Real Estate Blog

A few months ago, a real estate agent called me looking for advice under the following scenario: Their client bought an investment property with cash. When they purchased the property, the Homeowner’s Association (HOA) dues were prorated and paid through the end of the year on the settlement statement by the closing attorney. The client immediately started renting the property out. Over the next couple of years, the client did not pay the HOA dues claiming they never received the bills therefore did not realize there were any due.
As North Carolina continues attract new residents from across the nation and as state-wide growth continues, one small public and private concern with regional development involves the management of water drainage.   
Buyer, sellers and real estate agents have a duty to disclose “Material Facts” regarding the property and transaction to all the parties involved.  Material facts include facts about the property, the ability of a party to complete the transaction, the ability for a party to use the property for a particular purpose and some facts that relate to the property or the neighborhood. Notice I said “some” facts that relate to the property or the neighborhood.
Yes, the parties become friends and….it’s also marketing.
 
Congratulations on selling your house… you even made a little money out of the transaction.  There are still a few things to do other than cashing your proceeds to make sure there are no surprises while you are on your tropical vacation.  These tips may save you some time and money down the road.
Changes in North Carolina Title Insurances are effective April 1st of this year. If you are closing on a property, please make sure your lending partners are aware of these new rates so they can plan for it on the Loan Estimate and Closing Disclosure. If you have any questions, contact one of the real estate attorneys at Hutchens Law Firm:
Most real estate investors understand the importance of using a limited liability entity to buy and sell property and to hold property for rental income.  Many of these investors form a separate Limited Liability Company (LLC) or entity for each property they purchase.
We defined what a title insurance policy is in Part One, and you have more questions: How does it work?  How do you file a claim? Who do you need to notify?
Every homeowner knows that they have to pay property taxes on the real estate they own.  But did you know that North Carolina offers certain homeowners property tax relief?  It’s true!  If you qualify, this could mean significant savings on your property taxes.  The North Carolina Property Tax Relief Programs are not automatic, you must apply— and applications are due on June 1st of the applicable tax year. 

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