It's My Property. Why Does My Spouse Need to Sign?

I’m sure many of you have run into this situation and how uncomfortable it can be:  It is the day of closing, you show up at the attorney’s office, and the seller is asked “Are you married?” 

The answer is yes, and the seller is informed that their spouse will need to sign the deed. 

More often than not the seller’s response is, “It’s my property! Why does my spouse need to sign the Deed?” 

Knowing the reasons behind this requirement may help to ease this uncomfortable situation or prevent it all together. 

TRID Has Arrived! Be Prepared for Delayed Closings

Professionals in the real estate industry have been anticipating the effective date of historic changes to how real estate transactions are conducted for many months.  October 3, 2015 has come and gone, so applications for residential home loans going forward are now subject to the new “Know Before You Owe” rules promulgated by the Consumer Financial Protection Bureau (CFPB).  

FIRPTA and Foreign Clients: What Agents Need to Know

At Hutchens Law Firm, we have quite a few real estate agents that represent foreign investors in the acquisition and sale of real property in North Carolina. What many agents and foreign clients do not realize is that there may be tax implications when the client goes to sell the property.

The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) imposes an income tax on any foreign person selling real property in the United States.

Two Important Changes to the Real Estate Loan Closing Process

Attention all real estate agents: changes are coming…and soon!

Effective August 1, 2015, the Consumer Financial Protection Bureau (CFPB) will impose new rules that will change many aspects of the real estate loan closing process.  So what are the new rules and how will they affect you?

Here are two changes to note:

1) Lenders must provide two different disclosure forms to the consumer, better known as your buyer.

What to Expect When You Sell Your Home

Tips, tricks and insights when you sell your home

Sell out with me. "You used to stand for something, but you’ve sold out, man." Everyone’s heard the phrase about their favorite garage band when mainstream access yields excess levels of popularity. In classic days where tape decks came standard in every car, families bought a home for life, and had little or no plan to sell it. However, in today’s economy where iTunes and Spotify reign supreme, moving is commonplace. 

Why Can’t I Have My Check at Closing?

All the documents are signed. You have waited weeks or months for this day—the day the real estate transaction closes on your home. Whether you are the real estate agent, the seller or maybe even the buyer, you may expect to get a check as soon as all the paperwork has been signed. Instead, you are told by the closing attorney that you will have to wait. What is the attorney waiting for and why?

Why Should an Owner Get an Insurance Policy? (Part One)

I always recommend a buyer of real property spend the money to purchase an owner’s title insurance policy.  If a buyer is getting a loan to purchase the property ninety-nine percent of the time the lender is going to require a lenders title policy and the buyer can obtain an owner’s policy with little or no additional cost. Further, the buyer only pays an owner’s premium once and it covers them and their heirs as long as they own the property.  If an owner refinances they have to purchase a new policy for their lender but their policy continues without reissue. 

Shopping Around for Homeowner's Insurance

You've heard the saying, ‘the only two constants in life are death and taxes’. As we've seen in the local news, North Carolina insurance companies seek to add escalating homeowners' insurance rates to this list. Citing the estimated replacement costs for homes subject to future weather events and disasters is the justification the insurance companies use for the rate hike. The North Carolina Insurance Commission prudently denied the insurance companies’ request; however, the insurance companies won't take ‘no’ for an answer.