Coleman & Sons Real Estate
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Posted by Coleman & Sons Real Estate on 9/6/2019

Many laws govern land ownership, and it is vital to know about the processes and rights of landowners so that you can avoid the risk of partaking in an illegal sale or getting involved in a scam. Before you can transfer the rights to a property, it is critical to know some facts about land titles.

What is a ‘Land Title’?

A land title is a formal document that shows what rights a person or group of people have over a piece of property. A land title is generally used to prove ownership of the property. It can also help a potential buyer to know what exactly is going on with their land such as the usage rights, natural resource rights, easements, existing liens and other rights that may not be obvious at a glance. If a property title does not bear the name of the seller, there is a chance that it may belong to another party.

Most local courthouses keep property records of a county and record all forms of land transfers that happen in that region. Whenever there is a dispute over a piece of land, a land title will provide clarity regarding ownership and other usage rights.

When considering land titles, here are some essential facts to know:

A Title is Not the Same as a Deed

A deed is a document that is used to transfer a land title from one person to another. The deed states all the terms of the land transfer and all the people involved. The local country office must have a notarized copy of a deed agreement before the title can reflect the changes in ownership. 

A Title Proves Ownership

During a legal argument, the key document that the court refers to when determining the real ownership of a property is the land title. The absence of a title means that the court will not acknowledge any contract or deed related to the property.

Property Owners Should Secure Their Land Titles

If you lose your original land title, it will cause a lot of complications for you in the future. It is best to store land titles and other property ownership documents in a safe place like a bank safety deposit box or fireproof home safe. Having quick access to your land title will help to make land negotiations easier.

Title Searches Help to Reveal Potential Problems

During a title search, the investigator will peruse many years of documentation to make sure that everything is right with the property. A title search can protect a potential buyer from paying the wrong party for a property, buying a property with unresolved tax payments or liens that can invalidate land ownership transactions.

If you’re looking to purchase land in your area, talk to your real estate agent about the best property for your needs.




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Posted by Coleman & Sons Real Estate on 7/12/2019

Few people can save up the cash required to buy a house. If you're contemplating buying your first house, your first stop will probably be your local bank to inquire about a mortgage. When you talk to the mortgage officer, they will ask you to provide several documents. 

Various documents will be required at different stages of the application process, from pre-qualification to the final closing of the real estate deal.

What you need for mortgage pre-qualification

Getting pre-qualified for a home loan allows you to gauge how much you are eligible to borrow based on your income. It will help you be more realistic when shopping for a home and frees your real estate agent to scan through listings with confidence. Homeowners or listing agents will give your offer priority if backed by a pre-qualification letter. It is comparable to the bank vouching for you, saying you have the power to make the purchase. In order to become pre-qualified, your bank will ask for:

- Your full names and the names any co-buyer

- Your current address

- Your net worth

- Sources of income

- The estimated annual income of your household

- The estimated yearly household debt expenses

What you need for mortgage pre-approval

Pre-qualification is optional, though it comes with several advantages and literally costs you nothing to do. Once you're through with that step, you can move on to the actual mortgage application. The first step of that is to apply for pre-approval by filling the full mortgage application form. Below are some of the critical bits of information you will need to supply for this:

- All of your checking and savings bank account statements for the past few months

- Asset statements for items you will use as security for the loan

- Your current residential address

- Address history over the past two years

- Addresses and names of your landlords over the past two years

- Paycheck stubs over the past few months

- W-2 or I-9 forms for each of the past two years from your employer

- Two years of tax returns if you're self-employed

After submitting this information, there will be a waiting period at the end of which your application will be approved or rejected. If their response is positive, you can begin the process of closing the deal.

Contact your local bank and find out what you need to do to get a loan.




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Posted by Coleman & Sons Real Estate on 1/18/2019

Finding someplace to live can come with a long list of must-haves for each person contributing to the decision. The types of bathroom space can be a deal breaker for otherwise wonderful properties. The number of people utilizing those bathrooms and each person’s daily schedule necessitates the requirement of the bathroom space. 

What is out there

Searching and checking off all the must-haves takes time and a lot of communication. Most places have at least one full bath that has a tub and shower or a combination of both. Older homes may not have a dedicated master bathroom, but instead, have what is called an en-suite bathroom. This arrangement means there are at least two entry points one from the master and the other from a hallway. The layout can separate the tub and shower from the rest of the space so more than one person can utilize the facilities at one time. This plan may not be quite as convenient to a household that tends to have similar schedules. Or messy people that leave things lying around in the bathroom, which makes for a combative living arrangement. In those cases, a dedicated master bathroom might be your answer.

Master bath

Having a separate bathroom off a bedroom can feel like an oasis from the pressures of your day. Often, they boast extra amenities like a full-size soaking tub or a walk-in tile shower or both. A master bathroom can give you efficiency during the morning and evening routines since you don't have to share the space with the entire household. Options can include double sinks, a water closet (toilet in a separate room with a door), connecting to a walk-in closet and radiant flooring to keep your toes warm on cold mornings. Master bathrooms don't have to be super luxe to feel like a separate private space. They are a good idea if you need to get away without leaving home.

Jack and Jill

Another bathroom layout that not often seen in newer homes is the Jack and Jill bath. This design consists of a full bath between two bedrooms. This layout may have a door separating the shower/tub from the rest of the bathroom, too, allowing more than one person to use the bathroom at the same time similar to the en-suite layout. All the above-mentioned bathroom layouts need consideration when you are looking for a new living space.

Contact your realtor for more information on the options for bathroom layouts in your area.




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