The Mavroules Team - Atlantic Coast Homes



Posted by The Mavroules Team on 10/12/2018

A property deed is used to transfer the title of the property of a grantor (the seller) to a grantee (the buyer). For the deed to be active, certain conditions must be set in place. The property must have a complete and accurate description. The buyer and seller must also be clearly identified. This formulation is due to the fact that a deed is a signed legal document.


The deed has a few important requirements for it to be valid and legal. First, the deed must be in writing. Next, the grantor must have some sort of a legal capacity (represented by a lawyer) and the grantee must have the competent ability to receive the property grant. Finally, the deed must actually be accepted by the grantee. 


Although this process sounds complicated, itís usually prepared ahead of time and done at the closing of a property transaction. Different states have different rules and procedures that allow for the transfer of ownership of property, so be sure to check on the specifics in your area.


Different Types Of Deeds


There are many different kinds of deeds. Deeds can be official or private. The type of deed that we are specifying here is known as ďofficialĒ since the transaction is executed in agreement with legal proceedings. This is just one reason why every home buyer, no matter where you live, is important. Deeds are typically characterized by the type of warranty that they carry.


General Warranty Deeds 


These deeds actually offer the grantee the largest amount of protection. The grantor of this deed makes a series of promises that protect the grantee from prior claims and demands to the land. This document would state that the property is free of liens, unless specifically stated on the deed itself. This also protects the grantee (the buyer) from a defective title. This is the most desirable type of deed. 


Special Warranty Deeds


A special warranty deed defends the title of the home. The grantor certifies that they have received the title to the property and that nothing has happened while the title has been in their possession that would create a major defect on the property. This means that only defects that occurred on the property while the grantor owned it are valid. This provides less protection than a general warranty deed does. Many buyers will insist that they have a general warranty deed instead in order to feel protected in the property transaction.


Other Types Of Deeds To Be Aware Of


  • Quitclaim deed
  • Special purpose deeds
  • Executorís deed
  • Administrator's deed
  • Sheriffís deed
  • Tax deed
  • Deed of gift

 

As a homeowner, much of the legal jargon thatís involved in the transfer of title isnít something that you need to study up on. The important thing to know is that the deed is the means of the transfer of title. The deed must also meet certain conditions for it to be legally binding. The type of deed that you have determines the type of protection that the deed provides. A qualified real estate attorney should be consulted regarding all legal matters in the home buying and selling process.




Categories: Uncategorized  


Posted by The Mavroules Team on 9/28/2018

Unmarried couples often find themselves surprised at the additional steps it takes to buy a home compared to their wedded friends.

This guide will help you prepare for buying a home together as an unmarried couple:

Banks will assess you differently than they would a married couple.

Whereas they look at a married couple as a single financial unit, you and your partner will be assessed individually. This certainly has its proís and conís. Know that if one partner has a significantly lower credit score it can affect your eligibility for a loan as a couple.  

Legal ownership of the title will be different.

Unmarried couples have three options when it comes to title ownership: sole ownership, joint tenants and tenants in common.

Tenants in common is the most popular. The difference between tenants in common and joint tenants is this:

  • In a joint tenancy ownership is 50/50. If one partner were to become deceased, ownership of their half of the property would carry over to the other partner.

  • Tenants in common ownership can be disproportionate to reflect each partners level of investment.  If one partner were to become deceased, their living trust would inherit ownership of their portion of the property if another option is not otherwise specified in their will.

  • Sole ownership is just that. One partner owns full legal ownership of the property. This option can have tax benefits and increase your financing eligibility if one partner has a higher income or better credit score than the other.

Itís highly recommended for unmarried couples to sign a property, partnership or cohabitation agreement when buying a home together. This is a legal precaution to safeguard both partners in the future should anything happen.

If your finances are separate it is ideal to at the very least create a joint checking account from which to draw the down payment and mortgage installments. This is especially true if both partners are contributing to these payments. It create a clean, clearcut payment process each month.

Know each other's finances.

Discuss your credit scores, debt burden, savings, investments and financial goals. Get clear on where you each stand and how these factors will influence your buying process. Create a budget together as a couple to ensure you can take on not just the responsibility of a mortgage payment but also closing costs, homeowners insurance, property taxes and maintenance costs. Plan for savings like retirement, nest egg, family planning, future vacations, and emergency funds.

Buying a home together as an unmarried couple is a different process than that of married couples. However, that doesnít mean it has to be harder. With an understanding of what to expect ahead of time and a plan in place, the process can be a smooth one.






Posted by The Mavroules Team on 8/31/2018

Buying a home is one of the most expensive undertakings that youíll ever have in your lifetime. You probably have spent months upon months saving for a downpayment in order to make your home purchase. The problem is that after they believe their savings are complete, many buyers discover unexpected costs that go along with buying a home, making the entire process even more stressful. You should be prepared for many different kinds of costs that go beyond the sticker price of a home. Below, many of those surprising costs are laid out in detail. 


Closing Costs


Closing costs can be anywhere from 2-7% of the purchase price of a home. Closing costs cover quite a bit including:


  • Inspection fees
  • Appraisal
  • Title insurance
  • Property taxes
  • Mortgage insurance
  • Underwriting fees
  • Recording fees
  • Loan origination fees

Depending upon the type of loan you get or your specific circumstances, your closing costs could be even more. Keep in mind that you wonít find out your specific closing cost amounts until the purchase of the home is well underway. You can talk to your realtor and lender ahead of time to be prepared for your own situation.


Closing costs are also negotiable, so donít forget to ask questions. Certain administrative fees, for example, are often unnecessary and can be waived.  


Low Appraisals


If you have a low appraisal on your home, you may need even more cash on hand. In order to meet loan and home value requirements, lenders wonít approve a loan for an amount thatís higher than the home is appraised for. In this case, if you still want the home, youíll be left to come up with the difference in cash. Otherwise, you could be forced to walk away from the deal and lose some money in the process. This is one of those home purchase emergencies that you should simply be aware of. It can be an emotional experience to get a low appraisal on a home, but remember that there are sensible ways to deal with this dilemma.       


Moving Expenses


Many buyers forget in the excitement of buying a home just how much it will cost to move. Whether you hire a moving company or do it yourself, moving can be expensive. Youíll need a truck, packing supplies and a way to pay (or simply thank) the people who help you to move. 


The Things You Need For Your Home


Your home wonít come with everything that you need. You may have to buy a refrigerator, have some repairs done, or simply get furnishings for the home. Donít strap your budget so thin that you wonít be able to buy a sofa until six months after moving into the home.   




Categories: Uncategorized  


Posted by The Mavroules Team on 8/24/2018

Itís always a goal in life to be happier in our jobs and make more money. When it comes to buying a home, your job status can have a big effect on whether or not youíll be able to buy a home or not. You will be able to buy a home using a new source of income. Even refinancing can be a breeze when you have a new job and the right knowledge. 


Many people believe that changing jobs or having gaps in between employment is a certain type of black hole when it comes to getting a mortgage. However, if you approach all of the changes in the correct way, you should be able to land the mortgage deal and secure a home.


Average Income


One of the most important numbers that your lender will calculate when youíre buying a home is that of your average income. This will be based on the pay that you had earned in the past 24 monthsĎ time. If you have had the same job and pay, this wonít be much of a big deal, However, if any of these things have changed (or will soon change) your lender may have some questions. This doesnít mean that your mortgage application will be struck down completely. 


Information Thatís Needed In The Event Of A Job Change


If you have recently changed jobs in the process of trying to refinance or buy a new home, your lender will need a few pieces of information from you. These items include:


  • An offer letter for the job
  • A role or title change letter (if applicable)
  • Compensation package change confirmation
  • Verification of employment
  • Most recent pay stub


Hourly Employees


If youíre an hourly employee, unfortunately, youíre under the tightest type of scrutiny when it comes to applying for a mortgage. Your income will be averaged for as long as you have been an hourly employee. If you work full-time, this wonít be too much of a problem. If your hours fluctuate from week-to-week, this can make things a bit more complicated.


If your hourly rates have recently gone up, youíll need a bit of info from your employer to help you get the income verification that your lender needs. These items include:


  • An offer letter
  • Recent pay stubs
  • The new compensation structure or offer

If you have any sort of extenuating circumstances like a relocation or a new position, this information can help to bridge the gap in any information that just doesnít add up as far as your employment history goes. 


Salaried Employees


If youíre a salaried employee, things are a bit simpler. Your lender will have a much easier time calculating your average income. The only issue that you may encounter is if you have had a gap in employment. For this, your lender will require a written explanation of what occurred during that time period.  

 

Lenders want to protect themselves, but in a way, they also want to protect you from getting in over your head with how much you can afford for a home. With some proof and a little explanation, you should be able to get a house you can afford if you have all of the information that you need to back up your financial history and employment history.




Categories: Uncategorized  


Posted by The Mavroules Team on 8/10/2018

Open houses can be a great way to get to know a home and the neighborhood it sits in. Sure, the seller will be trying to put their best foot forward on the big day. But, youíll still be able to get a chance to tour the home relatively uninterrupted.

But what should you look for in particular when attending an open house?

There are a number of things you can learn at an open house. Many prospective buyers spend the time looking at things like paint color and cosmetic touches that can easily be changed, and very little time considering important factors that should go into their home buying decision.

So, in todayís post, Iím going to cover some of the lesser known things you should be looking out for when you attend an open house. That way, youíll know which houses are worth considering further and which ones should be left behind.

Not enough storage space

If you find yourself constantly running out of storage space (and who doesnít?), youíll want to make sure the home has ample space to store your belongings. If it doesnít, see if you can find ways to repurpose areas for storage, such as spare bedrooms or garage space.

Overly scented areas

Itís perfectly normal for a sellerís agent to place one or two choice candles in the home during an open house.

However, if you notice some rooms have an overpowering smell of candles or air fresheners, thereís a good chance itís there to mask offensive and hard to remove smells. Pet and cigarette odors are among the worst culprits.

The windows, doors, and cabinets should work like a dream

When attending an open house, take note of how well the doors open and close. If appropriate, ask the sellerís agent if you can try out the windows and cabinets as well.

Problems with these items can be signs of poor craftsmanship, cheap materials, or neglect.

Traffic and neighbors

If youíve found what you think is the perfect home, it can be easy to see the world through rose-colored lenses.

However, itís important to take them off when looking around the yard. Take note of the traffic level, and the amount of privacy the home receives. If you like the home, itís also a good idea to stop by the neighborhood during rush house to gauge how traffic would affect your commute.

Air flow issues

Improper ventilation can lead to mold growth, especially in bathrooms and kitchens. Make sure bathroom vents and fans work properly, and check windows for condensation.

In rooms with sinks, check around the base of the sink and counter for signs of water damage or mold.

Large cracks in foundations or ceilings

While small, hairline cracks in the foundation of a home are completely normal, large ones can be dangerous.

They can allow water and pests to enter the home, causing all types of costly damages.


Keep those six tips in mind when you attend the open house, and be sure to bring a list of any other questions you might have for the sellerís agent.







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