Feb 5, 2018 | Uncategorized
Our office does not provide legal counsel on the acquisition, sale or transfer of ownership of Timeshare properties. However, we are often asked to assist timeshare buyers and sellers; here is our general advice on timeshare transfer.
- Check the timeshare contract and contact the management company for the policy and procedure for transferring title to your share. The seller may be subject to terms and restrictions such as a right of first refusal. In which case the timeshare association may have the right to purchase the share before it is offered to the public or a private buyer.
- Ensure that the transfer price is fair and reasonable.
- Confirm that the seller is the lawful owner and that they have authority to sell.
- Retain the services of an independent company or firm that will coordinate the transfer of title of the ownership according to the applicable state law.
- NEVER wire or send any funds without being absolutely certain of what the funds are for and to whom they are going. The timeshare transfer industry is ripe with fraudulent and criminal activity.
Resources:
Timeshare resources: myresortnetwork.com/
What is my timeshare worth: www.myresortnetwork.com/timeshare-market-value.asp
Timeshare Closing Services: timeshareclosingservices.com
Timeshare Closing Services: esortclosings.com/
Timeshare Litigation Attorney: aaronsonlawgroup.com/
Jan 10, 2018 | Home Seller Tips, Uncategorized
Whether you’re new to the real estate game or you’ve bought and sold a home before, there are many details involved in selling. It can be enticing to think about taking on the responsibility yourself and going it alone, but there are a number of reasons it’s wise to use a real estate agent. Before you make a decision on selling your home, ensure you consider all the details you’ll have to deal with.
Misunderstanding Of The Market
It’s entirely possible for a home seller to look at the MLS listings and determine a price range for their home, but the right real estate agent will have a wealth of knowledge to draw from. In all likelihood, they will be familiar with the neighborhood and may even have sold a few homes in it. This means they’ll be able to determine the right offer for your home and ensure it’s feasible on the market, which may mean a higher price and a shorter selling time.
It Takes Time
While a real estate agent will get a certain percentage of the price for helping you sell your home, you won’t be getting paid anything to do the legwork. However, it’s easy to underestimate how much time it can take to market your home, arrange open houses and deal effectively with all of the negotiating. It may be enticing to do it on your own, but what it might save in money, it may end up eating in time.
The Closing Details
If you’ve determined the price of your home and you’ve received an offer, it can be a great feeling to know that you’ve taken the right steps. However, what happens after you receive an offer is one of the most important parts of selling your home, and a real estate agent will be able to guide you through counter offers and lowering your price if needed. While it may seem like this will be easy enough to navigate, having an agent who’s waded through the waters can help to simplify things.
Selling your home on your own may seem like a money saving opportunity, but the right real estate agent will be able to navigate the market and do the legwork for you while still getting a good offer. If you’re currently preparing to put your home on the market, contact your local real estate professional today for market tips.
Dec 6, 2017 | Taxes, Uncategorized
By Patrick Crowley of Hershman, Fallstrom & Crowley, Inc.
There is a Massachusetts income tax credit that many senior citizens may not be aware of. Senior citizens who are homeowners or renters and meet income and other eligibility requirements may be entitled to a Massachusetts refundable tax credit of $1,080 even if they have no Massachusetts taxes due or Massachusetts filing requirement. Senior citizen homeowners may claim the credit if they paid more than 10% of their total income for real estate taxes and water and sewer charges. If you’re a renter you can count 25% of the rent paid as real estate taxes. Those seniors who have no filing requirements due to their limited income should look into filing a Massachusetts income tax return next spring as they may be due a refund of up to $1,080 for 2017. In addition, it’s not too late to file a 2014, 2015 or 2016 tax return to claim the credit if you fall into this category. For those seniors out there who have filed tax returns and weren’t aware of this credit, make sure you determine whether you are eligible for the credit in 2017. If you are, you should look into amending your previous 3 years tax returns to claim the refunds that you are due. http://www.hfctax.com/
Read more of the Tax Minute, daily, here
Nov 21, 2017 | Uncategorized
There are several advantages to being a cash buyer that simplify the process of purchasing a piece of real estate. However, there are additional issues that cash buyers need to be aware that can impact the purchase of property. One of those issues is the importance of a mortgage survey or plot plan.
You may be wondering what a plot plan is, do you really need one and is there an additional cost for a plot plan? The simple answer to these questions are that a plot plan is an engineering diagram or drawing of the estimated boundaries of the property. The plan is created by a Professional Land Surveyor. The plan will indicate the precise location of any major structures on a particular property, including any houses, porches, sheds and in some case driveways and access points. It will also show the approximate shape of a lot as well and the approximate location of structures as they relate to boundary line setbacks.
In some cases where there are multiple lots, the plan may also show the location of each particular lot in relation to the other.
The information disclosed by the plan is important, especially when there may be encroachments, missing lots, or the lots or the property description is not what YOU think it is. A title exam conducted as part of the closing will reveal the owners of the property and any encumbrances or defects that may be of record. A title exam does not show the location of any of the buildings or structures on located on the land.
A conventional bank or mortgage lender will always require a Mortgage Survey as a condition to lending any money on property. A cash purchaser is not required to obtain a plot plan as a condition of the purchase, even though it is highly recommended. The bottom line is that a plot plan may reveal additional information about a property you may not know about. Having a plot plan conducted as part of your due diligence process can save you thousands of dollars by disclosing critical issues before you close.
The cost of a residential mortgage survey is around $150.00, depending on the size of the lot and structures located on the lot.
If you are paying cash for a real estate purchase, contact our office and we can guide you through the process and answer any questions you may have.
Jun 14, 2017 | Uncategorized
While companies may have spam filters and antivirus software, spam and phishing emails can still slip through employee inboxes. Email recipients are the most critical element in preventing an attack. Here are some tips on how to identify the authenticity of a questionable email.
Incorrect Grammar/Spelling/Text Body
Many phishing emails contain misspellings. Some of these messages have been poorly translated from other languages. Additionally, you will want to pay attention if the time or date appears in the message body of an email. If the email contains the date format of DD/MM/YY, 24-hour time or coordinated universal time (UTC,) it’s likely that the email’s point of origin generated outside of the United States.
Email Format/Absence of Logos/Plain Text Email
Most legitimate messages will be written with HTML. It should be a mix of text and images. A poorly constructed phishing email may show an absence of images. This includes the lack of the company’s logo. If the body of an email is only an image as text, it’s possible that it is illegitimate. Outlook blocks showing images by default. If the email is all plain text and looks different than what you’re used to seeing from a frequent sender, you may want to contact the sender directly in a new email or phone call.
Urgent Request for Personal Information
One tactic that is commonly used by hackers is to alert you that you must provide and/or update your personal information about an account (e.g., Social Security number, bank account details, account password). Phishers will use this tactic to drive urgency for someone to click on a malicious URL or download an attachment aiming to infect the user’s computer or steal their information.
Suspicious Attachments
High-risk attachments file types include: .exe, .scr, .zip, .com and .bat. Spam filters will generally do a good job of quarantining those formats. Most companies commonly send and receive .zip, .doc, .docx, .xls, .xlsx, .ppt, .pptx and .pdf. However, a malicious sender can implant devious code in those formats as well. Once the attachment is opened, the computer is already compromised. Take caution if you have sent an email that has an attachment and the sender is questionable. You will want to verify the legitimacy of the email first. Next, you will want to examine the context of why the attachment is being sent.
Links in the Email
A common practice is to avoid blindly clicking on links in emails. Outlook allows you to hover over a link before clicking on it. If the link in the body of the email is different than what Outlook hovered preview reports, it is not legitimate. Even if it seems legitimate, open a new browser window and type the URL directly into the address bar. If you’ve clicked on a link, a phishing website will look identical to the original. However, your system may already be compromised. If you’re work email is connected to your phone, you will want to take extra precaution.
Use Work Email for Work Purposes Only
Employees should avoid using their work email address for personal signups. These include social media websites or customer loyalty/ reward programs.
Reprinted with permission of the American Land Title Association.
First American Title Insurance Company makes no express or implied warranty
respecting the information presented and assumes no responsibility for
errors or omissions. First American, the eagle logo, First American Title,
and firstam.com are registered trademarks or trademarks of First American
Financial Corporation and/or its affiliates.
Apr 12, 2017 | Home Mortgage Tips, Uncategorized
If you’ve decided to invest and have finally found your ideal home, it’s probably an exciting time for you and your family. But before the deal is sealed, there will be a closing meeting so that all of the loose ends can be tied up. If you want to be ready for closing and are curious what the final meeting will entail, here are a few things to be prepared for.
The Last Walk Through
The initial home inspection may have already occurred prior to your closing meeting, but a final walk through should also be granted in the event that anything has happened to the house since it occurred. If problems have been made note of and a price or repair has been negotiated, you won’t need to worry, but the final walk through is a good opportunity to cover off any additional maintenance issues.
Discussion Of The Details
It’s a good idea to bring any paperwork you have regarding your mortgage along to the closing meeting as this will enable you to follow up on any outstanding questions and go through the specifics of the home sale. In all likelihood, you’ll be going through items like the closing costs, escrow payments, the settlement costs related to the home sale and the deed of trust to secure your mortgage, so ensure you understand all of the documents and are prepared to sign on the dotted line.
All The Appropriate Parties
You may expect the closing meeting to be rather informal after the offer has been accepted, but there are many parties that will be present in order to transfer the ownership of your new home. In addition to the home seller, yourself and your respective real estate agents, there will also be any attorneys present, a closing agent, and the lender. While it can be overwhelming to have so many people present, it is generally a formality so that the proceedings can take place without a hitch.
If you’ve determined that the home you’ve made an offer on is right for you, the closing meeting will likely be a seamless experience. However, it’s important to ensure you’ve done your final walk through and looked over all the applicable documents to avoid any issues related to the purchase of your home.
