Monday, September 17, 2012

Enough of this running S&%#!

(One of my favorite comments from Sean Connery, in the movie Untouchables)

So I had to drop off a vehicle for service last Saturday; Susie was running errands so I figured I would just run home (i figured it was 'a few' miles away; it was 2.6; no problem). I also had to run into a store (on the way). Again, no problem.

Reality check: at 46 and I haven't RUN in oh... over a year +? this was an 'interesting' idea.

So the store was .4 miles from service place (thank GOODNESS as I was already hurting!). Asked the Q I needed to ask, left and started the run again. The quick 'rest stop' helped. Ran a mile; hit 'a wall' and that was the end of it (it was, however a sub-9 minute mile ; ) Ran about a half mile more along the way (uphill, mind you) but sad to say, I only ran the one mile, complete.

Sunday/today; my thighs are killing me and I am definitely feeling my age :) (We still did our 5 mile walk with the dogs yesterday)

SO if any of you other 'old farts' decide to get uppity like me, think twice :)

Friday, September 7, 2012

"Doing the deed"

In real estate, you hear the word ‘deed’ a lot but sometimes it’s not clear what is being referenced. A deed conveys or transfers property from one to another, be it an entity or an individual—that is consistent for all deeds. The key is what this deed actually SAYS. Sometimes the title of the deed is clear (like “Warranty Deed” at the top of the instrument), but that could be meaningless if the internal wording is incorrect or less than an absolute warranty of title. Let’s explain…

The ‘best’ deed is a Warranty Deed. If I transfer a property to you with that, I am warranting that I own it and can freely transfer it to you. I also give you a ‘warranty’ that I will help defend that clear title (thank goodness for Owner’s Title policies!). The ‘worst’ deed is a “Quit-Claim” deed (no it is NOT a quick-claim or quick deed!). The Quitclaim deed transfers ‘whatever I own’ to you. If I am the full owner of the property, great! That means you own whatever I ‘gave’ you. What if I don’t own it? Well, if I EVER take ownership of that property down the road, then that deed more or less finally kicks in (as an example, I can deed you the Golden Gate Bridge, but you didn’t get anything because I don’t currently own that beautiful piece of living history. BUT if I ever do (somehow) own it, guess what? At that point it’s yours!)

Interested in buying a foreclosed property? A Bank takes title to the property through a “Deed Under Power”, meaning they used their power of sale embedded in the Security Deed to ‘take back’ the property when the owner defaults. (A Security Deed transfers an ownership interest to the Bank in order to Secure their interest in the property—an analogy is a car title where you and the Bank own the secured item together). Now that the Bank owns the property, they will sell it to you using a “Limited Warranty Deed” (sometimes called a “Special Warranty Deed”). There is specific language in that deed noting that they warrant and guaranty the title to the property ONLY through their time of ownership ‘forward’ in time (in other words, “we only promise to defend any claims that showed up AFTER we obtained this property).

Next time I will talk about “issues” with deeds. When I am cleaning up titles, I find a lot of unintended consequences (incorrect names, incorrect descriptions, incorrect format, etc.). One thing I will say is that you are risking a lot when you use a deed you found on the internet or some cheap office-supply form. Isn’t the ownership of your home worth the $50-150 an attorney would charge to prepare that instrument? You will hopefully decide YES once you see the next newsletter…!

As a side note, I have received various “official” notices in the mail with a very strong call to action. This call to action virtually screams that I MUST contact them and get a copy of my property deed TODAY (oh, and send them $55-85 for this important service). Here’s the deal—if you have signed any deed of conveyance, the attorney who handled this should have mailed you the original. Can’t find it? No problem! Go to your county Clerk of Superior Court (property records division) and get a copy… for FIFTY CENTS. Yep, those ‘official’ notices are a scam—legal, but still an absolute scam. Be safe out there!

Friday, July 13, 2012

What does "Preferred" mean to you?

I remember a brief conversation I had with a realtor recently... I asked who she typically closes with; she noted she closes with her 'preferred' attorney (e.g. the law firm that is 'partnered' with her real estate brokerage). I knew the firm and tossed out the location of an office; she said, "oh no, I don't like that office, I don't use them." She had also asked a real estate favor (that took me all of 5 minutes to sort out/answer with some quick research) and asked why her 'preferred' attorneys didn't help her; she noted with a smirk "Yeah, if I can get them on the phone." My thought is this--WHY DO YOU REWARD THEM WITH YOUR BUSINESS? Here's a question for you--if you are working with a law firm (or Realtor, Loan Officer, etc.), try calling them. Did you get them? How long did it take for you to get a response? If you're not satisfied, MAKE A CHANGE! Hope you all have a great weekend! Bo

Wednesday, January 4, 2012

Amazing Lincoln Quote...

You cannot help the poor by destroying the rich. You cannot strengthen the weak by weakening the strong. You cannot bring about prosperity by discouraging thrift. You cannot lift the wage earner up by pulling the wage payer down. You cannot further the brotherhood of man by inciting class hatred. You cannot build character and courage by taking away people's initiative and independence. You cannot help people permanently by doing for them what they could and should do for themselves. -- A. Lincoln Love it! Bo