What is Title Insurance and Why Do You Need It?

 Title insurance protects against title search errors, undiscovered title defects, and losses that arise from disputes over property ownership once the property has been purchased.

• What is a title search? A title search is intended to provide a buyer with basic information about the real estate he or she wants to purchase. Among other things, the title search will ensure that no one other than the seller has any ownership interest in the property.
• What is a title defect? A title defect is any legal right to property that is claimed by a person other than the owner.
• Why is title insurance needed? If a mortgage loan is used to finance the purchase of a home or any other piece of propert, the mortgage lender will most likely require to purchase a title insurance policy that insures them against title defects. This policy, called a lender's policy or a loan policy, protects only the mortgage lender's interest in the property. To protect your own interests in the property against loss due to unknown title defects, you will need to purchase an owner's policy.
• How necessary is an owner's title insurance policy? You are not legally required to purchase both a lender's policy and an owner's policy. However, there are several reasons why purchasing an owner's policy may make good sense.
  
  (1) First of all, compared to the protection it offers, the cost of an owner's policy is minimal. For only a few hundred dollars, an owner's policy can spare you the time and expense of defending your property rights against claims brought by others and will reimburse you for losses caused by title defects up to the face amount of the policy.
  
  (2) Secondly, even the most thorough title search cannot absolutely assure that no title defects are present. An owner's policy will protect and defend you against undiscovered title defects caused by, among other things: 
       - Forged documents 
       - Liens on the property for unpaid taxes 
       - Negligence on the part of the original title examiner 
       - Undisclosed or missing heirs who come forward to claim part of all of the property 
       - Other unknown claims to the property that are not contained in any public record

To learn more about an Owner's Policy and Lender's Policy, and their associated benefits including costs, contact Only Closings today at 203-581-1712.

The weekly Tip-of-the-Week* is supplied by Only Closings --

a law firm devoted to real estate closings.

      - Our closing staff is made up of seasoned, experienced real estate attorneys.
      - Close where it is most convenient for the client (home, office, job or bank)
      - Very competitive closing fee and no hidden fees!
      - No fee consultations.
      - Personalized, responsive service from all of our attorneys and paralegals

  To learn more about Only Closings and how they can help you quickly close a property transaction, call them at 203-563-9677 or visit them online at www.OnlyClosings.com

*The content within the "Tip-of-the-Week" is strictly for informational purposes and not intended to be interpreted and/or used as legal advice. Only Closings and OnlyClosings.com is a service provided by Tamara L. Peterson Attorney at Law LLC.

And a note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

Outstanding Home of the Week - 4 BR 2 Bath Home in Trumbull CT for $369,500

This home has not even hit the MLS yet, and is priced so well, you ought to know about it.  It's located in the Tashua area of Trumbull.

Short and sweet- Here's the info. If you know of anyone looking to buy a home in  Trumbull , let them know about this house before it's too late. This house will sell the second it hits the MLS.

You may have seen many homes described as being in mint condition, and they weren't. THIS home really sets the standard for what the term "mint condition" actually  means. WOW WOW WOW!!

96 Stemway Road is..

....located near the end of a double cul-de-sac in the sought after Tashua section of Trumbull, and  there is even a pathway at the end of the road for the kids to get to award winning Tashua Elementary School.

This 2,105 square foot raised ranch was built in 1969, although you would never know it. This home has been completely updated. and is in impeccable condition inside and out. There are four bedrooms and two full baths,  there is city water and city sewer (with no remaining assessments),  and the home sits on  one half acre.

Click on the Photo to get more details and set up a showing with Judy

96 Stemway Road, Trumbull CT

The Smartest Buyers Take Advantage of the Best Priced Homes Every January.

If you have decided that 2012 is the year that you are buying a home, it's only a few weeks away, and congratulations on your decision.  Historically, this is the time to take your pick of the best priced homes, so go ahead - brave the cold weather, your wallet will appreciate it very much.

There are fewer homes available for sale, but the sellers that choose to  put their homes  on the market during this time sincerely want to sell, and are not testing the market for the highest price, or else they would just wait a few months.  The house of your dreams could come on the market in the next few weeks but if you are not prepared to look at homes, or have it in your mind that you will begin your search in  February or March, you may very well miss that great house that someone else will inevitably snap up before you do. Real estate is all about timing, and its important to keep all of your options open in order to get the very best deal.

Another factor to take into account is the length of time for the mortgage approval process. There ar not as many loan applications being processed during this time, and you are bound to get better service, and a faster turn-around time and the mortgage rates are at historic lows, which doesn't hurt either.

Looking over sales from the past few years for our immediate area, it's not surprising to me that anywhere from 10 to 15 percent of annual closings have occurred in February and March -but let's look at that fact as it relates to you and  for your benefit. A real estate closing takes anywhere from 45- 60 days to complete, so these buyers began in January, and found the house of their dreams pretty quickly  without having to weed out a  lot of overpriced homes, or non-motivated sellers. Waiting another  month or two just to look means that you are missing out on 10-15 percent of the homes, and by far the year's BEST priced inventory.

It's a no brainer that more homes become available in a  few months, but the sellers are bound to be less motivated, and the prices tend to be higher.  The one thing for sure is that you will know which house you want to buy pretty much the moment you walk in, and it could very well be in January. The only problem with waiting to begin your search is that someone else who decided to start earlier bought the house that could have been yours for a great price.

A note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

Advantages and Disadvantages of Clapboard Siding for your CT Home

 

Wood siding has been in use for a long time and is extremely popular.  While newer, more modern materials have become very fashionable recently because of the benefits they provide in terms of weathering and damage resistance, wood siding is still commonly found on homes all over the world.  InterNACHI inspectors will frequently come across this type of exterior cladding during inspections.  Inspectors and homeowners alike can benefit from knowing more about the different kinds of wood siding, its advantages and disadvantages, and some signs that problems may be occurring.

 

Common Types of Wood Siding

These include:

• clapboard.  Also referred to as weatherboard, and bevel and lap siding, clapboard consists of long boards installed horizontally in such a way that they overlap.  It’s typically made with cedar and redwood because of their strength and resistance to decay; 
• rectangular plank.  This is similar to clapboard but it is installed vertically, as opposed to horizontally, and has a smooth look.  Narrow strips of wood called battens are used to cover the joints and keep out moisture;
• plywood.  Yellow pine, Douglas fir and western red cedar are typically used in plywood siding.  It can be installed vertically and horizontally, and it adds to the structural strength of a house;
• shingles and shakes.  Shingles are typically made of cedar, cypress and redwood and are machine-cut to uniform shapes.  Shakes are similar to shingles but are hand-cut, so the sizes are not identical or necessarily uniform.  Both types are applied from the bottom of a structure to the top, with each new layer overlapping the one below it;
• solid wood or lumber.  This is a very common form of siding made from solid pieces of wood that may be installed vertically, horizontally, diagonally, or in any combination.  Solid wood siding is very durable and attractive, when properly maintained; and 
• hardboard.  This is also sometimes called composition board.  It is manufactured wood siding made of compressed wood fiberboard with synthetic adhesive, often pre-finished and treated with EPA-approved preservatives to help resist insect damage and decay.  It is lightweight and less expensive than solid wood siding, and can be easier to work with because it lacks knotholes.

Advantages

• Wood is generally considered the most aesthetically desirable form of exterior cladding, and may increase the resale value of a home.  A historic building with properly maintained wood siding in good condition is generally considered more valuable than a similar building whose siding is of a modern or synthetic material.
• A large variety of styles and types of wood is available to suit different tastes. 
• Wood siding can be painted and stained virtually any color.  Oil-based stain or paint is typically applied to the rough-sawn side, which will readily absorb the coating. 
• In many instances, wood siding can be repaired more easily than other forms of exterior cladding.  A single damaged board of siding can usually be replaced and repainted.
• Wood siding is generally considered the most environmentally friendly option, as opposed to other materials, such as brick veneer.  According to Virginia’s Sustainable Forestry Initiative Program, brick veneer production requires 22 times the amount of energy needed to produce wood siding.  Wood is also a renewable and biodegradable resource.

Disadvantages

• Although wood siding may be easier to repair than other materials, it requires more maintenance in general, and repainting or resealing must be done every few years.
• Unlike siding made from synthetic materials, when not properly maintained, wood is susceptible to rot, which can lead to structural issues if not addressed in a timely manner.
• While termite problems can occur with other materials, wood siding is more susceptible to direct attack from wood-destroying pests.  The use of treatments and preservatives, as well as the choice of wood, can help prevent termite problems.
• The cost of installing wood siding can be prohibitive, as it is one of the most expensive types of exterior cladding.  The average price for a 1,250-square-foot installation may range from $6,500 to $7,500.

Inspection Tips

A visual inspection of the siding includes reporting on its general condition.  Defects may include damage, cupping, curling, cracking, splitting, and other problems that could affect the performance and lifespan of the siding. 

• Improperly applied paint is a common problem, which can cause blistering, peeling, cracking and fading. 

  

• Paint problems can also be caused by interior moisture passing through the wall and lifting the paint. 
• Chalking of the paint can occur over time.  It can gradually break down to the point that it will lift off as a powdery substance when touched.  This indicates that repainting is necessary.
• Oil-based stain can deteriorate over time due to exposure to UV rays, excess moisture, or physical damage, or it may not have been properly applied in the first place.  Stain may need to be touched up or re-applied.
• Vegetation that holds moisture or water up against the siding, such as vines and ivy, can be detrimental to the condition of the siding over time, and eventually lead to water or moisture damage.
• Natural wood siding should always be installed over building paper or housewrap in order to provide adequate protection from water intrusion. 
• Depending on the type of siding installed, the nails may be exposed or hidden.  Proper use and installation of the correct nails is very important with wood siding.  Generally, siding and box nails are used for face nailing.  Casing nails are used for blind nailing.  Nails should be corrosion-resistant.  Nails should also be rust-proof to avoid discoloration.  Stainless steel nails are the best choice. 
• Buckling and cracking can be a concern, especially with hardboard siding.  The boards or planks should be attached with enough room left for natural expansion and contraction of the wood, which occurs across the grain. 
• If the moisture content of the wood siding is too high and external temperatures are right, rotting will ensue. 
• Water penetrating a wall often comes from poor building practices around windows and doors, as well as wall attachments, such as light fixtures.  Outside corners are often subject to rotting due to imperfections at the corner joints.  A moisture meter is also a useful tool for examining any suspicious conditions observed.  Sources of moisture that can lead to rotting include:
  • roof leaks;
  • gutter leaks;
  • openings or gaps in joints;
  • condensation; and
  • wood installed close to or below grade.

Wood siding in its different forms is a common exterior cladding material that inspectors will encounter frequently.  InterNACHI inspectors can benefit from knowing more about the different types used, as well as some typical problems associated with it.

by Nick Gromicko and Ethan Ward

Nick Gromicko, FOUNDER. http://www.nachi.org
International Association of Certified Home Inspectors (InterNACHI) is the world's most elite, non-profit inspection association.
President, ComInspect, www.cominspect.com
Director, Master Inspector Certification Board, www.certifiedmasterinspector.org
Author, 15 books and Co-Host of  http://www.NACHI.TV

A note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

 

What is Supposed to Be Included With Your Home Purchase or Sale?

Whether you are buying a home or selling a home, you can avoid completely unnecessary last minute disagreements at the closing table that can very well escalate into deal-breaking issues by understanding the difference between personal property vs. real property.

Avoid confrontation and issues by

itemizing what stays and what doesn't.

For Sellers: When you list your home for sale, you should be thinking of itemizing what "personal property" will be included in your home sale, and what commonly requested items will not be part of the transaction.

For Buyers:  When you place your initial offer on the property, make sure and itemize all of the personal property that you wish to be included in the sale. Do not assume that everything stays.

Personal Property vs. Real Property

Personal Property:

In regards to a real estate transaction, Personal property, generally speaking, is private or personal  property  or possessions that are"moveable"- that is, it can be easily moved from one location to another. Also referred to as "chattel or "personalty".

A few examples  are as follows: Any appliances that is movable and not built-in.  Blinds, drapes, curtains and curtain rods. Chandeliers, Light fixtures and/or Ceiling Fans.

Real Property
Generally, anything which is part of the land, or attached to the house and is unable to be moved, or cannot be removed without creating damage is Real property.  

The intent and manner with which an item is attached is used in determining whether an article or fixture is real or personal property. If removing the item requires pulling nails, it’s probably real property. (This does not include picture hangers). If something can be unscrewed and removed without leaving any damage, it might be a good idea to discuss this when negotiating the offer.  

A few examples of Real Property:

Built-in microwave, built-in wall oven, an air-conditioning unit that has been built into the wall, a shed on a concrete slab, or a swingset.

......and a little story

I remember conducting a final walk-through with a buyer client a few years back, and everything seemed to be in order as far as I was concerned, and then all of a sudden, my client went from bathroom to bathroom checking the house, and came to me in a near state of panic, because there was no toilet paper in the holders . He thought it was a law that owners had to sell their homes with toilet paper. No, I am not kidding. He was furious until I let him know that there was no such law on the books.

He got over it, but  something that seems so inconsequential to you it could really make life miserable for everyone involved.- and while we are on the subject of some of the smaller things, leaving light bulbs is not mandatory either.

Bottom Line: If it's important to you, put it in writing

so there are no mis-impressions or misunderstandings.

As with everything else in real estate, remember, it’s all negotiable. If there is a unique item you want included in your purchase, ask for it. If you are selling, and the chandelier in the dining room has sentimental value to you, it's best to replace it BEFORE your home goes on the market. That way it won't ever become a bone of contention.

If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.