- Joint Tenants with Rights of Survivorship -if one party were to pass away, their interest would automatically transfer to the other title holder.

- Tenants in Common -if one party were to pass away their interest would be transferred to their heirs NOT the remaining person on title.

If neither is specified on the deed, is the surviving owner(s) must go through the probate process. This may take considerable time, since either a Will (or if no Will exists, state law) determines who gets the deceased person’s share of the property.

We urge sellers AND buyers to review the deed that is being signed at the table. Check not only your names for accuracy but the tenancy as well.

Signature is pleased to welcome Erin Bryant to the team. Erin brings seven years of settlement, real estate sales and management experience to her position at Signature. Her talents include establishing relationships with key partners and conducting closings with a high level of knowledge, organization and energy. She will be conducting closings for Signature and will be based in both York and Portsmouth. Erin can be reached at ebryant@signaturetitle.com.

ANSWER:
This can be tricky…
If a tax bill is due at the time of the closing or within 60 days following the closing, the amount of the bill (or estimated bill) is usually charged in full to the Seller.

That tax bill amount is then pro-rated between the Buyer and the Seller. This means the Buyer is charged an amount on the Settlement Statement – and the Seller is credited with that same amount. The amount charged to the Buyer and credited to the Seller represents the Buyer’s share of this bill. The actual amount of the pro-ration depends on the tax period covered by the bill. The Buyer will owe the Seller from the day of closing through the end of the current tax period.

NO CURRENT TAX BILL DUE?
When no current tax bill is due at closing or within 60 days of closing, the reverse is true.

At closing, the Seller can be charged for his or her portion of an ANTICIPATED future tax bill. At closing, the Buyer receives a credit for the same amount. Then, when the tax bill DOES arrive, the Buyer is responsible for paying the bill in full – because the Seller will have already paid the Buyer for his or her share of the bill.

A WORD OF CAUTION
Cities and towns can take several months to update ownership records. Therefore, it’s very likely that the first tax bill issued after the closing will be issued in the Seller’s name. The Seller should immediately forward any tax bill received to the Buyer for proper payment. If the Buyer knows that a tax bill may be coming due and has not yet received it, contact the appropriate city or town office for a duplicate copy (just in case the original bill was mailed to the Seller in error or not forwarded on to the Buyer).

I was curious one day and asked our sales team to tell me “What Floats their Boat in Sales”. I received some very inspiring answers; the most inspiring response came from Felicia Bessey in New Hampshire. She said three things float her boat in sales: having a wishbone, a backbone and a funny bone.

I thought her statement said it all.

The wishbone is all about good luck. How much do you depend on luck for your sales success? Thomas Jefferson said,”I am a great believer in luck, and I find that the harder I work, the more I have of it”.
We have to work hard so we are prepared for our “chance of luck” and be constantly looking for and be ready for opportunities. Keeping a positive attitude is important because positive energy attracts positive energy… and energy attracts luck.

What does having a backbone mean? Your backbone is your central source of support and stability; “having a backbone” means having fortitude and determination. Being successful in sales certainly requires having a “never give up attitude”, making one more call, not going home until you have met your daily activity numbers, never letting an excuse enter your mind and standing tall at the end of the day as an example for others. That’s having a backbone.

The funny bone is funny unless you whack it on something. Hitting it just right can bring you to your knees; not making your sales and financial goals can have the same result. The good news is humor breeds success. Humor is infectious. The sound of roaring laughter is far more contagious than any cough, sniffle, or sneeze. When laughter is shared, it binds people together and increases happiness and strengthens relationships. Strong relationships can lead to increased sales success.

No bones about it…it takes a wishbone, a backbone and a funny bone to be successful. Let your work, strength and humor drive your actions.

Signature is seeing an increase in wire activity as wire transfers are being requested by sellers (including banks and 3rd party companies) for their proceeds and/or payoffs.

If the seller requests proceeds in the form of a wire, the buyer(s) will be required to wire their funds for the closing.  This will ensure a smooth closing for all parties.

Should you have questions about wire transfers or funding for a closing, please contact a Signature representative.

• Has there been a change in marital status or name change since purchasing the property?
• Is anyone currently on title deceased?
• Is the property in a trust?
• Is anyone on title currently incapacitated (dementia, Alzheimer’s, disabled)?
• Will a Power of Attorney be used or needed?
• Do any of the sellers signing NOT have a photo ID or driver’s license?
• Is the seller only selling a portion of their property?  If yes, a survey with a new legal description would need to be provided.
• Is the property a mobile home/manufactured housing?

If there are special circumstances, please let your title agent know as soon as possible to ensure a smooth transaction for all.

If you are considering purchasing a bank owned property, or any property where insurable title is mentioned, it is important that you understand the distinction between insurable title and marketable title because you may end up owning a property with a title defect that limits your ability to sell or refinance down the road.

Marketable title is understood to mean a title that has no defects or issues to which a reasonable buyer could object.  Marketable title is sometimes also referred to as being a ‘clean’ title.  In the real estate world, it is considered a better title because it has no defects that could potentially jeopardize a future sale or refinance of the property.

Insurable title is understood to mean a title that does have a defect or issue but a title insurance carrier has reviewed the title, made a risk assessment, and has agreed to insure the title without the defect or issue being resolved.  In essence, the title insurance carrier has agreed to insure over the problem so that the transaction can proceed.

The easiest way to understand this distinction may be to consider the quite common situation where a title search reveals an unrecorded/missing mortgage discharge from an earlier transaction.

If the Seller has agreed to provide marketable title, the missing discharge is a title defect that the seller must resolve in order to provide clear the title to the buyer.

However, if the Seller has agreed to provide insurable title, and a title insurance carrier is willing to provide title insurance coverage for the missing discharge issue, the new buyer cannot force the seller to fix the defect and the buyer will end up owning the property with the missing discharge defect still in place. When the buyer goes to sell or refinance the property in the future, that missing discharge issue will still exist, and depending upon the circumstances he/she may be forced to incur the costs of having to fix the problem and depending upon how long it takes to resolve the issue, may risk jeopardizing the sale/refinance transaction.    

Questions?   Give us a call.  603-431-8100.

I believe reaching a goal has more to do with control. For example, if you got out of bed this morning and went to work because you wanted to, then you are in control of money. If you got out of bed and went to work this morning because you had to, then money is in control of you. It is almost impossible to control a goal that is controlling you. The bottom line effect is lack of money. The cause is thinking. Albert Einstein once said, “A problem cannot be solved at the level of consciousness in which it occurs.”

So here is the message that I really want to share with you. It is essential that we raise our level of consciousness to “Everything is Possible;” not just the goals we set for ourselves, but over and beyond… Everything is Possible. These are very powerful words that only hold true if you are brave enough to keep your thinking in forward motion. I refuse to sit on a mental couch that only offers a pessimistic view. I will not listen to anyone’s predictions except for my own because my prediction is that we have the ability to be more successful this year more than any other year that we have lived so far. I am the only one who knows what I am capable of. And the same goes for you.

As we create our success for 2011, looking back is not helpful nor is entertaining thoughts like:

• First Quarter is notoriously slow
• The housing market is slow to recover
• The economy is in the toilet

Those predictions only come true to those who are limited by them. Instead, reach for things that we have never reached for before…

Be fearless in earning NEW business. Take a swing even if you miss. Jump even if you fall, and keep getting back up even if you fear that you look stupid.

Be determined in hitting your daily activity numbers every day. Make more calls and even better calls every day. If you made 8 calls yesterday, make 10 today. Never-ever stop short of asking for what you want in life. “Everything is Possible.”

Facilitate action. Encourage more buyers to buy and more sellers to sell at a reasonable price. Certain thoughts and influences cause many of us to take action…it is human nature. Facilitate action by incorporating these responders:

• Savings
• Limited offer
• Flattery
• FREE
• Others want it
• Low risk
• One of a kind
• Makes life easier
• Easy to buy, use or own
• Highly recommended
• Trusted
• You can’t have it
• Recognition
• Status
• Vision of payback
• Fear of loss
• Needed by others
• Added value
• Move ahead

Realtor Bulletin, Kim Dickey, First American Title

A good negotiator:

• Is like a surgeon; able to cut out the truth
• Is looking for areas of weakness in others to earn a better position for their client
• Creates solutions and smart options on the fly
• Knows that sometimes appearing vulnerable is a powerful technique for getting information
• Is a good listener who can read between the lines to hear what is not being said
• Can adapt to the emotional levels exhibited by all parties
• Can uncover the emotional bull’s-eye and keep people focused on their prize
• Is able to use humor, nurturing and skill to get back on track and stay on track
• Presents data and fact rather than opinion
• Never gives up

It is important to insist on face to face negotiations, yet some Realtors may be hard pressed to take time out of their day to negotiate.  If you see the value and benefit of negotiating face to face, make it your required business practice in 2011.  Become the change you want to see in the Real Estate world.  Develop your skills, improve your sales abilities and get into the game of face to face negotiating.

Realtor Bulletin, Kim Dickey, First American Title