Oct 13, 2023 | Buying Real Estate, Interesting Stuff, Mortgage Lenders, News, Realtors, Selling Real Estate
With all of the recent talk of improper foreclosures having taken place, and the issues with bank owned real estate title problems, the question of the need for title insurance has been a hot topic. I have always stressed the importance of purchasing an owner’s policy of title insurance. Regardless of who is selling the property, how long it has been in the family or how familiar you or the seller may be with the property you just never know (more…)
Sep 14, 2023 | Buying Real Estate, Interesting Stuff, Mortgage Lenders, Realtors
I have had a few clients ask me recently about the difference between buying a property at a foreclosure auction and buying a property owned by a bank (REO/Real Estate Owned).
A property purchased at a foreclosure auction or foreclosure sale is purchased through a bidding process by individuals at the auction. The property is sold to the highest bidder. If the foreclosing lender is not satisfied with the amount of the bids they may also bid on the property to raise the selling price. In the end the lender often ends up as the highest bidder and takes ownership of the property. Property that is acquired by the lender in this process is called REO property or Real Estate Owned property. The lender will in turn, eventually, place this property on the market with a Realtor for resale to the public. (more…)
Aug 9, 2023 | Buying Real Estate, Mortgage Lenders, News, Selling Real Estate, Short Sales
Title insurance underwriters, concerned about the risk in insuring short sale flips have taken a position of not insuring them. Old Republic Title Insurance announced to it’s agents last month that it would no t authorize the issuance of lender or owner title insurance policies on short sale flip transactions.
So what is a short sale flip?
A short sale flip is when a property is purchased by a real estate “investor” from a seller who has negotiated with the current mortgage holder(s) to release the mortgage(s) for less than what is owed, the purchaser of the property then flips, or resells, the property for a profit. (more…)
Jun 11, 2023 | Buying Real Estate, Interesting Stuff, Legislation
A Declaration of Homestead is a type of protection for a person’s primary residence. The Declaration of Homestead is a form that is filed at the Registry of Deeds in the county where the property is located, referencing the title/deed to the property. It allows homeowners in Massachusetts to protect their property up to five hundred thousand dollars ($500,000) of the value from civil attachment.
(more…)
Jun 3, 2021 | Buying Real Estate, Home Buyer Tips, Home Buying Tips
Buying or selling a home can be a long and sometimes difficult process, especially if you have never done it before. From working with an agent to hiring a real estate attorney it’s important you don’t miss any key steps throughout the process. Whether you live in Leominster, MA, Phoenix, AZ, Denver, CO, or Charleston, SC hiring a Real Estate Attorney and working with the right team of professionals will only ensure your homebuying or selling process goes smoothly. To help with this process we asked experts from across the country to share their top tips with you.
1. Don’t try to rush through the process
A big mistake that experienced real estate buyers make is that they try to rush through the process. They feel like they understand exactly how it is going to work because they have bought a home before. So, they end up rushing, making a few key mistakes in the process. Remember that this is an important financial decision with substantial legal implications and it is important to take the time to get it right. Nobody should try to rush through this process when they are looking for a new home. -David Rocheford, The Law Office of David R. Rocheford, Jr.
2. Understand how much paperwork is involved
Attorney’s wish buyers and sellers understood just how much paperwork will be involved! Many first-time buyers and sellers think they’ll sign their name once and the closing will be complete. In reality, buyers and sellers need to sign 10+ documents, and often much more! -Sean O’Dowd, Close Concierge
3. Have your funds squared away before you start house hunting
A good real estate agent will tell you to always know where the money is coming from before you even start looking. In real estate, acting fast gives you a HUGE advantage over other buyers. If your dream home goes on the market, you want to be ready to put in an offer as soon as possible. In order to do that, you need to have the funds already squared away so that you can make the most competitive offer upfront. -Agent Advice
4. Be prepared to make fast, difficult decisions
One thing that buyers need to be prepared for is the incredible speed at which they need to make major financial decisions. In a hot market like Phoenix, Denver, Boise or Salt Lake City it’s hard to find a median-priced, detached, single-family home that survives past the first weekend. When a buyer asks “what do you think we should offer?”, I tell them that if you really want this house you need to make your best and final offer up front. In 2021 the asking price is more like the starting bid at an auction and the cash-heavy, decisive buyers are winning. -Michael Bennett, Atlas Real Estate
5. Hire a good home inspector
A competent home inspector can uncover expensive construction defects you may not see during a walkthrough of your potential dream home – allowing you to walk away before closing. However, if you discover a problem after closing that the sellers did not reveal, your options are to pay for the fix yourself or file a failure to disclose lawsuit. So do yourself a solid: hire a good home inspector. -Robinson & Henry, P.C.
6. Don’t forget to update your estate plan
One of the biggest mistakes we see is when clients forget to update their estate plan with the new home or property recently purchased. Specifically, the mistake occurs by not updating their plan to include the deed and title to their new home in their Will or titling the new asset incorrectly. Secondly, it’s important to give implicit instructions on how you would like your home or property distributed upon your death, including any joint owners with right of survivorship. It is integral to update your estate plan every three years or after key life events, such as moving to a new state and/or selling or buying a new home. -Wiles Law
7. Understand your credit score
It’s so important to Understand your credit score and what type of impact that is going to have on your ability to get a mortgage and finance the home you intend to purchase. Knowing your credit score is one of the best tips we can give to buyers who want to begin the home buying journey because it truthfully starts with being ‘able’ to buy a house. If you are not able to buy a house then you need to figure out what needs to happen in order for you to be able to, and that begins with understanding your credit score and personal finances. -Ryan Fitzgerald, UpHomes
8. Take time to properly complete the seller disclosure
When selling a home take the time to properly complete the required seller disclosure. Failing to disclose information about your home that could materially impact a buyer’s decision to purchase can result in legal liability. Read the questions carefully and answer truthfully and completely. In certain situations, it may be prudent to seek legal advice in complying with disclosure requirements. -Bailey Law Firm
9. Know that a Real Estate Attorney can save you money
I wish that home buyers and sellers knew that using a Utah real estate attorney can eliminate a large amount of commission owed to a Real Estate agent. A Real Estate Attorney is also an expert in drafting contracts and can craft and create a sale agreement that specifically protects your interests. -Brian K. Jackson, Brian K. Jackson, LLC
10. Talk with your agent to find out when you will have access to your new home
In South Carolina, there are some counties in which, traditionally, the keys are not transferred to the buyer until after the deed records. Recording can sometimes be delayed until the day after closing, therefore, please speak with your Agent to discuss when you will be given access to the property. -Angie D. Knight, Grand Strand Law Group, LLC
11. Be aware that buyers need their own title insurance policies
Buyers need their own title insurance policies! Title problems could be as mundane as a border dispute and the insurance policy you bought for your lender will not provide any coverage. Only your own title insurance policy can protect you and they are relatively inexpensive compared to what you could be paying in future lawyer fees. -Phillip A. Curiale, Curiale Hostnik PLLC
12. Communication is the key to a successful closing
When a closing attorney reaches out to the consumer there is a genuine purpose. Most often the closing attorney is in need of vital information that will keep the closing on schedule. For example, the closing attorney may reach out to the seller to get mortgage account information, homeowners association contact information, or the last four digits of social security numbers so that the closing attorney can get information to clear liens. The closing attorney may also reach out to a buyer for information about the lender, whether or not the buyer wants a survey, how the buyer intends to hold title, or if the buyer plans to attend closing or close via power of attorney. Thus, when the closing attorney’s office reaches out to the consumer it is imperative that the consumer respond immediately as the request is most often time-sensitive. -Blair Cato Pickren Casterline, Podcast: Dishin’ Dirt
Originally Published on Redfin
Seattle, WA
By: Lexi Klinkenberg
Lexi is part of the content marketing team and enjoys writing about real estate and design trends. Her dream home would be a contemporary home with an open floor plan, lots of windows, and a waterfront view.
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May 8, 2020 | Buying Real Estate, Home Mortgage, Mortgage, Real Estate, Realtors
As you have probably heard, on April 27, 2020, Governor Baker signed, a new law, “An Act Providing for Virtual Notarization to Address Challenges Related to COVID- 19,” now Chapter 71 of the Acts of 2020.
The new law provides a framework and process for a Massachusetts Attorney to notarize documents with the use of video conferencing allowing the notarization of documents without meeting the statutory “in-person” requisite. Based on the requirements of the law, the following is an example breakdown of the process which would be followed under the law. If you would like more information on the law and the process contact us and we can schedule a video conference with Attorney Rocheford, you and your team to provide a detailed explanation of the law and the process.
Sample Virtual Notarization Process:
- Closing documents will be provided to the borrower/signor (individuals signing) by FedEx or another express carrier. This is the preferred method for getting documents to the signor.
- Alternative options (additional fees may apply):
- The documents can be sent securely in electronic form (PDF).
- The documents can be picked up in person.
- The documents can be delivered to the borrower/signor by courier.
- Borrower will print the documents; in the event they are provided electronically.
- Borrower will review all the documents and make note of any questions or concerns.
- Borrower will send an email with any questions or concerns they may have.
- Once questions and concerns are addressed, at a prescheduled time, borrower will join a Zoom meeting with Attorney/Notary and establish a video call.
- During the video call, the borrower will sign and acknowledge the mortgage and other documents that require notarization. All other documents will be signed prior to the video call.
- Borrower will return the original signed paper documents to the Attorneys office.
- Once the original, signed paper documents are received back a second video call with the borrower to confirm/complete the notarization will be scheduled.
- After the second video call the closing/documents will be processed as normal.
- In certain cases, some of the closing documents may be able to be signed electronically. However, any document that requires notarization will need to be processed virtually in compliance with the Act. The Act does NOT provide for electronic notarization, and the Act does not provide for electronic signatures for documents that will be record.
- To be physically located in Massachusetts
- Blue ink pen
- One government issued photo ID
- One additional form of government identification
- Ability to provide a copy or photograph of their IDs
- Internet access to Zoom.us
- Video camera with audio (Facetime is not an option)
- The ability to return original, singed documents back to our office promptly.
- A Virtual Notarization Affidavit will be executed by the notary for each transaction
- The Zoom conferences will be recorded
- The affidavit and video conference recording will be kept on file for 10 years
Providing title, escrow, closing and settlement services to clients throughout Massachusetts and New Hampshire
“I would highly recommend David as a closing attorney. I have known David and have been using his office for many years. David’s professionalism when dealing with me, my closing department and most especially my clients has been always exemplary.”
SENIOR LOAN OFFICER, SHAMROCK FINANCIAL SERVICES
“The Law Office of Attorney David R. Rocheford, Jr. is by far the most exceptional real estate law office that I have had the pleasure of working with. The professionalism is by far second to none.”
SENIOR LOAN OFFICER, SALEM FIVE MORTGAGE SERVICES
“Attorney David Rocheford has provided settlement and title services for me and Greenpark Mortgage several years. He has assisted all of my clients, including my family and friends with mortgage closings. Always providing excellent service. Reliable and trustworthy!”
