Tag: title business

Title Business

Title Tip: Abstract of Judgment Day

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With the Abstract of Judgment, the skeletons of a property’s title may come out of the closet.

By Lydia Blair
Special Contributor

Judgment Day in the title business is when the title search comes in and the skeletons in the closet come out. These types of skeletons often come in the form of an Abstract of Judgment. Most law abiding folks aren’t familiar with an abstract of judgment or how it affects real estate. But we see it in the title business regularly.

In Texas, an Abstract of Judgement (AJ) is basically a lien that is filed on a property for an unpaid debt. First a judgment for debt is rendered and then the creditor may file an Abstract of Judgment on the debtor’s property. It is designed to prevent the transfer of that property until the judgment has been paid.

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Title Business

Title Tip: What is a Title Search?

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By Lydia Blair
Special Contributor
 
Title companies are like the private detectives of real estate. That’s right. We’re like a combination of Sherlock Holmes and James Bond. Only without the guns and fast cars. Well, maybe we’re closer to a mixture of Nancy Drew and the tech nerd in the back of your office. But we still help save you from real estate disaster.  

One of the reasons title companies are so essential is the title search they perform. A real estate title search involves collecting documents and evidence of the history of a property. The purpose is to ensure the title is clear and valid, and to answer questions regarding a particular piece of real estate prior to the transfer of the title.

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Title Business

Title Tip: What’s the Best Day For Closing?

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By Lydia Blair
Special Contributor

One of the quirks of the title industry is the roller-coaster pace of business. A week day in mid-January can be as boring as watching paint dry. The last Friday of the month in the summer feels like bungee jumping into fire.

While title companies are generally glad to close a transaction, some days are a lot more welcome than others. The last day of the month is usually the busiest time for title companies and lenders. Fridays are the fullest days of the week.

I’ve suspected that mortgage companies were pushing for these days to close out their month or week with more business. But that is probably not correct.

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Title Business

Title Tip: TREC Changes The Rules Regarding Escrow Money

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By Lydia Blair
Special Contributor

The Texas Real Estate Commission (TREC) recently updated the standard residential contracts to now address policies regarding deposits of earnest monies. These changes become mandatory May 15, 2018.

On the first page of the newly updated Texas contracts, it states that “Within 3 days after the Effective Date, Buyer must deliver $___ earnest money to ___, as escrow agent, at ____.”  Previous TREC contracts did not have a deadline for delivering earnest money except to say it was due “upon execution of this contract.” Simultaneous delivery of the contract and earnest money didn’t always happen. Now it is clear.

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Title Business

Title Tip: When Buying or Selling, How Do You Deal With an HOA?

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By Lydia Blair
Special Contributor

Dear Diary,

OMG. My HOA is sooooo horrible. They’re, like, the worst ever. I mean, it’s like the mean girls of the school. I can’t even. They’re just trashing my entire experience. Like, totally! Turns out my condo isn’t warrantable. As if. And that rush fee they charged ate my swag money. Hashtag whatever.

Signed,

Throwin’ Shade Gal

Hey girl. I hear ya. But you might as well chillax, ’cause all HOAs (Home Owner Associations) are typically a hassle when you’re buying or selling a property. Seriously.

A property with mandatory HOA always adds another pile of paperwork to the transaction. And additional costs. Some more than others. You may be dealing with a Home Owners Association that governs the neighborhood where you live. Or you may be in a condominium under HOA management. These associations enforce restrictions, oversee common areas, supervise maintenance and repairs, … and generally ensure everyone follows the rules they’ve all agreed to.

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Title Business

Title Tip: Marital Status When Buying or Selling a Home

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By Lydia Blair
Special Contributor

Your friendly title company representative wants to know if you’re married. How flattering, right? Not exactly. Asking about your marital status isn’t a come-on or a pick-up line. At least not when it comes to a real estate sale.

When someone in a real estate transaction – either the buyer or seller – has been married, is getting married, is separated, is divorced, or is in any past or present state of marriage, it can affect the sale of a property. Well, sure, it can affect your mental state, too. But it also affects the sale process in other ways.

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Title Business

Title Tip: Solicitations And Scams After Buying a Home

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By Lydia Blair
Special Contributor

After the paperwork has been signed and you’ve been handed the keys, there are plenty more expenses involved in moving into your new home — packing supplies, connecting utilities, hiring movers, new appliances or furnishings, etc. However, there are certain costs after buying a home that new homeowners should not incur despite a barrage of letters telling them differently.

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Title Business

Title Tip: Why Are Texas Homestead Rights so Important?

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By Lydia Blair
Special Contributor

We Texans cherish our homestead rights more than anyone. And we’ve got the state constitution to prove it.

Cue the old west music and picture Ma with a baby on her hip and Pa with his rifle at the door of their simple home. That must be what the Texas founding fathers had in mind when they enacted our state’s constitution and property code to help protect our citizens.

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