Legal and Justice Book

Archive for the ‘Real Estate Law’ Category

Legal Training Institute and the College of Architects of Peru, presented to lawyers, judges, registrars, architects, realtors and the academic community in general presents the Third National Congress lawyer, and real estate registration will be held on Thursday 17 and Friday, November 18 17:00 – 10:00 and on Saturday, November 19 9:00 to 1:00, in the environment of the College of Architects of Peru (versus channel-2)

Congress has an antecedent in the First and Second Congress held in Lima in 2009 and 2010 respectively, are calculated the same as an outstanding lecturer and distinguished and a large turnout.

This conference discusses the latest trends doctrinal, legal and case law on notary, registration and real estate and important conclusions obtained are then embodied in a book of speeches and the whole development of the event is recorded on DVD.

This time our organization will make every effort to make this Congress brings together specialists of the most important and famous who represent public and private entities, who will share knowledge and views on various issues notary, registration and real estate.

It should be noted that the conference was organized jointly by the College of Architects of Peru and sponsored Academic Management at the Universidad Norbert Wiener and the Lima Bar Association sponsors the institutional, administrative and other important institutions.

Finally, we thank all the speakers, public and private organizations as well as all the participants in the important academic event which will no doubt be one of the best developed to date. It is our commitment to make every effort to meet your expectations too much.

Faced with the drama of eviction, the affected platforms are pressing mortgage and getting to put the problem into the issues to be addressed in the municipal elections on May 22. It is important to require candidates to positions that are clear about how they will protect those affected and report on what they will do to stop the evictions. For example, they could start pressuring the central government to end the legislation allowing the debt remains in force after the eviction of the house.

In Madrid, this problem is clearly far-reaching because it reflects the crisis of a business model that has been the engine of municipal finance in our community. This model is based on housing construction was encouraged by the vast majority of politicians, who have ruled on the basis of land reclassification and development of urban plans. Stopping the construction and sale of land, municipalities no longer enter. The problem is not only unsustainable model that is exhausted, but has produced serious imbalances in the household, and municipal debt.

Therefore, there are two levels of action that should be present in the election debates, but especially in public opinion. On the one hand, stop evictions and propose solutions to household debt. On the other hand, from the municipalities to ensure the right to housing and in-depth discussion on municipal funding models regarding the role that governments must meet in towns and cities, once the housing meltdown has discredited his role as leaders of the same.

A tax lien is an encumbrance placed against property due to the failure of the property owner to pay taxes, normally federal income tax or state property tax. Although each state has its own tax lien laws, these laws are generally consistent with each other. Most states hold tax lien sales in which tax liens are sold to private bidders.

How State Tax Liens Work

A state tax lien is a claim against your real property issued by a state taxing authority as security for your outstanding property tax debt. The filing of a tax lien against your property will negatively affect your credit.

It might also make your property unmarketable, since any subsequent owner will take the property subject to the tax lien. Eventually, it could lead to the sale of your property to satisfy the tax debt.

Tax Lien Sales

Tax liens are evidenced by tax lien certificates. Tax lien certificates are negotiable instruments, meaning that they can be bought and sold. States hold tax lien sales in which delinquent property tax debt is sold to private parties in exchange for a rate of interest guaranteed by the state government along with the right to foreclose on the property if the property owner fails to pay the tax debt within the statutory redemption period.

In many states the interest rate is determined by competitive bidding– the tax lien is offered to the buyer who bids the lowest interest rate.

Statutory Redemption Period

Every state mandates a statutory redemption period, typically two years, in which the property owner may avoid foreclosure by paying the delinquent tax debt plus interest. During this time the tax lien certificate holder may sell the tax lien certificate to another party, but may not foreclose on the property. Read the rest of this entry »

Liens are legal claims against real property, such as your home, land or commercial building. Liens must be paid when a property is sold, before the seller receives any proceeds from the sale.

If a property has more than one lien, the order in which the liens are satisfied is based on the date the lien was recorded, in most instances.

Mortgage

A mortgage qualifies as a lien on the property securing the mortgage note. Lenders who issue a mortgage loan to a borrower for the purchase of real property often receive a mortgage lien against the property at the time the loan closes.

Valid and collectible for the life of the mortgage note, mortgage liens are first in line for payment if the home sells prior to the borrower paying off the mortgage note.

Judgments

In most states, a judgment qualifies for a lien on real property. Civil judgments are awarded to original creditors and third-party debt collection companies for delinquent or defaulted credit agreements, such as credit cards.

Judgments may attach to real property automatically, or the judgment collector may be required to file a separate claim to record the judgment as a lien. Judgment laws vary by state; some states allow judgments to be renewed. The lien attaches to the property for the life of the judgment, which can exceed 20 years in some states. Read the rest of this entry »

A wraparound contract is a form of property mortgage in which your lender assumes the responsibility for any current mortgages on a property.

The lender is often the seller of the property in wraparound contracts, allowing the lender to benefit from the equity in a property for the life of the mortgage.

For the purchaser, wraparound contracts help you obtain a property quickly and without a large down payment.

Process

The wraparound mortgage process begins with a property owner’s decision to sell a property, which currently has a mortgage.

The new buyer makes a down payment for the property. The down payment is often much lower than would normally be required for the property.

The lender retains ownership of the property during the life of the mortgage. Once the new mortgage has been paid off in full, the ownership of the property is transferred to the buyer. During the life of the mortgage, the lender earns interest from the equity in the property.

Lender Benefits

In a wraparound mortgage, the lender earns interest from all of the equity in the property. This includes the equity established from the difference between the two mortgage levels.

For instance, if you sold a property worth $150,000 with an 8 percent interest bearing that already had a $90,000 mortgage at 6 percent interest, you would earn 8 percent interest on the $60,000 difference and another 2 percent interest on the original $90,000 mortgage. This interest is in addition to the revenue that your buyer pays toward the new mortgage. Read the rest of this entry »

Default indicates any part of a contractual agreement that any party to the contract does not fulfill. While leasing contracts in the United States tend to protect the rights of tenants, tenants can nonetheless default on their contractual obligations under a lease.

The specifics of any default always depend on the specific terms within the lease contract.

Breaking the Term

One of the most common defaults occurs when the tenant breaks the term of the lease. Lease contracts typically come in six-month, one-year or multiple-year terms.

A tenant can default by breaking the lease and moving out before the end of the contracted term, or by not giving proper notice if the lease contract continues post-term on a month-to-month basis.

At the same time, the landlord can also default on a lease contract by not honoring this term and requiring the tenant to move out prior to the end of the lease.

Post-Term Obligations

Another type of default occurs on a lease contract when the tenant does not fulfill the contracted move-out obligations. Many lease agreements contain a clause that stipulates the condition in which the tenants must leave the property.

Failure to return the property in this condition generally requires the tenant to monetarily compensate the landlord upon moving out. In many cases, this type of default will allow the landlord to keep the tenant’s security deposit.

With most lease contracts, should a tenant leave the property in worse condition than he found it, and then fail to pay for the damages, that tenant’s actions would cause a default under the contract. Read the rest of this entry »

In Tennessee, a buyer must receive a Residential Property Condition Disclosure prior to the purchase of residential property. The disclosure details the condition of the property as of the date seller and buyer enter into a purchasing contract.

Content

The required content of the disclosure is detailed in the Tennessee Annotated Code 62-5-201, also known as the Disclosure Act. Under the code, sellers are obligated to document the address, age and amenities of the property, as well as any structural or mechanical defects.

Additional Documentation

A seller may include supporting documentation, such as a home or termite inspection to address questions found on the disclosure. However, such documentation is not a substitute for the required disclosure.

Exemptions

Properties that are bank-owned, have not been occupied in three years prior to sale, and transfers between co-owners are exempt from the disclosure requirement. Also exempt are sellers of new construction or homes sold at auction.