Entries from Searchlight Crusade tagged with 'law'

Investment Property and Sophisticated Users

The majority of the protections that folks have are aimed at helping non-professionals have a chance in the complex and nearly incomprehensible maze that is real estate. The legal presumption is basically that you are a babe in the woods,...

Special Restricted Loan Programs Means Potential For Special Problems

An e-mail I got from a single mother I spent two months working with before she found a special low income program for a property she wouldn't have been able to afford through me. The first paragraph is her addition...

How Easy Real Estate Scams Are

Hi, my name is DELETED, I need help. I bought a house (a few months ago) because my boyfriend persuaded me to. This was supposed to be a real estate investment between us. I put the house in my...

Title Deeds And The Form They Should Take

On a forum I frequent, someone posted this advice for prospective property purchasers: At closing, at the title office or bank, when signing the title, contract for sale or any transfer instrument (use a single obliterating line) mark out the...

Loan Documents - Contracts of Adhesion

Got a search for "mortgage closing documents do not sign changes." Unfortunately for this person, the documents you get at closing are what legal folks call a contract of adhesion. This means you can either accept it, sign, and adhere...

Incorrect Legal Descriptions on a Trust Deed

"Trust Deed Incorrect Legal Description" was a search hit I got. There are all kinds of legal descriptions. Lot, Block and Subdivision Map, or just Lot and Map, are probably the most common for residential property. Sectional portions (Portion A...

There's No Real Way to Take The Complexity Out of Real Estate

Every so often I get e-mail asking why real estate transactions are so complex. Matter of fact, I have this discussion with most clients at some point. The answer is, "Because real estate transactions for a lot of money, and...

Undisclosed Marriage or Domestic Partnership and Effects Upon Title

An email: I purchased a house in DELETED with two friends. Unbeknownst to us, one of them was in a legal domestic partnership relationship that she withheld from us (we knew about the relationship, just not about the legal part)....

Straw Buyers and Their Liabilities

During the Era of Make Believe Loans, a lot of folks got used to zero real scrutiny of transactions. With values increasing rapidly, it was hard to lose money on real estate, whether you were purchaser or lender. One of...

Dual Agency and Sellers Wanting to Keep a Buyer's Deposit

What can a seller do to get the deposit when the buyer backed out after the time limit and just won't sign off on the money? My real estate agent is not helping at all. The real estate office...

Be Careful Not To Commit Fraud With Rebates

With many people pushing various "cash back to the buyer" schemes in real estate, a note of caution is needed. Actually, it's more like an entire symphony of caution. Because if there is a loan involved, you run the risk...

Deciding You Don't Want A Particular Mortgage Loan

I have questions to ask you about the loan for house. I have been work with one broker since DELETED and I just tell her on the phone that I chose her and that she can start to do...

Termite Work, Wood Destroying Pest Agreements: Avoiding Fraud

Every purchase contract I write includes an addendum for Wood Destroying Pests. In California, this is accomplished via form WPA, a one page addendum that requires an inspection and details responsibility for who makes repairs. The work needed is separated...

RESPA Forbids Steering - Even "Just For Prequalification"

Agents rationalize this in all sorts of interesting ways, so let's just start by quoting the cold hard federal law. It's pretty damned clear: RESPA no person shall give and no person shall accept any fee, kickback, or thing of...

Issues with Divorce and Real Estate

The bottom line on this question is always, "Whatever the courts say." Divorce law is complex, and different from state to state, and even when you think you've got a clear message in the law as written, the courts may...

Adverse Possession

It may surprise you to learn that there is a way to lose part of your property without selling it, against your will, and without the government condemning it for public use. This is the doctrine of adverse possession,...

Legal Reasons for Making Late Payments on Your Mortgage

(I have noticed a fair number of hits to this article that, judging by their search query, probably want the article on What Happens When You Can't Make Your Real Estate Loan Payment instead) I got a question about legal...

Homesteading and Declaration of Homestead

This has nothing to do with the Homestead Act of 1862 that encouraged settling the western United States. A Declaration of Homestead basically protects your equity. In many cases, you may not even have to file a declaration to receive...

Pre-Payment Penalties If Your Loan Is Sold To Another Lender

my question today is about what happens to the prepayment penalty if the loan is sold to someone else? A friend of mine told me that he called and was told there was no prepayment penalty with the new...

Fake Agent Scams

I am selling my home to this couple and from day one I wanted this to be strictly a buy-owner sale and they knew this but they brought in a Realtor and wanted me to give her 1% for paperwork...