What is a Reverse Mortgage
Video Summary
What is a reverse mortgage? A reverse mortgage is one that you do not have to repay, uh, during your lifetime, uh, unless you sell the property or you, or you move out of the property. So, it’s one that you don’t have to make any payments for. It was set up so that you could keep people in their homes. So senior citizens who could not afford making their mortgage payments or, it was set up so that you could receive periodic payments. And so rather than you’re making payments to the mortgage company, the mortgage company would send you a check every month or every six months or whatever, and you’d receive payments. And that it would then mean the mortgage amount would grow with each payment that you would receive. And that’s the reason why they called it a reverse mortgage in that you would be receiving payments rather than to the party that you borrowed the money from. So, we would be borrowing money incrementally as you go, most reverse mortgages. The parties take the full amount, out as soon as they close on the reverse mortgage. These mortgages become payable upon your death. And or if you vacate the property for a period of six months, it becomes doing, payable, or if you sell the property, there are also a, an adjustable rate interest rate. So ,it’s interest rate wise. It can be a lot more expensive than a fixed rate loan. If you have any questions, we’ll give a call at (727) 847-2288.
- Published in Estate Planning, Real Estate – Selling, Videos
Does A Durable POA Enable The Sale A Home Without The Owner’s Consent?
Video Summary
Does a durable power of attorney enable the sale of a home without the owner’s consent? The answer is yes, a power of attorney appoints an agent to act in behalf of someone. So that person is supposed to act in behalf of in this case, an owner for their benefit. And so they’re authorized by the power of attorney to sign the documents, which are authorized in the power of attorney. They’re usually very thorough if they’re prepared and they’re prepared and would authorize the person and they’re now called agents rather than attorney in fact, to sign in behalf of the owner and the owner has consented by executing the power of attorney and putting their trust in the agent attorney. In fact, you any questions about a power of attorney give me a call (727) 847-2288.
- Published in Real Estate – Selling, Videos, Wills
What are the Seller’s Legal Duty to Disclose Defects on Property or Home?
Video Summary
What are the seller’s legal duty to disclose defects on the property, or home? Many years ago, I’m guessing about 30 years ago, the Florida Supreme court had made a decision in that style Johnson vs Davis. And in that decision, the court ruled that the seller has a duty to disclose to the seller any matters that may materially affect the property that are not readily observable. This has to do with residential real estate property. It does not apply to commercial property or to vacant property, and that there is no duty to make any disclosure as far as commercial property or vacant property is concerned. Also, if you use the standard, real estate contract provided by the realtors in the Florida bar, it has a clause in it that you have a contractual duty also to disclose any matters that may materially affect the value of the property. Many times when you list your property with a realtor, there is a sheet that is attached to it and questions you about various aspects of a home. And that’s an affirmative representation also. So those are the duties that you have. You don’t have to fill out that information sheet, but you do have the legal duty to disclose any matters that may materially affect the value of the property. So if you have any questions about any defects or you wish to have me handle your estate, closings will give me a call at (727) 847-2288.
- Published in Real Estate – Selling, Videos
What is a Secured Transaction?
Video Summary
What is a secure transaction? A secured transaction is one where you have an obligation, which is usually a promissory note. And there is a pledge of collateral that goes secures the note so that if the note is not paid, then the lender has a right to take back the collateral. So, the obligation is secured by what the collateral is and a real estate transaction. You have the bar or sign the note, and then they also sign a mortgage. And the mortgage states that if they don’t make the payments on the promissory note, they don’t pay the taxes or keep the property insured. Then you have a right if they default to foreclose and take their property away. So, you’re secured for the value of whatever the collateral is. If it is personal property, such as an automobile, they have, you signed what they call a security agreement.
And that’s where you’re pledging the automobile for the repayment of the loan. If you default on the loan and there that controlled by the uniform commercial code, which allows them self-help, which is usually a repossession of your automobile with a tow truck driver or whatever. And then they sell the, automobile at auction or whatever, to try and recoup as much as they can to repay a portion of the debt. So, sometimes the obligations are over secured in which case you’re entitled to any excess. If the collateral is not worth or not worth what is owed well, then you may be sued. And for the difference between the value of the collateral when it was sold or at the time of the sale, and how much is owed and a judgment entered against you. If you have any questions about a foreclosure action, or give me a call at (727) 847-2288.
- Published in Real Estate, Real Estate - Foreclosure, Real Estate – Selling, Videos
Can I Fire My Real Estate Listing Agent?
Video Summary
Can I fire my real estate listing agent? Yes, you can. There are certain restrictions in your listing agreement which says that if you terminate it, you will be obligated to pay them a termination fee. Also, any time that you discharge them, they will be entitled to a real estate commission for any, anyone that they have introduced to the property or you have received inquiry during the listing period and they would be entitled to a real estate commission if you’re, I suggest if you wish to discharge your listing agent, you discussed with them the discharge and either paid them and have a release as far as being able to list it and also asked them if they would provide you with the list of any persons whom. They have introduced the property to so that you would know if you were going to sell it on your own, whether or not you would be obligated to pay them a real estate commission. Usually you would be hiring a different real estate agent and that would be satisfactory are usually okay with the real estate listing agent if you discharge them. They don’t necessarily have to release you from the listing agreement. And so if you, just because your firearm doesn’t mean that they’re not entitled to a real estate commission for the duration of their listing as well as their protection period after their listing expires. If you have any questions about discharging your real estate, listing agent, you have to be on call at (727) 847-2288.
- Published in Real Estate – Selling, Videos