Thursday, July 5, 2018

Does a seller have to tell a #homebuyer about looming costly repairs?

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help.

That's a provocative heading but it's a true one.  What if the seller knows that costly repairs are just around the corner?  This article from NYTimes.com, while it deals with a #condominium apartment, has implications for all sellers.

Costly Repairs Are Looming. Must I Tell the Buyer?
Q: I am a board member at an Upper West Side condo that has had issues with leaks. Repairing the problem will be expensive, possibly requiring a five-figure assessment for each apartment. I have been thinking about moving, but now I want to sell quickly to avoid paying the assessment and living through months of construction. Our board does not move quickly and any decision about the repairs is likely months away. The work could ultimately be cheaper than what is currently being proposed. What, if anything, am I required to disclose to potential buyers?
A: In New York, a seller is not required to disclose any adverse information to a buyer. So long as you do not actively conceal the defect, or in this case mislead a buyer about the looming assessment, you haven’t done anything wrong. “The building could be falling down and the seller does not have to tell the buyer,” said Adam Leitman Bailey, a Manhattan real estate lawyer.
Check out the full article here. So the lesson for a #homebuyer is to get  a competent attorney and home inspector.
 
For your next title order or
if you have questions about what you see here, contact
Stephen M. Flatow, Esq.
Vested Land Services LLC
165 Passaic Avenue, Suite 101
Fairfield, NJ 07004
Tel 973-808-6130 - Fax 973-227-0645
E-mail sflatow@vested.com
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Wednesday, July 4, 2018

Happy 4th of July! The Culture That Sustains America’s Constitution

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help.

OK, this is not about title insurance, but about the Constitution. It being July 4th, I've set out this column from the Wall Street Journal in full since a subscription may be required to view it on line.
I hope you enjoy it as much as I did:

The Culture That Sustains America’s Constitution

Without it, checks and balances are barricades of foam and counterweights of butterfly’s breath.

By 

Since 1789 the average life span of national constitutions world-wide has been 19 years, according to scholars at the University of Chicago. Meanwhile, “We the People of the United States” are now well into the third century under our Constitution. We’ve lived under the same written charter longer than any people on earth. We’ve had regular federal elections every two years, uninterrupted even by the Civil War.
Yet America’s Founders had serious doubts about the durability of their “experiment.” Alexander Hamilton, in an 1802 letter to Gouverneur Morris, wondered why he had wasted his best years defending our “frail and worthless” charter. In 1832 Chief Justice John Marshall, near the end of his 34-year tenure, lamented in private correspondence that “our Constitution cannot last.”
You might think America’s track record in the subsequent 200 years would inspire greater confidence. Yet many people today feel, as they have after many fraught elections, that the president is either a savior or the harbinger of doom. So it’s worth reflecting on why the Constitution has endured.
There is, first, its text: It is rigid enough to restrain excesses, yet flexible enough to accommodate innovations. It is so terse that you could fold it into a paper airplane (though the guards at the National Archives would prefer you didn’t). It presumes that both governors and the governed will act mostly responsibly. But as Robert H. Jackson, a future Supreme Court justice, explained in 1937: “Checks and balances work as effectively on spite, jealousy or personal ambition as they do on patriotism or principle.”
The Framers also created the world’s first constitution to institutionalize the principle of human equality. Consider that it was an immigrant who put the words “We the People” into the Constitution. He was James Wilson, the brilliant but forgotten Scottish-born founder who taught that under monarchy, in the “attempt to make one person more than man, millions must be made less.”
Popular rule had become more than a slogan. Alexis de Tocqueville visited in 1831 from France, where the crowned heads at Versailles dared not mingle with their people. He was astonished to meet state governors who had kept their day jobs as farmers. Later Tocqueville visited Andrew Jackson in the White House, where the president himself, with no servant in sight, served glasses of Madeira.
America’s progress in respecting the real implications of equality has at times been slow, even glacial, especially with regard to race. As early as 1876, black fathers in Kansas sought to have their children admitted to schools on equal terms with white children. Yet Brown v. Board of Education would not come for another 78 years. The truth that justice will be forever approximated but never achieved is reflected in the paradoxical words of the Constitution’s preamble: the aim of forming a “more perfect” union.
That impossibly shrewd phrase suggests that Americans have a miraculous thing that we must nevertheless strive to make better. In the 1940s, we interned Japanese-Americans out of misbegotten wartime racial hysteria. But we also apologized for it in a 1998 law that was co-sponsored by then-Rep. Norman Mineta. As a child, Mr. Mineta had been taken to an internment camp in Wyoming. He went on to serve 20 years in the House and five years as secretary of transportation.
“Every banana republic has a Bill of Rights,” Justice Antonin Scalia told a Senate committee in 2011. Written guarantees are meaningless without a culture to sustain them. Russia’s Constitution purports to secure the freedoms of speech and press, but Muscovites shrugged in 2001 when Vladimir Putin seized the last independent television network. Imagine if the White House swallowed up Fox News, CNN and MSNBC, one after another. Americans may bicker over “fake news,” but an attempt at censorship like that would unite us in virtuous rage.
Every American generation has a vocal minority that considers itself doomed to live in an age of constitutional degeneracy. The supposed fall from purity began about 600 days into the Constitution’s life, when the Virginia Legislature, in November 1790, denounced George Washington’s financial policies as constitutionally blasphemous. But Americans chose to cannonade each other with pamphlets, not artillery. And so the orderly transitions of power went on, one after another, like a never-ending football game in which the parties eternally gain and lose yardage.
Constitutionalism is not a mere institutional form but a culture—a set of sentiments, habits and assumptions, a permeating spirit that animates an otherwise lifeless paper scheme. Without this instinctive loyalty, the Constitution’s checks and balances are barricades of foam and counterweights of butterfly’s breath. It is not in having a constitution that our strength lies, but in cherishing it. So long as we keep the faith, our Constitution will be displaced no sooner than an ant tips over the Statue of Liberty.
Mr. Tartakovsky is author of “The Lives of the Constitution: Ten Exceptional Minds that Shaped America’s Supreme Law” and a former deputy solicitor general of Nevada.


For your next title order or
if you have questions about what you see here, contact
Stephen M. Flatow, Esq.
Vested Land Services LLC
165 Passaic Avenue, Suite 101
Fairfield, NJ 07004
Tel 973-808-6130 - Fax 973-227-0645
E-mail sflatow@vested.com
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Tuesday, July 3, 2018

New Jersey's Hidden Gems - its Land Preserves for Hiking, Canoeing and Kayaking

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help.

Looking for a place to hike, canoe, or kayak?  New Jersey has them.  Check out the New Jersey Conservation Foundation for locations and more information.
Many of New Jersey Conservation Foundation's preserved properties are open to the public and offer beautiful locations for hiking, bird-watching, bicycling, picnicking, nature photography and outdoor fun with the family. Some preserves have spots for fishing, kayaking, canoeing and other non-motorized water sports. Preserves are open during daylight hours. 

For your next title order or
if you have questions about what you see here, contact
Stephen M. Flatow, Esq.
Vested Land Services LLC
165 Passaic Avenue, Suite 101
Fairfield, NJ 07004
Tel 973-808-6130 - Fax 973-227-0645
E-mail sflatow@vested.com
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Monday, July 2, 2018

Solar panels and title insurance

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help.

With the demand everywhere for renewable energy, homeowners can have their own electrical generating system on the roof.  In fact, solar panels can be seen in just about any neighborhood in New Jersey.  But there are some issues that have to be understood.

From a title insurance perspective, does the homeowner own or lease the system?  The answer to this question can impact you when it comes time to sell or refinance your mortgage.

In addition, system leases can also seem to be unfair as this story from the Asbury Park Press reveals:

Nearly five years ago, Karen Coon signed up to put solar panels on her Lacey home without any upfront cost. She was attracted to the advertising and sales pitch that promised big savings on her monthly energy bills.
Coon said she didn't realize that when she signed the contract to lease the panels from Tredegar Solar Fund the agreement had a built-in rate hike that boosted the cost for her solar-generated electricity by 2.9 percent every year for 20 years.
With compounding, a $200-a-month bill today could top $340 a month at the end of the two decades — a 72 percent increase over the life of the contract.
Now, Coon said she made a mistake in signing up for solar power.
Read the full article.

If you have a question about the title aspects of solar panels, contact me, Stephen Flatow.

For your next title order or
if you have questions about what you see here, contact
Stephen M. Flatow, Esq.
Vested Land Services LLC
165 Passaic Avenue, Suite 101
Fairfield, NJ 07004
Tel 973-808-6130 - Fax 973-227-0645
E-mail sflatow@vested.com
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Something we take for granted in New Jersey - Where Residents Pay Buckets of Money—for Water

We are the New Jersey title insurance agent for you! For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help.

From WSJ.com:

Where Residents Pay Buckets of Money—for Water

Who thinks of how much we pay for water?  In New Jersey and New York, residents pay reasonable amounts for the essential supply of water that we need. But, in California, not necessarily so.  From the WSJ, a comparison:

In the ritzy Long Island beach community of Southampton, N.Y., the average home runs about $1.4 million and a pound of lobster salad costs around 100 clams. Good thing for homeowners that their water bills are likely to be low. The average Southampton resident pays just $54 a month.
Meanwhile, residents in tony Pebble Beach, Calif., shell out $601 a month, on average, for their water.
Spread Sheet asked real-estate data firms ATTOM Data Solutions and UtilityScore to compile average water and sewage bills for almost 11,000 cities across the country. The results are a tale of two coasts: Homeowners in some of the wealthiest enclaves on the California coast pay buckets of money for their water relative to what Hamptons residents pay.
In addition to Pebble Beach, a number of upscale oceanside California communities like Carmel ($506), Santa Barbara ($469), Monterey ($439) and Malibu ($251) have some of the nation’s highest water bills. Long Island enjoys some of the lowest—even exclusive Hamptons communities like East Hampton ($50), Water Mill ($56), Sag Harbor ($54) and Montauk ($49).
Read the full story at WSJ.COM

For your next title order or
if you have questions about what you see here, contact
Stephen M. Flatow, Esq.
Vested Land Services LLC
165 Passaic Avenue, Suite 101
Fairfield, NJ 07004
Tel 973-808-6130 - Fax 973-227-0645
E-mail sflatow AT vested.com

#NewJersey #titleinsurance
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