsible for helping to settle the claim or to reimburse the current owner for any loss suffered as a result of a valid claim.  Even with the General Warranty Deed it is still advisable for the homebuyer to purchase title insurance to protect against any claims...

Buying A Home With A Septic System

buying a home with a septic system

Buying A Home With A Septic System

Depending on the area where you are looking for a home you may find a home that has a septic system rather than a sewer line connection.  Homes in some neighborhoods where the sewer lines have not been run instead have a septic tank which holds the waste water from the home.  The holding tank has a number of different components but what it does is allow the waste from a home to decompose over time and work its way back into the ground in a harmless state.  Some may say that a septic system is greener than a traditional sewer system since the homes waste goes into the immediate environment where it can be utilized immediately by the vegetation in your yard.  With a sewer system the treatment of the waste happens at one central location which means many miles of piping to send the sewage to the right place.  On the other hand improperly maintained septic systems can lead to backups and contaminated local land that can be costly to cleanup and damaging to the environment. 

Inspecting A Septic System

Most home inspectors do not have the expertise to inspect septic systems.  As a result depending on the age of the septic system and the condition of the land around the septic system it may be wise to have a separate inspection scheduled of the septic system.  Septic systems that are not functioning properly can cause waste water to leak into the surround yard causing flooding issues as well as making the area not pleasant to be around due to bad odors.  Poorly operating septic systems can also result in waste water backing up into the house causing further problems.  Due to the expense associated with...

Where Can I Find Homes For Sale In My Market?

where can I find homes for sale in my market?

Where Can I Find Homes For Sale In My Market?

With all the homes available for sale in different markets homebuyers may not be sure where to find the most up to date information on homes available in their market.  Unfortunately there is no one website where homebuyers can find a list of all homes currently available for sale.  Homes listed for sale that have Realtors helping sell the home can be found on local real estate websites (through the local Multiple Listing Service or MLS) as well as on some of the national websites like Realtor.com, Zillow, Trulia and more.  Additionally homes will also be found on national real estate brokerage websites like United Real Estate, Coldwell Banker, RE/MAX, and more.  Often times the national brokerage websites will redirect homebuyers to local area websites to make sure homebuyers connect with local agents when shopping for their home.

Homes that are listed For Sale By Owner (FSBO) may be found (though not always) on sites like Realtor.com, Zillow, Craigslist, Ebay, Facebook market place groups, local classifieds, local bulletin boards, Realtor.com, local real estate websites and more.  Some FSBO home sellers may be listed on the local MLS by paying for flat fee service some real estate brokerages provide whereby they will list the home on the MLS but provide no other services to the home seller.  Services like photography, videos, online and offline marketing, lockboxes, screened showings...

5 Smart Tips For Buying An Investment Property

5 mart tips for buying an investment property

5 Smart Tips For Buying An Investment Property

Whether you want to buy a home that doubles as an investment property where you live in one unit and rent out the others to reduce your mortgage payment or you want to strictly buy a property for investment property to earn income from it, these tips are for you.  Many are realizing the benefits of buying and holding investment properties for their rental income potential.  The tips in this article will help you make sure your investment is a sound purchase that provides you with income for years to come.

1.  Get Pre-Approved Or Have Your Cash Ready Prior To Buying An Investment Property

Buying a multi-family with four or fewer units allows buyers to use conventional mortgage financing, whereas investors wanting to buy buildings with more than four rental units will require the use of commercial financing.  Commercial financing usually comes with more restrictions and less favorable terms compared to conventional financing.  With conventional financing borrowers can get 30 year fixed loans and only need to put at most 25% down for a non-owner occupied property.  With commercial financing borrowers will be required to put 30% or more down and may have loans with a 20 year or shorter term.  Additionally commercial loans will have higher credit requirements, may be stricter with the requirement of showing actual investment management experience and/or offer variable rate loans only. 

If a buyer is wanting to buy a multi-family home and live in one of the units then the requirements can be even lower than a non-owner occupied mortgage.  Investors who intend to occupy the building...

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