Check your Local Real Estate Probate Laws

The probate process in each state disposes of real estate once a person dies.

When a person dies, leaving behind property, that property gets distributed according to the state probate laws. Each state has different laws, so this process varies from state to state. However, there are some generalities that do exist in any probate case involving real property.

When a person dies, the property they leave behind is generally referred to as their estate. Under the probate laws in each state, probate property gets distributed either in accordance with a last will and testament, or the bylaws of intestate succession. Whenever real estate is part of an estate, these same procedures and rules apply, though, there are specific aspects of probate law that only applied to real property. Check your Local Real Estate Probate Laws

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Purpose of Homeowners Association (HOA)

  *A Homeowners Association, (HOA) is a legal entity that governs a community of homes.  The community can be a subdivision, condominiums, townhomes, or any planned community.  HOAs operate within state law to enforce regulations **(CC&Rs) and collect assessments from homeowners, while also taking responsibility for the care and maintenance of the common areas of the community of homes, condos or townhomes. (According to the **CC&Rs for that community)

Reasons for HOAs:
In existence since the early 1960s, HOAs were developed for a multitude of reasons, including the following:

*They helped developers and builders of the subject communities, by allowing them to transfer the day-to-day operations of their properties to an association of the property homeowners, once a certain percentage of homes were sold.
*They benefited municipalities by providing many of the services that they would otherwise need to provide, while still increasing the tax base.
*Homeowners in the HOA gained a point of contact to handle all maintenance and beautification of the common areas.
*Community issues could be handled by the HOA in accordance with the bylaws **(CC&Rs) established for that community.
*Property values could be preserved through consistent maintenance of common areas and by establishing standards for the maintenance of individual homes within the community.
*Establishing and running an HOA requires thorough knowledge of the local laws, and the community’s **CC&Rs as well as the many administrative considerations that are involved.  Some HOAs are operated by the homeowners of the community, and some HOAs are managed by outside management companies.

**CC&Rs:  Covenants, Conditions and Restrictions.
These are the written rules, limitations and restrictions, regarding use, mutually agreed to by all owners of homes, in a subdivision or condominium complex. CC&Rs may limit size and placement of homes, exterior colors, pets, ages of residents, use of barbecues and other conduct to protect the quiet enjoyment of the various residents. CC&Rs are enforced by the homeowners association or by individual owners who can bring lawsuits against violators, and are permanent “run with the land” so future owners are bound to the same rules. Most state laws require that a copy of the CC&Rs be recorded with the county recorder and be provided to any prospective purchaser. The CC&Rs are written by attorneys, lawyers during the development and permitting stages, and are filed with the municipality who permits the community of homes.

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Meeting People and the Community after Moving

 Moving is a whirlwind of activity usually packed into a short time frame.  But after you start getting settled, you may realize you don’t really know where the best restaurants are, or maybe the hardware store, even the gas station with the best prices. This can be a scary period for you.  The transition sometimes is the hardest part of any move.  Here are some ways for you to get out, meet people and become apart of the community.

*The first order of business should be to get your kids active in the hobbies or sports they enjoy, and extra events at their new school.

*Subscribe to the local newspaper. Nothing can make you feel at home more than knowing what’s going on in your community.  Good source for business information also.

*Join the PTA or volunteer at school. Parents who are involved at school will find many social activities as a bonus.

*Visit the library and recreation department. Depending on your interests, all of these can be an excellent way to get connected and meet people with similar interests. Stop by the Chamber of Commerce and City Hall. There should be plenty of information on local businesses and services.

*Get a map and drive. There’s nothing like short family drive on the weekend to help you learn the lay of the land. A map is perfect for learning the community.
 
*Groups and clubs. Whether it’s the Girls Scouts/Boy Scouts or 4-H for your kids or a group at a church, there are always activities available.

*Meet your neighbors.
Don’t be hesitant about meeting your neighbors. When you see them out front or know they’re home, just knock on the door and introduce yourself. They might be to busy with their day-to-day lives to stop by.  So go ahead, make the first move.

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A Guide to Real Estate Lingo

The following reflect the symbols used in real estate advertising, loan docs, etc.  Most people do not understand these letters and numbers and what they mean, so I hope this will help those buyers who are searching for that ‘just right’ piece of property.

*4B/2B — four bedrooms and two bathrooms.
*assum. fin. — assumable financing
*closing costs — the entire package of miscellaneous expenses paid by the buyer and the seller when the real estate deal closes. These costs include the brokerage commission, mortgage-related fees, escrow or attorney’s settlement charges, transfer taxes, recording fees, title insurance and so on.
*CMA — comparative market analysis or competitive market analysis. A CMA is a report that shows prices of homes that are comparable to a subject home and that were recently sold, are currently on the market or were on the market, but not sold within the listing period.
*Contingency — a provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. One example is a buyer’s contractual right to obtain a professional home inspection before purchasing the home.
*dk — deck
*Expansion pot’l — expansion potential mean that there’s extra space on the lot or the possibility of adding a room or even an upper level.
*fab pentrm — fabulous penthouse room, a room on top (but under the roof) that has great views
*FDR — formal dining room
*Fixture — anything of value that is permanently attached to or a part of real property. (Real estate is legally called “real property,” while movables are called “personal property.”) Examples of fixtures include installed wall-to-wall carpeting, light fixtures, window coverings, landscaping and so on. Fixtures are a frequent subject of buyer and seller disputes. When in doubt, get it in writing.
*frplc, fplc, FP — fireplace
*gar — garage (garden is usually abbrevated as “gard.”)
*Grmet kit — gourmet kitchen
*HDW, HWF, Hdwd — hardwood floors
*hi ceils — high ceilings
*In-law potential — potential for a separate apartment, subject to local zoning restrictions
*Large E-2 plan — this is one of several floor plans available in a specific building
*Listing — an agreement between a real estate broker and a home owner that allows the broker to market and arrange for the sale of the owner’s home. The word “listing” is also used to refer to the for-sale home itself.
*lo dues — low homeowner’s association dues.
*Lock box — locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home.
*lsd pkg. — leased parking area. May come with additional cost.
*MLS — Multiple Listing Service. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. Membership isn’t open to the general public, although selected MLS data may be sold to real estate listings Web sites. MLSs are local or regional. There is no MLS covering the whole country.
*nr bst schls — near the best schools
*pot’l — potential
*pvt — private
*pwdr rm — half bathroom or powder room
*REALTOR® — a real estate broker or sales associate who is a member of the National Association of REALTORS®. Not all real estate agents are REALTORS®.
*Title Insurance — an insurance policy that protects a lender’s or owner’s interest in real property from assorted types of unexpected or fraudulent claims of ownership. It’s customary for the buyer to pay for the lender’s title insurance policy.
*upr — upper floor
*vw, vu, vws, vus — view(s)

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Home Prices Post First Annual Gain in 3 Years

Home prices rose 0.6 percent in February– the first year-over-year increase since December 2006, according to the S&P/Case-Shiller 20-city index.

Although home prices actually fell 0.9 percent since January, the decrease was small enough to have a positive impact on prices when compared with the steep drop 12 months earlier.

Chairman of the index committee at S&P, David Blitzer, cites the home buyer tax credit as a possible impetus behind the gain. He indicated that, ”this may also flow through to some of our home price data in the next few months.”

Apparently California had the best performing market– San Francisco– which posted an 11.9 percent gain over the past year. San Diego and Los Angeles also saw prices jump 7.6 percent and 5.3 percent, respectively.

Las Vegas continues to be at the bottom with prices  that fell 14.6 percent over the past 12 months.

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