LAND TRUST – THE ULTIMATE ASSET PROTECTION
Land Trusts A land trust is a private agreement, where one party, the trustee, agrees to hold title to property for the benefit of another party or parties, the beneficiary(ies). The one …
WHAT IS A PETITION FOR PARTITION AND WHEN IS IT USED?
WHAT IS A PETITION FOR PARTITION AND WHEN IS IT USED? What can be done when a piece of real estate has two or more owners and one owner …
WHAT DOES IT MEAN TO BUY A PROPERTY WITH SELLER FINANCING?
Seller financing is when you get a mortgage to buy a home from the home’s seller instead of a bank. Let’s review when this approach is suitable, as well as …
WHAT IS AN ATTORNEY REVIEW PERIOD IN A REAL ESTATE CONTRACT?
What is the Attorney Review Period in a Real Estate Contract? Many states have statutes that provide for an attorney review period. Kansas and Missouri are not one of those …
WHAT IS A PARTIAL RELEASE?
What Is a Partial Release? The term partial release refers to a mortgage provision allowing some of the pledged collateral to be released after there is partial satisfaction of the …
WHAT IS A PROPERTY SURVEY AND WHY WOULD I NEED ONE?
What Is A Property Survey? A property survey confirms a property’s boundary lines and legal description. It also determines other restrictions or easements included in the property. While you can …
TYPICAL STEPS IN AN FSBO HOME SALE TRANSACTION
Typical Steps in an FSBO Home Sale Transaction To successfully complete the sale and legal transfer of one’s home, the following steps are generally taken: 1) The property must be …
THE IMPORTANCE OF A PROPERTY SURVEY
If you’ve noticed a person in an orange vest carrying around a brightly colored tripod with a metal device on top, you’ve likely come across a property surveyor. Property …
SELLING A HOUSE WITH A SHARED DRIVEWAY
Save to Pinterest We all learned how to share as children, but that concept tends to work easier with crayons and cookies rather than property.Take a shared driveway, for instance. …
LAND PATENT
A land patent is a form of letters patent assigning official ownership of a particular tract of land which has gone through various legally proscribed processes – such as surveying …
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Real Estate Law, Deeds, Purchase Contracts, Review Contracts, Real Estate Disputes, Realtor Disputes, Buyer Representation, Seller Representation, Discounted Commission Representation, Contract Assignment, Wholesaling, Leases, Commercial, Residential, Draft Real Estate Contracts, …
QUIT CLAIM DEED
Quitclaim Deed Quitclaim Deeds can be complicated legal documents. They are commonly used to add/remove someone to/from real estate title or deed (divorce, name changes, family and trust transfers). Last …
GRANT DEED
Grant Deed A grant deed is a legal document that is used to transfer (convey) rights in real property from one entity or person (the grantor) to another (the grantee). …
CORRECTION DEED
Correction Deed – Correcting A Recorded Deed Once a deed has been recorded, it is part of the public record and cannot be changed. It is possible, however, to amend …
TRANSFER ON DEATH DEED
Transfer on Death Deed Setting up real estate to be transferred upon your death. Real estate is often one of the most significant assets to consider in a comprehensive estate …
IF YOU ARE A PURCHASER OF AN INVESTMENT PROPETY YOU NEED TO OBTAIN AN ETOPPEL CERTIFICATE TO AVOID LAWSUITS AND POTENTIAL CLOUDS ON TITLE
An Estoppel Certificate (or Estoppel Letter) is a document often used in due diligence in Real estate and mortgage activities. It is a document often completed, but at least signed, by a tenant used in …
PURCHASING A PROPERTY SUBJECT TO
What Buying Subject-To Means Buying subject-to means buying a home subject to the existing mortgage. It means the seller is not paying off the existing mortgage. Instead, the buyer is …
EXECUTORS DEED VS. ADMINISTRATORS DEED
What is the difference between an executors deed and an administrators deed? When dealing with the distribution of an estate after a person dies, you will likely either hear the …
CHECKLIST OF CLOSING DOCUMENTS
Checklist of Closing Documents for Home Buyers So, what kind of paperwork will you have to sign when you close? While the process can vary from one borrower to the …
SPECIAL WARRANTY DEED
What Is a Special Warranty Deed? Although general warranty deeds are more common in residential real estate transactions, there is one area where the special warranty deed becomes the norm. …
WHAT IS OWNER FINANCING?
Buying or selling a home can be a complicated process. Sometimes, homebuyers have trouble qualifying for a mortgage. Other times, sellers yearn to cut through the red tape and net …
HOW TO REMOVE A LIS PENDENS NOTICE
SUMMARY A party to a lawsuit intended to affect real estate may record a notice on the land records containing the names of the parties, the name and object of …
WHAT IS A REAL ESTATE ATTORNEY AND WHEN DO I NEED ONE?
Buying a home isn’t just a simple purchase; its also a legal transfer of a property from one entity to another. Because the legal side of this transaction can be …
WHO GETS TO LIVE IN THE HOUSE DURING A DIVORCE?
Typically, its the husband asking and he is initiating the divorce. He is worried about giving up his interest in the house, and the right to return. From a strictly …
REAL ESTATE SETTLEMENT PROCEEDURES ACT
RESPA Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act (RESPA) provides consumers with improved disclosures of settlement costs and to reduce the costs of closing by …
RULES OF HOME AFFORDABILITY
The rules of home affordability Mortgage lenders use something called qualification ratios to determine how much they will lend to a borrower. Although each lender uses slightly different ratios, most …
WHAT IS AN FHA 203K LOAN?
Whether youare interested in snapping up a bargain home and renovating it to meet your needs, or you have a kitchen full of outdated appliances that you would like to …
REAL ESTATE TRANSACTION RED FLAGS
REAL ESTATE TRANSACTION RED FLAGS 1. Documentation includes deletions, correction fluid, or other alteration2. Different handwriting or type styles within a document3. Buyer currently resides in subject property4. Seller is …
PROS AND CONS OF DOING AN NEW LLC FOR EVERY REAL ESTATE TRANSACTION
Pros of Using a New LLC Every Deal Ownership structure: Perhaps you are working with several different owners on a new deal. It makes sense to have a new LLC, …
MISTAKES REAL ESTATE PROPERTY MANAGEMENT COMPANIES MAKE
1. Scaling Without Systems In Place I see a lot of property managers that fail once they hit a certain scale because they don’t have systems in place. They get …
AFFIRMATIVE DEFENSES
You have been sued. First, you panic. Then, you think about how to defend yourself. One of the best ways to fight back when you are being sued is through …
WHAT IS AN AFFIDAVIT OF TITLE?
What is an Affidavit Of Title? An affidavit of title is a legal document provided by the seller of a piece of property that explicitly states the status of potential …
WHAT IS A MEDALLION SIGNATURE GUARANTEE?
Learn about Medallion Signaute Guarantee Stamps
BUYING PROPERTY IN PROBATE
Probate real estate has proven time and time again that it deserves a place amongst today’s best acquisition strategies. At the very least, investors who are able to acquire houses …
RETALIATORY EVICTION
What is a Retaliatory Eviction A retaliatory eviction occurs when a landlord evicts a renter or refuses to renew a lease in response to a complaint or action within a …
DECLATORY JUDGEMENTS
A declaratory judgment, also called a declaration, is the legal determination of a court that resolves legal uncertainty for the litigants. It is a form of legally binding preventive adjudication …
WHEN IS A TAX GAIN RECOGNIZED WITH A CONTRACT FOR DEED?
Tax Laws for the Seller of a Contract for Deed Can I Deduct Interest on a Rent-to-Own? In cases where qualified buyers are scarce, selling a home through a contract …
TRANSMUTATION AGREEMENT
A transmutation agreement is a postnuptial agreement that changes the character of the spouses property from community to separate, or vice versa. It may be used to change the character …
MARITAL PROPERTY
Types of Property Divided in a Missouri Divorce Proceeding When couples go through a divorce, they need to address a variety of issues, including how to divvy up their property …
BUYER-SELLER DISPUTE RESOLUTION SYSTEM (DRS)
Introduction This Dispute Resolution System (DRS) is not intended to replace arbitration or mediation activities conducted by associations? Professional Standards Committees. The program is designed to resolve disputes between buyers, …
WHAT IS A CORRECTIVE DEED?
What is a Corrective Deed? A Corrective Deed is a special type of deed used to fix problems in deeds that have already been recorded. Unlike other types of …
TAX LAWS FOR THE SELLER OF A CONTRACT FOR DEED
Tax Laws for the Seller of a Contract for Deed In cases where qualified buyers are scarce, selling a home through a contract for deed can make sense. Homeowners might …
UNRECORDED CONTRACT FOR DEED
Risks and realities of the contract for deed While contracts for deed offer some advantages over a traditional mortgage, such as speed and simplicity, they can entail distinct risks for …
BUYING A PROPERTY “SUBJECT TO” AN EXISTING LOAN
When interest rates rise, “buying subject to” suddenly starts to look like a very attractive financing option for home buyers. When interest rates are low, homebuyers tend to avoid subject …
REASONS TO OBTAIN TITLE INSURANCE
BUYING A HOME IS AN EXCITING AND EMOTIONAL TIME FOR MANY PEOPLE. TO HELP YOU BUY YOUR HOME WITH MORE CONFIDENCE, MAKE SURE YOU GET OWNER?S TITLE INSURANCE. HERE?S WHY …
REQUIRED DISCLOSURES WHEN SELLING A HOUSE
What Are You Required to Disclose When You Sell Your Home? When you set out to sell a house, most states require you to make certain ?disclosures.? Disclosures refer to …
PROPERTY BOUNDARIES
Property Boundaries: Everything You Need to Know Most of us don’t know where our exact property boundaries are located, and many of us don’t care. Most of us don’t know …
MARITAL WAIVER IN MISSOURI – Kansas City Real Estate Law
MARITAL WAIVER IN MISSOURI Title companies are required as part of their job to request information in a real estate transaction. One of the most frequent requests involves requesting information …
WHAT ARE THE BENEFITS OF FSBO? LAWYER/BROKER SERVICES AVAILABLE
WHAT ARE THE BENEFITS OF SELLING YOUR HOUSE FOR SALE BY OWNER WITHOUT A REALTOR? The biggest reason to consider some form of FSBO is the money you may save. …
FSBO VS AGENT?
SOURCE UNKNOWN HTTPS://FSBOMIDWEST.COM FSBO VS. AGENT Have you seen the claim that research shows that real estate agents sell homes for 13% higher prices than people who sell their homes …