About Me
Worked here all through high school and college.
What is Kimballs Farm Ice Cream (when they only sold ice cream).
What protect both real estate owners and lenders against losses they may experience due to legal defects that have occurred in the past, but not the future.
Title Insurance
The name of the document that legally transfers title over to the new owner
The Deed
In real estate, what two-word phrase means that the property is being sold to you in its present condition, and that the seller is not responsible for any issue you may have with that condition?
"As is"
Someone asks me to transfer their deed to their kid. Will I do it?
No -
A subsequent sale can result in capital gains tax since only a portion of the gain will be exempt
Can’t sell without remainder man (children) joining in the sale
Lose control
Subject to all of children's creditors (divorce, court judgment, government liens)
Recovery available if sold while life tenant is receiving Medicaid benefits
There is too much liability, most of the time we will not do this for clients.
Movie debut and finale.
What is Rudy?
I have a deed that has
Pin-Bo Tsai and Angelique Eliopoulos, a married couple, tenants by the entirety, with a life estate to Antoinette Eliopoulos. Antoinette wants to sell the house. Who needs to sign the Deed
A document that is recorded that offers equity protection against non governmental third party creditors for certain properties
Declaration of Homestead
What language must be stated in a deed to have creditor protection for a married couple
"Tenants by the Entirety"
Someone wants me to put their home in an irrevocable Trust and they have no other significant assets. Will I do it?
No!
5 year look back period for Medicaid
Irreversible (cannot deed property back into your name (but remember escape hatch and asset can change forms inside the trust)
Can’t access equity in home in the future through conventional financing or reverse mortgage. If you sell home, the money has to stay in the trust.
Can’t take proceeds and go Hawaii
Can’t use proceeds to rent or go to pay for assisted living
One of three favorite movies.
What are Sound of Music, Animal House, Field of Dreams.
Which of the following is NOT covered by title Insurance:
a) prior owner discharge is missing
b) A neighbor starts encroaching on your property 2 years after you have moved in.
c) A fraudulently signed Deed
d) missing heir of a probate did not get proper notice
B -Title insurance covers things that have happened in the past NOT the future
Durable Power of Attorney
A ______ of title is like a timeline or history of a property’s ownership. It is the chronological order of conveyance of a parcel of land from the original owner to the present owner. In Massachusetts, at least a 50 year title search is required.
"Chain"
For those of you who paid attention to my commercial last week :)
Will I have a closing for the half house?
NO!
But actually the half house was fine! But there is NO Trustee's certificate on record authorizing a back up Trustee for a Deed that is already on record - would have been saved but seller DID NOT have Owner's title insurance!!
Favorite book.
What is To Kill a Mockingbird.
A deed reads: Courtney Love and Kurt Cobain, A married Couple.
Can Courtney sell the house alone now that poor Kurt has been murdered...I mean has passed away?
NO!
Tenants in Common
NO rights of survivorship exist between parties. She Has to probate Kurt's estate and have a personal representative appointed to sell with her
A signed document from the lender indicating that the mortgage contract has been fulfilled.
A mortgage discharge
________ transactions (meaning a mortgage is being provided to purchaser)
"Purchase Money Transactions"
As opposed to Seller financing, or Cash deals
I am doing a closing and a week prior to closing the owner passes away. I get a call that luckily that person had designated their daughter to be their Power of Attorney. Am I all set to proceed to closing?
NO!
A power of attorney is extinguished at death!! Now need to probate the estate.
Goal to complete this decade.
What is Marathon... or half :)
A document was recorded at the Registry of Deeds on the "recorded side" but actually something in the title has passed through land court so the document should have actually been recorded on the "other side" - it is now considered ______________
Registered Land
After the Land Court renders its decision as to the ownership and boundary lines of real property, the ownership of that parcel can never again be disputed or doubted by any person. Going forward, recordings are more scrutinized and have more requirements.
An interest in land that gives the owner the right to use real estate owned by another for a specified purpose.
An Easement
Could be for utilities, or to allow someone to cross your property or for access (ex) National Grid, the driveway to my office building)
________shall include any and all transactions entered into on behalf of the Principal in which the attorney-in-fact may derive a benefit, either directly or indirectly, tangible or intangible.
"Self Dealing"
Short answer: NO!MGL Chapter 93, section 114:
A broker does not have a duty to disclose whether a property was the site of a felony, suicide or homicide, or has been the site of an alleged “parapsychological or supernatural phenomenon,”i.e., a haunted house.
Notwithstanding the foregoing, the provisions of this section shall not authorize a seller, lessor or real estate broker or salesman to make a misrepresentation of fact or false statement.