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1) What is title insurance? How much does it cost? Should I buy it?

Owner’s title insurance protects the Buyer of a property against undiscovered liens or defects in the title prior to the time of purchase. Title insurance insures the record title and protects an owner of property from losses arising from defects occurring prior to the date of the policy. Therefore, it differs from other types of insurance because it is retrospective in nature. It also differs from other types of insurance because there is only a single premium charge for title insurance, but the protection lasts for as long as you own the property. There are different title insurance policies which protect both owners and lenders. Lender’s title insurance performs the same purpose, but only for the lender in a transaction. The fee is typically about $2.50 per $1000 for lender’s coverage and $3.50 per $1000 for owner’s coverage. Lender’s insurance is required and you are strongly encouraged to purchase owner’s insurance for numerous reasons. If you have any questions in this regard or have been given advice that owner’s insurance is not necessary, please contact one of our attorneys to make an informed decision.

Since one’s home is usually the single biggest financial investment, it is highly prudent and wise that a homeowner would want to protect that investment and enjoy the benefits of ownership. An owner’s title policy is that protection.

2) What type of claims are covered by Owner’s Title Insurance?

The owner’s title policy insures against loss or damages sustained by the owner by reason of historical discrepancies such as forgery, undisclosed but recorded prior mortgages, bankruptcies, liens or divorces, deeds not properly recorded, missing wills or heirs, and inadequate property descriptions.

3) Why do I need an attorney for a closing?

An attorney should always be present at a closing to answer legal questions and to resolve disputes. Most lenders require the presence of an attorney at all closings. At our firm, all closings are always conducted by an attorney. In Rhode Island, the buyer has the right to choose the attorney to handle the title search. You should always insist on an attorney instead of a title company, as we will help to resolve the problems which arise, and will not limit our scope to merely searching the title.

4) When do I get my proceeds as a Seller?

The Seller will be given the proceeds from the sale after the deed has been recorded. In our office, we always record the documents the same day if the closing occurs before noon, and within 24 hours of closing in any event, barring weekends and holidays.

5) What happens if the house is not ready for me to move in on the day of closing?

If the house is not in the proper condition to move in at the time of closing, you will need to consult with an attorney. At our firm, if we are handling the closing, we will always strive to help the buyer with the predicament. Options include postponing the time of closing, giving a buyer credit, or escrowing funds from the seller until the property is in the proper condition.

6) Where does the closing take place?

The closing will occur at the attorney’s office for the buyer. Occasionally, the closing may occur at the lender’s office or a real estate agency, but the vast majority close at the attorney’s office.

7) What form of money should I bring to the closing?

Buyers should bring a bank check or certified funds to closing. If one of these options is not available, buyers should make arrangements to wire funds directly to the closing attorney at least one business day prior to the day of closing. If verifiable funds are not present at the time of closing, the recording of the documents will be delayed and the buyer may not be able to move into the new home. Personal checks or cash are acceptable in nominal amounts up to a maximum of $1000.

What other obligations are there as a Seller of property?

The seller is obligated to produce a Smoke Detector and Carbon Monoxide Detector Certificate at the time of closing. To obtain a certificate, the seller or its agent must contact the fire department for the municipality in which the property lies to conduct the inspection.

9) Will I receive a survey of the property at the closing?

No. In Rhode Island, lenders do not require surveys. Unless the buyer requests a survey, no one will physically verify the boundaries of the property. In Massachusetts, a lender may require a plot plan of the property which does not formally locate all of the property boundaries, but it does locate the house in particular vicinity within the boundary lines.

10) Will I receive an appraisal of the property at the closing?

You are always entitled to a copy of the lender’s appraisal if there is a lender involved on your behalf as a buyer. The appraisal is often presented at the closing, or it can be requested in writing.

11) What if my property is in a flood zone?

If the property you are purchasing is in a flood zone as depicted on the government maps, the lender will require you to obtain flood insurance. You should be careful of this whenever the property is near the water as flood insurance is often quite costly.

12) Does a title search or title insurance cover zoning issues?

No. Zoning determinations are completely separate from the title to the property. If you want an attorney to verify the zoning for you, an additional fee would be required.

David Slepkow is a Rhode Island lawyer practicing real estate law, divorce, family law & personal injury. Our firm, Slepkow Slepkow & Associates, Inc. has been in existence for 75 years and has done over 30,000 real estate closings. We represent clients in all real estate matters including: residential and commercial closings and easements, partition, title law, zoning / planning law, mortgages, real estate litigation, evictions etc.

When you own property that you rent out, there can be many headaches and issues and unless this is all you have to do, hiring a property manager may be worth the money.

Just right from the beginning when renting a property, there are laws and restrictions which can vary from city to city. Landlords have responsibilities and tenants have rights. Knowing those details can be overwhelming for some people.

If your rental property is hit by a natural disaster or man-made disaster, a property manager will have the information and skills to handle the matter for you.

This would include finding the tenant temporary housing if needed, finding contractors to make repairs or replacements if needed and in some cases, you can arrange for them to handle any insurance claims for you as well.

When it comes time to finding tenants, a property manager will have necessary forms and procedures in place to screen prospective tenants. This screening process will make certain that your property is protected by doing background and reference checks.

A property manager will know the questions they need to ask as well as what answers may be cause for concern.

In some cities, a rental property must go through an inspection prior to renting it out.

A property manager will know what needs to be done to pass those inspections. If there are things to be fixed up that don’t pass the inspection, they will get picked up and the manager will have a list of reliable contacts they use to get those items corrected so that they will pass inspection.

A property manager also handles all financial matters with the tenant so that you don’t have that headache.

From collecting the initial deposit prior to new tenants moving in and thereafter being responsible for collecting the rent each month and making sure the tenant stays paid up current.

It is often the case when you manage your own property and you are faced with the situation where the tenant is behind in the rent. They will come up with all the excuses in the book and if you have a good relationship with that tenant or your personality is more inclined to be a bit gullible you can get caught out.

This is a situation where a property manager comes from an unbiased position and will stick to the guidelines you set forth and not have these problems with late rent.

Property managers also keep maintenance up on your rental property, both inside and outside.

Keeping your property in top condition is a must if you want to protect your investment.

When electrical or plumbing problems are addressed and repaired in a timely manner, it is a far better thing than letting something drag on that will cause further damage and cost you more money in the long run. And of course you are unable to rent the property out until it’s in A1 condition and passes the inspection report.

In the winter, properties need to be winterized and property managers will have a crew that keeps everything neat and tidy so the property maintains or increases its value.

Repairs and maintenance are put on a routine schedule, whereas a property owner will have to make time to inspect the problem, make time to purchase supplies and arrange a tradesman to get the job done.

A property management company will have a crew in place to do the job quickly and efficiently thus protecting your property from further damage.

For example having pipes burst can cause a lot of damage to a property and in turn decrease the value of your home until it has been repaired or replaced.

By letting a property manager handle your rental property, you are putting a little bit of money into one of the largest investments you have, as well as saving yourself aggravation and mental stress.

There is a significant increase in the number of mothers opting to have a home based business. This growing trend gives mothers an opportunity to manage their own time and allows flexibility in handling the demands in her family, children and other household obligations.Imagine a mother like anyone else has only 24 hours to juggle various tasks at the home plus her 9-5 office work, community, friends and a lot more. Apart from this, she has a husband and a personal life to pursue.And with a mother’s desire to spend more time with her kids, keeping a 9-5 full time job becomes a hurdle as it already stashes away half of her day. Hence, setting up a home based business becomes an alternative solution.Freeing yourself from a full time job means you will be able to support your son in his baseball game or your daughter’s first piano recital. Your children can count on your presence with confidence that you will be around until the program ends. No rush.Not slaving yourself from a 9-5 day time job leads to more quality time with your children, having energy to follow-up their school homework and more moments to waste time with them.Keeping a home based business is akin to continuing your 9-5 full time job except that you report to no one but to yourself. So mothers, who are ex-corporate lawyer, ex-sales executive and so on, can continue to exercise their expertise by starting a home based business on their knowledge and skill. Your skill from your previous job can be turned into an opportunity. Your services can be outsourced by any private firms or perhaps your previous employer or clients.Another factor that motivates mother to start their home based business is the financial freedom and security from the income generated. An income no matter how minimal is still an income which can augment your family’s financial resources.And with the advent of internet, the opportunity for home based business is vast. It’s your window to the world of opportunities.However, you need also to be realistic in being a home based entrepreneur. Be aware also of the possible investments you will be taking – time, money, skills, etc. Know your strength and weaknesses in your chosen home based business venture.Like any other business it entails hard work, planning and perseverance before your business will take off from the ground. Any successful business ventures didn’t come overnight. You have to toil the groundwork maybe weeks, months or years.In the end of the day, it is all about your choice and the reasons behind your choice for opting to a home based business