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An Introduction to Ebay Selling
Success in any business is built on a foundation of customer service. eBay is no exception - every day thousands of eBay buyers register. I have a simple strategy that I use in all my auctions called the "eBay Welcome". Follow it and your repeat...
Communication Smoothes the Path to Change
Productivity almost always suffers in times of great change,
because employee stress dramatically increases due to the
universal fear of the unknown. In these times, communication
becomes more important than ever.
Often senior executives...
Correspondence From The IRS Yikes!
Its a moment every person dreads. You pick up the mail and there is an envelope from the IRS. Its not a refund check. What do you do? Dont Panic Each year, the IRS sends out millions of correspondence audits to taxpayers to request payment of...
Give Me Ten Minutes And I'll Explain Web Conferences
Regardless of geography, web conferences permit presentations, seminars, briefings, press conferences, lectures, training classes and much, much more to take place. Individuals can share files, graphics, charts, web pages, view slideshows, listen to...
Meaningful Diversity: Creating Cultures of Inclusion
As you look around your workplace do you see a too comfortable sameness in the faces present? Are you able to make decisions almost too quickly because youre all on the same page? Do you find yourself doing things the same way and getting...
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Clouds on the Horizon: Property Title Issues Which Affect Sale
When buying or selling a home, proof of ownership, or the property title, and issues affecting it, are critical. If you have a cloud or lien on your title, this means somebody or some business entity has laid claim to a portion of the equity in your home. There are different types of liens that affect the marketability of your home. For this article, I interviewed Chris Swynford, an attorney in Williamsburg, Virginia, whom I utilize frequently for real estate transactions. Mr. Swynford commented on several types of property liens that are common issues for homebuyers and home sellers. Property Title Insurance for Matters NOT of Record In order to understand the different types of liens, it is necessary to review the concept of the actual deed or title. A property title can be insured by a title company, and I always recommend my clients purchase owners title insurance coverage, even though not required by commercial lenders (which ALWAYS require lenders carry title insurance). Generally, many matters NOT of public record (including mechanics and materialmens liens for new construction) are covered under title insurance, including issues such as misrepresentation of marital status, forgery or fraud in executing documents, missing heirs, or unknown boundary contests, said Mr. Swynford.
Matters of Record for Property Title According to Mr. Swynford, state law where the property is located covers most matters of title. East of the Mississippi, excluding Louisiana, property is generally held in one of several ways: tenancy by entirety, title passing to the survivor upon death of the first party, and that exists only between husband and wife; and can be reached (lien) only by the creditors of both; joint tenancy with right of survivorship, title passing to the survivor upon death; but which may be severed by the creditor of only one party in judicial proceedings; and, tenancy in common. Upon death of one co-tenant the undivided interest of the deceased passes by will or to heirs under state laws of interstate succession.
Chris Swynford described various liens not commonly known:
Voluntary
Liens Most people are aware of voluntary liens placed on their property. These include mortgages or deeds of trust executed by the owner/borrower.
Involuntary Liens As the term suggests, involuntary liens are placed on property by other than the legal owner of the property. Common involuntary liens are placed on property to cover real estate taxes; judgments; homeowners association/condominium liens for unpaid dues/assessments; and mechanics liens for labor and materials provided to build/improve property.
Municipal Liens As the term implies, the local municipality may place a lien on property. Perhaps the owner did not pay trash removal or grass cutting fees. Or, the municipality had to remove inoperable motor vehicles from the property, or remove a structure endangering public health; or, for community improvement, e. g. to pay for a park adjacent to a property, new sidewalks, gutters, alleys, water and sewer lines.
Lis Pendens This provides notice that a suit against the title is pending. A Lis Pendens may indicate a breach of contract, or an heir who claims ownership of the property; or, a person who claims ownership of property through adverse possession. It has to be cleared for property sale or purchase to proceed
Estate Tax Liens Some states may have an estate tax, though many do not. Estate taxes liens do not have to be recorded in order to be valid. If the estate of a deceased individual is subject to federal or state estate taxes, the proceeds of sale are held for one year from the date of the property owners death. If the proceeds are not held for one year, a bond may be posted to cover any tax due.
It is always advisable to seek legal advice in closing a real estate transaction, often involving legal and significant economic considerations.
About the Author
Elaine VonCannon is a REALTOR with RE/Max Capital in Williamsburg, Virginia, and she manages investment property. Elaine is also an Accredited Buyer's Representative as well as a Senior Real Estate Specialist. She has helped numerous clients invest in and make money on property in Southeastern Virginia.
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