We all know the saying “your home is your castle” and it is extremely important to know for certain, that it stays safe from life’s unexpected threats. In order to secure it from any kind of financial harm, you may consider buying a Homeowner’s Insurance (also known as Hazard Insurance). From one side, you have to be sure that your house is absolutely protected because life is full of unexpected hazards, but on the other side, this industry has changed a lot, so insurers hiked deductibles, scaled back on coverage, and added new restrictions. Few homeowners take the time to read their policy and, even if they do, may not realize how one phrase, sometimes one word,can mean thousands of dollars. Continue reading
The property discussion might be very tricky sometimes. Does your neighbor use the roadway that passes your private property? Does a local utility company have the right to access a pipe buried in your yard? One day you may wake up and find out that you have to share a part of your possessions. Here are several things that you should know about easements.
An easement is a legal, non-possessory right to use or/and enter someone’s land for a particular purpose. It means a lesser interest in someone’s property, a legal arrangement by the landowner and a no owner in some way. There exist plenty of varieties of this type of property right (i.e. easement for ingress and egress over someone’s property, ross-access or reciprocal easement and maintenance agreement, conservation easement, construction easement, condominium/town-home declarations, etc.) Continue reading
Foreclosure is the process by which a homeowner’s rights to a property are forfeited because of failure to pay the mortgage. If the owner cannot pay off the outstanding debt or sell it via short sale, the property then goes to a foreclosure auction. If the property does not sell at auction, it becomes the property of the lending institution. Foreclosure is very complicated and it’s laws vary by state so it would be advisable to consult with a real estate attorney in your particular state.
As foreclosure process can be very confusing and complicated, we decided to describe it step by step.
In many states, property owners owe different duties to people who come onto their property. They have a liability to protect any person from harm or injury that enters their premises. There are three areas under which a homeowner is liable to anyone on the homeowner’s premises:
In states that still distinguish among these categories of people, the legal duty owed to each category is different. It is important to ask a lawyer whether these categories and standards of care apply in your state.
Let’s see what each category mean.
We all are daydreaming of a big and beautiful or small and cozy, but our own house. The process of buying a house can be, and in fact it is, very confusing and stressful. State and federal laws, current mortgage rates, tax considerations, your personal preferences and your financial situation – all these only add more headache to you.
One of the most confusing parts of the mortgage process can be figuring out all the different kinds of lenders that deal in home loans.
So, in order to get the best deal, or you have other special circumstances to address, understanding the different types of lenders can be a big plus.
There are direct lenders, retail lenders, mortgage brokers, portfolio lenders, correspondent lenders, wholesale lenders and others.
First, let’s define a lender and what he does. It is someone who lends money to another; it can be individual, public or private group. The money that was borrowed should be repaid with additional interest.
The most common uses of property taken by eminent domain are public facilities, highways and railroads.
As of public use, it means:
- available to the entire public
- needs of society (schools, hospitals, highways)
Nowadays, the meaning of public use is beginning to be broadened to public benefit, which means that property may be transferred to a private owner for the purpose of economic development, which in its turn can create new jobs, revitalize a depressed urban area, thereby it can be qualified as a public use.