The Corporate Transparency Act (CTA) has introduced a new set of requirements for many entities, including homeowners associations (HOAs). This legislation, designed to combat financial crimes like money laundering, mandates increased reporting and transparency. For clients who are part of an HOA, understanding these obligations can help them stay compliant with federal law. What is...
Reverse mortgages can be a helpful tool for accessing home equity without selling the property. They can also be used for the purchase of property to preserve equity. However, they come with responsibilities that homeowners must manage to avoid defaulting on the loan. Whether your clients are using a reverse mortgage to address financial needs...
Being a guarantor can seem like a generous way to support a loved one or business associate. However, this role comes with significant risks. Whether it’s co-signing a mortgage loan or guaranteeing a commercial lease, acting as a guarantor ties your financial future to someone else’s obligations. If the deal falls apart, you could find...
What Happens If Insurance Fails to Protect? “Insurance: an arrangement by which one has a guarantee of compensation for a specified loss or damage in exchange for the payment of a premium.” We think of insurance as the way we are protected in the event our houses suffer damage from weather, fire, vandalism, or unexpected...
When purchasing real estate, most people focus on the immediate aspects of the transaction: securing financing, finding the right property, and negotiating the sale price. However, one often overlooked but crucial consideration is estate planning. Integrating real estate into an estate plan helps manage and distribute property according to your clients’ wishes, safeguarding both their...
A buyer and their real estate team need to conduct a lot of due diligence when shopping for a condo, including helping them understand the financial and legal implications of condo ownership. Attorneys play a crucial role in this process by reviewing condo documents, assessing financial risks, and negotiating terms that safeguard buyers. Here are...
Buyers rely heavily on the information provided by sellers and real estate brokers to make informed decisions. However, when that trust is broken due to inaccurate or misleading information, it can lead to misrepresentation claims. These claims can result in legal disputes, financial losses, and a damaged reputation for brokers. For this reason, it’s essential...
Title disputes can arise at any stage of a real estate transaction and often catch both brokers and clients off guard. The Seller’s attorney will need to clear out the disputes before the closing. But if disputes arise later, after the closing, the issue is between the Buyer (now owner) and the title insurer. Before...
One often overlooked aspect of real estate transactions is the presence of chattel mortgages, particularly in scenarios where homeowners have taken advantage of financing options for home improvements such as HVAC systems or window replacements. These financial arrangements can have significant implications during the sale of a property, and it is crucial for real estate...
Home appreciation and inflation significantly influence property values and buying power, but they are not the same. Home appreciation and inflation, while both affecting the economy, operate on different principles and have unique impacts on the housing market. This blog post will delve into the differences and interactions between these two concepts. Home Appreciation Home...
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