Keller Williams Realty Atlanta: Search Atlanta Homes For Sale » neel and robinson

Most lenders do not require their buyers to have a new survey done in preparation for closing. The lenders have title insurance protection for survey problems. Keep in mind that lenders also do not require buyers to get owner’s title insurance, but they do require lender’s title insurance to protect the lender!

Most buyers have learned that it is a good idea to get owner’s title insurance, and there are many situations where it is also smart to get a new survey done.

What properties should definitely have a new survey?

1. New construction - the builder may have a survey in connection with the construction loan, but make sure that the survey includes driveways, walkways, boundary fences and walls, parking pads, patios, and sundecks.

2. Properties that have been rebuilt or remodeled – many builders are squeezing large houses onto small lots, and only a survey will show if any building lines and setbacks have been violated.

3. Older properties with small frontage or narrow width – many of these houses have been enlarged over time, plus there are often encroachments of driveways and fences.

4. Properties with long legal descriptions (metes and bounds) rather than short legal descriptions (lot number, plat book and page). It is very helpful if the long legal description refers to the previous survey that was used to write the long legal; in this case a copy of the previous survey may suffice.

5. Any properties that are made up of more than one “tract” or “parcel”, usually because the parcels were acquired at different times or because neighbors have “swapped” some property to accommodate a driveway encroachment or fence encroachment.

Presented by Leigh Clack, Attorney

Neel & Robinson Attorneys at Law, LLC

Leigh.clack@neelandrobinson.com

404-705-3690 fax 404-459-0704

5555 Glenridge Connector, Suite 400, Atlanta, GA 30342

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Who Is Responsible When a Tree Falls? | Keller Williams Realty Atlanta Real Estate Legal Tip

Aaron — Thu, 29 Sep 2011 16:54:36 +0000

Keller Williams Realty Atlanta – Peachtree Road

Atlanta Homes For Sale – Atlanta Real Estate News - Atlanta Home Buyers

Real Estate Legal Tip

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Legal Tip: Who is responsible when a tree falls?

Trees and tree limbs can fall due to a tornado, hurricane, or just old age and bad health.

Homeowner’s insurance policies may cover some damage and tree removal, but there are certain questions that will be asked to determine which homeowner (and which insurance company) is responsible.

Live, healthy tree: Each homeowner is responsible for his/her own damage and cleanup, regardless of where the tree trunk is. No one can predict or prevent a tornado or hurricane. This is a “damage” claim, so the deductible will apply first.

Old, dying, diseased tree: Each homeowner should regularly trim or remove the portion of the tree on his/her property AND should notify the neighbor in writing if an unsafe tree is a potential danger to neighboring properties.

Neighbors do not have the right to go onto other neighbors’ property without permission, even to trim or remove a dangerous tree.

However, giving notice of the unsafe condition will help recover insurance proceeds, possibly even from the neighbors’ insurance company. This is a “liability” claim, so there is no deductible.

Leigh Clack, Attorney leigh.clack@neelandrobinson.com

Neel & Robinson Attorneys at Law, LLC

5555 Glenridge Connector, Suite 400, Atlanta, GA 30342

404-705-3690 fax 404-459-0704

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Termite Bonds Requested in Real Estate Sales Contracts | Keller Williams Realty Atlanta Legal Tip

Aaron — Wed, 24 Aug 2011 14:47:45 +0000

Keller Williams Realty Atlanta – Peachtree Road

Atlanta Homes For Sale – Atlanta Real Estate News - Atlanta Home Buyers

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Termite Bonds Requested in Real Estate Sales Contracts

A common stipulation in Purchase and Sales Contracts is:

“Seller shall provide a one-year termite bond to buyer at closing”.

Even if the seller has a current bond, the bond will have a renewal date based on when the seller started the bond.

The buyer will expect the seller to provide a bond that is paid for a full year from the closing date.

Therefore, in most cases the seller will need to extend the current termite bond for another year and then have the buyer reimburse the seller for any “extra coverage” beyond the one-year term required in the contract. These payments and prorations can be done on the HUD-1 by the closing attorney.

Some termite companies will also charge a transfer fee to change the owner’s name on the bond, so the sales contract should clarify which party will pay the transfer fee.

Presented by Leigh Clack, Attorney leigh.clack@neelandrobinson.com;
Neel & Robinson Attorneys at Law, LLC 404-705-3690 fax 404-459-0704
5555 Glenridge Connector, Suite 400, Atlanta, GA 30342

SEARCH FOR ATLANTA HOMES NOW

Title Issues: Home Buyers and Sellers with Common Names| Keller Williams Atlanta Real Estate Legal Tip

Aaron — Tue, 21 Jun 2011 15:46:31 +0000

Keller Williams Realty Atlanta – Peachtree Road

Atlanta Homes For Sale – Atlanta Real Estate News - Atlanta Home Buyers

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Title Issues: Home Buyers and Sellers with Common Names

A typical title search covers three (3) major components:

1. Recorded deeds and mortgages in the chain of title for the specific property;

2. Property taxes for the specific property;

3. Recorded liens and personal judgments against the owners of the property.

The deed records and tax reports will clearly indicate whether they affect the subject property (or not) by including a legal description, a tax parcel number, or a street address.

Liens and judgments, however, are checked using an individual’s name. If an owner of real property loses a lawsuit, the winner of the lawsuit can file a “fifa”, which is a real estate lien, against all property owned by the loser of the lawsuit. Most of these lawsuits are based on unpaid debts, such as car loans and credit card bills. The “fifa” will show the names of the plaintiff and defendant, the case number of the lawsuit, and the date of the final judgment, and is collectible for a minimum of seven (7) years. This type of lien must be paid and/or cleared at a closing just like a mechanic’s or materialman’s lien.

These “personal” liens do not usually show a property address, and only the income tax liens (federal or state) show a social security number, so these issues require extra time and investigation to clear the title. If your sellers or buyers have a common name, they may be asked to provide their social security number to the closing attorney during the pre-closing process so that the attorney can confirm whether these liens belong to the buyer or seller, or just someone with a similar name.

Presented By:

Leigh Clack, Attorney Neel & Robinson Attorneys at Law, LLC

Leigh.clack@neelandrobinson.com 404-705-3690 fax 404-459-0704

5555 Glenridge Connector, Suite 400, Atlanta, GA 30342

SEARCH FOR ATLANTA HOMES NOW

Closing with Out-of-Town Buyers and Sellers|Keller Williams Atlanta Real Estate Legal Tip

Aaron — Mon, 25 Apr 2011 18:39:37 +0000

Keller Williams Realty Atlanta – Peachtree Road

Atlanta Homes For Sale – Atlanta Real Estate News - Atlanta Home Buyers

Real Estate Legal Tip

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Closing with Out-of-Town Buyers and Sellers

It’s travel time again – almost summer. Families are relocating, and people are taking vacations and/or their customary “week at the beach”, and although they are buying or selling a house, they have no intention of changing their travel plans.

There are two basic alternatives for the out-of-town signers:

1.      Power of Attorney (POA) – always best if prepared by the closing attorney, so that the names on title and the legal description are correct.   Most closing attorneys and real estate agents will not serve as the Attorney in Fact (AIF) on the Power of Attorney. The original POA must be available for closing.

a.     Sellers – often given by one co-owner to the other, but if both owners will be gone, they must choose someone else that they trust to be the Attorney in Fact.
b.     Buyers/Borrowers – the use of a POA and the specific form must be approved by the new lender, and again the AIF must be a trusted representative.

Many lenders must also approve the use of a seller POA.

2.      Mailaway of all closing papers – email or hard copies
a.     Must be signed at a title company or attorney’s office – additional fees may be charged.
b.     Must have complete loan package and/or seller package to send out.
c.     Must coordinate signature dates and funding dates with escrow agreements.

Either alternative above involves additional issues, time, expense, and opportunity for mistakes and missed signatures. Buyers and sellers should make every reasonable effort to attend closing.

Presented by Leigh Clack, Attorney       Neel & Robinson Attorneys at Law, LLC
5555 Glenridge Connector, Suite 400, Atlanta, GA 30342 (New address)
404-705-3690    fax 404-459-0704      leigh.clack@neelandrobinson.com

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New 2011 GAR Purchase and Sale Contract – Provide Buyers with a copy of the GAR Buyer’s Brochure – KW Atlanta

Aaron — Tue, 01 Feb 2011 15:56:21 +0000

Keller Williams Realty Atlanta – Peachtree Road

Atlanta Homes For Sale – Atlanta Real Estate News - Atlanta Home Buyers

Real Estate Legal Tip

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Legal Tip: New 2011 GAR Purchase and Sale Contract – Provide Buyers with a copy of the GAR Buyer’s Brochure

Along with a new 2011 GAR contract and several new or revised attachments is a new Buyer’s Brochure from the Georgia Association of Realtors:
“Protect Yourself when buying a home”. GAR considers this a consumer protection brochure, and Section 19 of the new GAR contract asks the buyer to acknowledge receipt (or not) of this brochure.
This form is GAR form F13, and it contains 10 suggestions:
1. Read and keep a copy of any signed contract.

2. Have the home inspected by a professional home inspector.

3. Inspect the neighborhood in which the home is located.

4. Have the home inspected for termites and other wood-destroying organisms and obtain an official Georgia Wood Infestation Report that can only be prepared by a licensed pest control company.

5. Thoroughly investigate the property.

6. Get a survey of the property.

7. Make sure that an undeveloped lot can be developed.

8. Buy an owner’s title insurance policy.

9. Consider purchasing a home warranty.

10. Choose a REALTOR (member of NAR and a local Board of Realtors).

Although none of the above suggestions are legal requirements, they are all good ideas. If your buyer does want a termite letter, survey, home warranty, or owner’s title policy, be sure that these items are ordered in time to have them available for the closing.

Presented by Leigh Clack, Attorney
Neel & Robinson Attorneys at Law, LLC
22 Lenox Pointe, Atlanta, GA 30324
lenox@neelandrobinson.com 404-705-3690 phone / 404-705-3697 fax

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New DeKalb Foreclosure Registry Law – KW Atlanta Real Estate Legal Tip

Aaron — Thu, 18 Nov 2010 19:03:36 +0000

Keller Williams Realty Atlanta – Peachtree Road

Atlanta Homes For Sale – Atlanta Real Estate News - Atlanta Home Buyers

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DeKalb County Foreclosure Registry in effect starting October 27, 2010

A new law was passed in DeKalb County that affects all properties in unincorporated DeKalb county that were foreclosed after October 27, 2010.

The DeKalb County Foreclosure Registry was established “as a means to protect neighborhoods from becoming blighted through the lack of adequate maintenance and security as a result of properties that are foreclosed or where ownership has been transferred after foreclosure.”

The foreclosing lender is now required to “register” the property with the county and to pay a non-refundable registration fee of $175. The fee must be paid within 30 days of the foreclosure.

Registration must be completed electronically on the DeKalb County website, and then a hard copy of the form must be submitted in person or by mail along with payment in cash or by check.

Failure to register a foreclosed property will be subject to a penalty of $1,000 per day up to $100,000 (per property)!

If the foreclosing bank does not have an office in the metro Atlanta area (defined as Clayton, DeKalb, Fulton, Gwinnett, Henry, and Rockdale counties), the bank must designate a local property agent on the registration form, and this agent will be responsible for the security and maintenance of the property in compliance with the DeKalb County Code.

There are no written exceptions in the new law for HUD, VA, or other entities such as Fannie Mae. Agents, buyers, and closing attorneys should be aware of this law and confirm before a foreclosure resale that any DeKalb County fees have been collected.

Presented By: Leigh Clack, Attorney
Neel & Robinson Attorneys at Law, LLC
22 Lenox Pointe, Atlanta, GA 30324
404-705-3690 fax 404-705-3697

More Atlanta Real Estate Legal Tips:

How To Get Information On A Home Owners Association

Is Georgia Affected By The Current Foreclosure Investigations?

What Happens to HOA & Condo Dues in a Foreclosure?

What Makes Property Taxes Go Up and Down?

What Happens To Tenants When a Property is Foreclosed?

Make Sure Your That Your Contract Is Legible

SEARCH FOR ATLANTA HOMES NOW

How To Get Information On A Home Owners Association: Keller Williams Atlanta Real Estate Legal Tip

Aaron — Fri, 29 Oct 2010 14:48:53 +0000

Keller Williams Realty Atlanta – Peachtree Road

Atlanta Homes For Sale – Atlanta Real Estate News - Atlanta Home Buyers

Real Estate Legal Tip

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How to Get Info on a Homeowners Association

When a property has been foreclosed and the seller is a bank, there is no homeowner to provide information about HOA dues. The listing agent for the seller bank may not have any contact info either.

If a subdivision has amenities such as a pool and/or tennis facilities, there will definitely be a mandatory HOA to support these areas. Some HOA dues are nomimal and are just needed for an entrance sign or small common area.

Although the HOA dues are wiped out on the previous homeowner through the date of the foreclosure, the HOA dues start again on that date and are due from the seller bank. Therefore, the closing attorney will need a status letter from the HOA before closing.

There are several ways to get the HOA information:

First, verify from the title report that the HOA dues are mandatory;
Check the GSCCCA lien index to see if the HOA has filed recent liens on other homeowners in the subdivision; if yes, contact the attorney or other party who filed the lien.
Check the Georgia Secretary of State website for the names of the registered agent and officers of the HOA (all HOAs are incorporated);
The registered agent is often an attorney who helped with the original incorporation;
The officers are almost always other residents in the subdivision, and they can be found through directory assistance;
Use Google or other search engines and enter the name of the Homeowners Association; many HOAs have their own websites with contact information.
If no contact information or recent liens can be found, the buyer or buyer’s agent may need to approach some other homeowners in the subdivision and ask them directly.

Some older subdivisions have homeowners associations that are inactive, and the buyer may be asked to sign a “Hold Harmless” letter at the closing, meaning that the buyer will be responsible for any dues that are assessed on the property later. The risk to the buyer is relatively small, because dues can only be asssessed from the date of foreclosure forward.

Presented by Leigh Clack, Attorney
Neel & Robinson Attorneys at Law, LLC
22 Lenox Pointe, Atlanta, GA 30324
lenox@neelandrobinson.com 404-705-3690 404-705-3697

More Atlanta Real Estate Legal Tips:

Is Georgia Affected By The Current Foreclosure Investigations?

What Happens to HOA & Condo Dues in a Foreclosure?

What Makes Property Taxes Go Up and Down?

What Happens To Tenants When a Property is Foreclosed?

Make Sure Your That Your Contract Is Legible

SEARCH FOR ATLANTA HOMES NOW

Is Georgia Affected By The Current Foreclosure Investigations? – KW Atlanta Real Estate Legal Tip

Aaron — Mon, 18 Oct 2010 14:24:16 +0000

Keller Williams Realty Atlanta – Peachtree Road

Atlanta Homes For Sale – Atlanta Real Estate News - Atlanta Home Buyers

Real Estate Legal Tip

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Is Georgia Affected By The Current Foreclosure Investigations?

Most of the current challenges, investigations, and allegations concerning improper affidavits, signatures, notaries, and foreclosures are in states with “judicial” foreclosure, where a judge must approve the procedure, based on the paperwork provided. There have been claims that this paperwork includes false affidavits, improperly notarized documents, and other defects.

Georgia is one of 27 states that do not require a judicial hearing for lenders to foreclose on borrowers in default.

Georgia has “non-judicial” foreclosure, which requires public notice by 4 weeks of advertising in the county newspaper for legal notices, followed by an auction of the property on the courthouse steps in the county where the property is located.

Although all 50 states are cooperating to investigate improper foreclosures, there are no title issues or title insurance coverage problems for people buying foreclosures in Georgia right now.

Some of the major lenders may still decide to delay or stop foreclosures nationwide, but if the foreclosures proceed in Georgia, the titles will be insurable.

This is another reason that the buyers should always get Owner’s Title Insurance, even if it is not paid for or provided by the REO (foreclosure bank) seller.

Presented by Leigh Clack, Attorney
Neel & Robinson Attorneys at Law, LLC
22 Lenox Pointe, Atlanta, GA 30324
lenox@neelandrobinson.com
404-705-3690 fax 404-705-3697

More Atlanta Real Estate Legal Tips:

How To Write an Counter-Offer Correctly

What Happens to HOA & Condo Dues in a Foreclosure?

What Makes Property Taxes Go Up and Down?

What Happens To Tenants When a Property is Foreclosed?

Make Sure Your That Your Contract Is Legible