Real Estate.

Our real estate services include advice, counseling, document preparation and review, drafting and negotiations in the following areas:

• Title examinations, closings and title insurance.

• Real estate tax and assessment issues and protests.

• Multiple-unit projects, common interest communities including condominium conversions and planned unit developments.

Glossary of Terms

Appraisal: A determination of the value of something, such as a house, jewelry or stock by a professional appraiser who makes an estimate by examining the property, and looking at the initial purchase price and comparing it with recent sales of similar property. Banks and real estate companies use appraisals to ascertain the worth of real estate for lending purposes. Courts commonly order appraisals in probate, condemnation, bankruptcy or foreclosure proceedings in order to determine the fair market value of property.

Attorney-in-fact: A person named in a written power of attorney document to act on behalf of the person who signs the document, called the principal. The attorney-in-fact’s power and responsibilities depend on the specific powers granted in the power of attorney document. An attorney-in-fact is an agent of the principal.

Condominium: A structure of two or more units, the interior space of which are individually owned.

Mortgage: If a homeowner can’t make the mortgage payments and can’t find a buyer for the house, many lenders will accept ownership of the property in place of the money owed on the mortgage. Even if the lender won’t agree to accept the property, the homeowner can prepare a quitclaim deed that unilaterally transfers the homeowner’s property rights to the lender.

Homestead Declaration: A form filed with the county recorder’s office to put on record your right to a homestead exemption. In most states, the homestead exemption is automatic–that is, you are not required to record a homestead declaration in order to claim the homestead exemption. A few states do require such a recording, however.

Joint Tenancy: A way for two or more people to share ownership of real estate or other property. When two or more people own property as joint tenants and one owner dies, the other owners automatically own the deceased owner’s share. For example, if a parent and child own a house as joint tenants and the parent dies, the child automatically becomes full owner. Because of this right of survivorship, no will is required to transfer the property; it goes directly to the surviving joint tenants without the delay and costs of probate.

Joint Tenancy: A way for two or more people to share ownership of real estate or other property. When two or more people own property as joint tenants and one owner dies, the other owners automatically own the deceased owner’s share. For example, if a parent and child own a house as joint tenants and the parent dies, the child automatically becomes full owner. Because of this right of survivorship, no will is required to transfer the property; it goes directly to the surviving joint tenants without the delay and costs of probate.

Mortgage: A loan in which the borrower puts up the title to real estate as security (collateral) for a loan. If the borrower doesn’t pay back the debt on time, the lender can foreclose on the real estate and have it sold to pay off the loan.

Tenancy by the Entirety: A special kind of property ownership that’s only for married couples. Both spouses have the right to enjoy the entire property, and when one spouse dies, the surviving spouse gets title to the property (called a right of survivorship). It is similar to joint tenancy, but it is available in only about half the states.

Tenancy in Common: A way two or more people can own property together. Each can leave his or her interest upon death to beneficiaries of his choosing instead of to the other owners, as is required with joint tenancy. In some states, two people are presumed to own property as tenants in common unless they’ve agreed otherwise in writing.

Title: Often used interchangeably with the word ownership. It indicates the accumulation of all rights in property, the owner and others.

Title Insurance: An insurance policy which protects the insured (purchaser and lender) against loss arising from defects in title.

Zoning: The laws dividing cities into different areas according to use, from single-family residences to industrial plants. Zoning ordinances control the size, location, and use of buildings within these different areas.