How to appeal your assessed property value in Maryland AND lower your tax bill!
Home Buyer Radio - This week we are interviewing Real Estate Attorney, Bob Moses of Home Team Title. Listen has Bob explains how the process to ...
Live Blog from #ALTABSC: “Is that Legal? Wave the Red Flag?”
Panel: Eric Schneider, Tommy Bastian, Herschel Beard, Polly Epting, Natalie Lancaster, Roberta Schneider
- Real estate agent cannot bind broker on high level business matters (cutting checks, creating ABA’s, etc.)
-ABA highlights: Look at HUD’s list of things they look for in a fully RESPA-compliant joint venture. (Link to follow)
- Title agent cannot pay for RE agent’s advertising. Joint advertising OK if cost is split properly.
- Title agent needs to watch for signs of buyer/seller incompetency. Parties need to have capacity to sign.
- Powers of Attorney (POA) require scrutiny: What was capacity when signed? Is it durable? Does it meet state’s guidelines? Are there limitations in the POA? Why is a POA being used? Note: if attorney-in-fact is to receive benefit from transaction, POA must explicitly authorize that.
- Case law has interpreted inability to speak English as covered under ADA and therefore needing to be addressed by the settlement agent. (Per Eric Schneider – interesting)
- 3 types of foreclosure actions: judicial, non-judicial (Virginia is one) and quasi-judicial (Maryland is one). Title agents need to look for signs of F/C early in process.
- Bankruptcy: Chapter 7 is “total annihilation.” Chapter 13 is “friendlier.” In both cases we have an automatic stay – big red “Stop” sign which prevents creditor from going after debtor, including F/C proceedings.
- Every dollar that changes hands at settlement must be shown on HUD (subject to new HUD unitemized charges). Any money going to agent, builder, repairman, or put in escrow must be shown on HUD. Very important!!!
- If listing agent has lent money to seller, and she is to get repaid at closing, the facts surrounding this need to be disclosed to all and reviewed thoroughly.
- Mobile homes bring up the question of personal v. real property. Answer is dictated by facts and state law.
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