Thursday, October 19, 2017
Tuesday, October 10, 2017
Title Insurance Tuesday- Learn Here
Title Insurance Tuesday- Learn Here
Summit Title LDS
Summit Title LDS
Seems Like A Simple Question...
"Can a Personal Representative of an estate deed property to themselves?"
WIS. Stat. 860.13 states that a Personal Representative (PR) cannot purchase, lease, or take a mortgage on a property owned by an estate unless he or she obtains:
A. Written consent of all adult heirs (or guardians in the case of minor or incompetent heirs;) or
B. A court order approving and confirming the sale.
Neither action is necessary if the Will specifically gives the PR the authority to purchase, lease, or take a mortgage on specific estate property.
WIS. Stat. 860.13 states that a Personal Representative (PR) cannot purchase, lease, or take a mortgage on a property owned by an estate unless he or she obtains:
A. Written consent of all adult heirs (or guardians in the case of minor or incompetent heirs;) or
B. A court order approving and confirming the sale.
Neither action is necessary if the Will specifically gives the PR the authority to purchase, lease, or take a mortgage on specific estate property.
Stay tuned for another Title Tuesday- Learn More...
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Tuesday, September 12, 2017
Title Insurance Tuesday- Learn Here
Title Insurance Tuesday- Learn Here
Summit Title LDS
Summit Title LDS
Seems Like A Simple Question...
"Just what does a Land Contract convey to the buyer?"
A land contract, once executed and delivered to the purchaser, is a present sale that conveys equitable title to the buyer, subject only to the vendor's right to collect the purchase price in installment payments. The seller does not retain any ownership in the property that has been sold; he has only a contractual security interest in the land for the unpaid balance of the land contract. Once a property is sold under a land contract, neither the seller nor the purchaser can mortgage their interest separately.
An Owner's Title Policy can be issued at the time of the execution of the Land Contract. However, issuing a Lender's Policy does not "fit" the interest of the Seller.
A land contract, once executed and delivered to the purchaser, is a present sale that conveys equitable title to the buyer, subject only to the vendor's right to collect the purchase price in installment payments. The seller does not retain any ownership in the property that has been sold; he has only a contractual security interest in the land for the unpaid balance of the land contract. Once a property is sold under a land contract, neither the seller nor the purchaser can mortgage their interest separately.
An Owner's Title Policy can be issued at the time of the execution of the Land Contract. However, issuing a Lender's Policy does not "fit" the interest of the Seller.
Stay tuned for another Title Tuesday- Learn More...
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Friday, September 1, 2017
Tuesday, August 29, 2017
Title Insurance Tuesday- Learn Here
Title Insurance Tuesday- Learn Here
Summit Title LDS
Summit Title LDS
Seems Like A Simple Question...
"If only one spouse is borrowing on a refinance, does the other spouse need to be present for the closing?"
ABSOLUTELY YES!
The parties are refereed to as the "borrowing spouse" and the "Non-borrowing spouse." The non-borrowing spouse should be at the closing since they need to be fully aware of the transaction and its terms since the new loan effects their homestead rights.
The non-borrowing spouse must sign documents including, at least, the Truth-In-Lending. Mortgage and Right of Rescission. Be aware that the non-borrowing spouse has as much rights to rescind as the borrowing spouse. it is always best for both of them to be present at the closing to avoid questions of complete disclosure.
ABSOLUTELY YES!
The parties are refereed to as the "borrowing spouse" and the "Non-borrowing spouse." The non-borrowing spouse should be at the closing since they need to be fully aware of the transaction and its terms since the new loan effects their homestead rights.
The non-borrowing spouse must sign documents including, at least, the Truth-In-Lending. Mortgage and Right of Rescission. Be aware that the non-borrowing spouse has as much rights to rescind as the borrowing spouse. it is always best for both of them to be present at the closing to avoid questions of complete disclosure.
Stay tuned for another Title Tuesday- Learn More...
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Monday, August 21, 2017
Tuesday, August 15, 2017
Title Insurance Tuesday- Learn Here
Title Insurance Tuesday- Learn Here
Summit Title LDS
Summit Title LDS
Seems Like A Simple Question...
"When land is located in more than one county, where is the foreclosure filed?"
When parcels of land are located in multiple counties, documents affecting those parcels must be recorded in each county in which the land is located. The foreclosure lawsuit can be filed in any Wisconsin County.
However, a Lis Pendens giving notice of the pendency of the foreclosure must be recorded in the offices of the Registers of Deeds in each county in which the mortgage land is located. The sheriffs' sales of the foreclosed land will be help in each of the counties in which the land is located.
When parcels of land are located in multiple counties, documents affecting those parcels must be recorded in each county in which the land is located. The foreclosure lawsuit can be filed in any Wisconsin County.
However, a Lis Pendens giving notice of the pendency of the foreclosure must be recorded in the offices of the Registers of Deeds in each county in which the mortgage land is located. The sheriffs' sales of the foreclosed land will be help in each of the counties in which the land is located.
Stay tuned for another Title Tuesday- Learn More...
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