Key Takeaways Real-estate closing rules vary by state — some require attorneys, some allow title companies, and a handful require title and escrow services to be handled by separate firms. In the DMV, both Maryland and Virginia allow either attorneys or title companies to handle settlements; the District of Columbia is the same. Attorney-state examples […]
The Differences in Real Estate Closings Read More »
Key Takeaways A condemned property is one that a local government has declared uninhabitable or unsafe — but this does not mean it cannot be sold, only that it cannot be occupied. Condemned properties typically require a permit-pulling contractor for renovation and must pass reinspection before occupancy — factor this into your offer price. Title
Strategies to Sell Condemned Houses Quick and Easy Read More »
Key Takeaways The chain of title is the recorded history of every owner and document that has affected a property — deeds, mortgages, easements, liens, plat maps, and title insurance policies. A break in the chain (forged signature, missing recording, unreleased lien, undisclosed heir) can let a third party claim your land years after closing.
The Chain of Title and How it Impacts Real Estate Ownership Read More »
Key Takeaways The habendum clause is the “to have and to hold” section of a deed that defines exactly what the new owner is receiving and for how long. Common qualifiers: fee simple absolute (full ownership forever) versus a life estate (ownership ends at the named person’s death). A habendum clause may be unenforceable if
What Habendum Clauses Do And What to Look For Read More »
Key Takeaways An easement appurtenant runs with the land — it is attached to a dominant estate (benefiting parcel) and a servient estate (burdened parcel) and transfers with both when sold. Common examples: a right-of-way across one property to access another, a shared driveway easement, or a utility corridor. Unlike a personal easement (in gross),
An Easy-to-Understand Guide to Easement Appurtenant Read More »
Key Takeaways ‘Pending’ means the seller has accepted an offer and both parties are in the contract period — the home is no longer actively available but has not yet closed. A pending home can still fall through: financing denials, inspection failures, appraisal gaps, and title issues can all terminate a contract during the pending
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Key Takeaways FIRPTA (Foreign Investment in Real Property Tax Act) requires buyers purchasing from foreign sellers to withhold 15% of the gross sales price and remit it to the IRS. The withholding requirement applies regardless of whether the buyer is foreign — the buyer (or their agent/title company) is the withholding agent and bears the
How to Know if You’re Responsible for Withholding & By How Much Read More »
Key Takeaways A cloud on title is any defect — lien, clerical error, unknown heir, encroachment, ownership dispute, or fraud — that prevents the legal transfer of a property. Most clouds are caught during the title search the title company runs before closing. Many can be cleared quickly: pay off liens, file corrective documents, use
What Is A Cloud On Title? Read More »
Key Takeaways There are 12 types of real-estate deeds; the seven most common are quitclaim, deed of trust, warranty (general and special), grant, mortgage, bargain-and-sale, and special-purpose deeds. General warranty deeds offer the most buyer protection and are standard in most arms-length residential sales. Quitclaim deeds offer the least protection and are used between parties
The 12 Types of Property Deeds and What They Mean Read More »
Key Takeaways A special warranty deed only guarantees clean title for the time the current seller owned the property — not for the property’s entire history. Common uses: foreclosed (REO) properties, short sales, commercial real estate, transfers into trusts or LLCs, and estate sales. Buyers get less protection than with a general warranty deed, so
What is a Special Warranty Deed and What It Is Used For Read More »
