Many Buyers and Sellers would like to know what the typical title and escrow fees will amount to when they buy or sell a home. This nice video and list, provided by Ticor Title, breaks down the typical charges one faces when buying or selling.
Keep in mind that at any time, a title company can give you an estimate of closing costs, based on the type of title insurance policy (standard or extended) and the purchase price of the home. Here's another list of what each party to a transaction pays for:
THE BUYER NORMALLY PAYS FOR:
• One-half of the escrow fee (according to contract)
• Lender’s title policy premiums (ALTA)
• Document preparation (if applicable)
• Tax pro-ration (from date of acquisition)
• Recording charges for all documents in buyer’s names
• Fire insurance premium for first year
• Home Warranty (according to contract)
• Inspection fees (according to contract): roofing, property, geologial, termite, etc.
• All new loan charges (except those required by lender for seller to pay)
• Interim interest on new loan from date of funding to first payment date
THE SELLER NORMALLY PAYS FOR:
• One-half of the escrow fee (according to contract)
• Work orders such as termite inspection and work (according to contract)
• Owner’s title insurance premiums
• Real estate commission
• Any judgments, tax liens, etc. against the seller
• Any unpaid Homeowner Association dues
• Home Warranty (according to contract)
• Any bonds or assessments (according to contract)
• Any loan fees required by buyer’s lender (according to contract)
• Recording charges to clear all documents of record against seller
• Payoff of all loans in seller’s name (or existing loan balance if being assumed by buyer)
• Interest accrued to lender being paid off, reconveyance fees and any prepayment penalties
Call our office for more information on the ins and outs of buying and selling property.
Written by: Rushel Reed, Principal Broker
This video highlights the desire for many city dwellers to simplify their lives and provide a more natural setting for their children.
Young couples and families are part of a growing real estate trentd. More 30- and 40-somethings are relocating to rural America, siting quality of life and affordability, combined with developments in technology that make telecommuting an option for the young professionals. As a result, the United Country Real Estate franchise finds that business is up 11% over this time last year.
United Country Real Estate is the nation's leader in specialized rural real estate. With several strategic partnerships, including John Deere, Outdoorsman Channel, FFA, Ducks Unlimited and others, United Country has a very solid grip on market trends and action in the rural real estate market.
Written By: Rushel Reed, Broker
There are over 7,000 properties in Coos County affected by the Oregon Forestland-Urban Interface Fore Protection Act of 1997 (Senate Bill 360). Last week, Coos County 's Interface Committee sent notices of a public hearing regarding this act to all affected landowners. A public hearing will be held February 10, 2010 at 6:30p.m. at the Coquille Community Center, located at 115 N. Birch in Coquille. The notice states, "Objections, remonstrances or suggestions relating to the proposed classification will be heard at this time. Following the hearing, formal notifications will be mailed to affected property owners."
WHAT PROPERTIES MEET THE GUIDELINES?
- Lands within the county that are also inside an Oregon Department of Forestry protection district.
- Lands that meet the state’s definition of “forestland.”
- Lands that meet the definition of “suburban” or “urban”; in some cases, “rural” lands may be included within a forestland-urban interface area for the purpose of maintaining meaningful, contiguous boundaries.
- Lots that are developed, that are 10 acres in size or smaller, and which are grouped with other lots with similar characteristics in a minimum density of four structures per 40 acres.
The 1997 Act was initiated as a wildfire prevention measure, and the majority of properties in Coos County do not meet the guidelines to be affected by this initiative. The law is intended for homeowners in wildland urban areas of state-protected forestlands to reduce their risk if a fire occures close to (or on) their property.
The Oregon Department of Forestry will assume administrative responsibility, and notifies the owners of properties within the forestland-urban interface boundaries. "Property owners have two years after receiving their letter of notification to comply with the fuel-reduction standards described in OAR 629-044-1050 through 629-044-1085.
WHAT IF A LANDOWER DOES NOT COMPLY?
The Oregon Department of Forestry website states that a certification card will be sent to forestland-urban interface property owners, which may be signed and returned to ODF after the fuel-reduction standards have been met. Return of aforementioned card is VERY important for landowners. The return of a certification card relieves a property owner from the Act's fire cost-recover liability. For a landowner without a certification card, the State of Oregon may seek to recover certain fire suppression costs from a property owner if the fire originates on the owner's property, the fuel reduction standards have not been met, and ODF incurs extraordinary suppression costs. The cost-recovery liability is capped at $100,000. A certification card is void when a property sells or a structure is added. It is also void when the land is reclassified.
If you have received a preliminary letter from the Coos County Forestland-Urban Interface Committee, it is in your best interest to visit the website, attend the meeting, and make sure that you know the rules and regulations of this Act. Certification forms can be downloaded from the website as well. Curiously, no information on the Coos County are is available online. Another reason to attend this meeting.
Written By: Rushel Reed, Broker
Many changes have come through the Oregon Legislature with regard to Landlord/Tenant law. Many items have stayed the same, but some serious changes have come up. This article is to give a very brief overview of the four major changes to law for rental owners and property managers.* The new laws will become effective in January 2010.
Four New Changes:
Restricts fees a landlord may charge
Requires no-cause notices after the first year of the tenancy to be served at least 60 days in advance of eviction.
Provides a way for landlords to manage personal property when a tenant who lives alone dies.
Allows guests and landlord to arrange for guests to stay in a rental, but not acquire tenant rights.
FEES
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"All one-time fees, such as cleaning fees, pet fees, carpet cleaning fees, and move-in fees, are prohibited. Fees for service or companion animals are prohibited."
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"A landlord must provide a written disclosure of rent, deposits, and fees when entering into a rental agreement or, if accepting a deposit under an agreement to rent the property at a future date, when accepting a deposit under that agreement. The parties can agree to amend that list before entering into a rental agreement."
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"Some fees are still allowed, as long as they are strictly for non-compliance issues:
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" [1] late charges;
[2] for a bounced check, plus any amount the landlord was charged by the bank;
[3] in a manufactured home, for pet violations;
[4] unless the landlord chooses to charge for damages, breaking a lease, though limited to
one and a half times rent;
[5] late payment of utilities paid to the landlord (not to exceed $50);
[6] failure to clean up pet waste (not to exceed $50);
[7] failure to clean up garbage from outside the dwelling unit (not to exceed $50);
[8] parking violations (not to exceed $50); and
[9] improper use of vehicles, such as speeding, on the premises (not to exceed $50)."
"Charges for services requested by the tenant and not required by lease or law, such as key replacement and lock-out fees, are not prohibited." -
NO-CAUSE NOTICES
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"A landlord’s no-cause notice during the first year of occupancy must be a minimum of 30 days, but after the first year of the occupancy must be at least 60 days. 'First year of occupancy' means that all of the current tenants have been there for at least a year.
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"For a fixed-term tenancy of at least one year that by its terms converts to a month-to-month tenancy, the landlord may use a 30-day notice during the 30 days prior to the conversion date, but must use a 60-day notice after that date."
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"A no-cause notive may give an explanation of the reason for the termination without making it a for-cause notive, as long as the notice contains certain wording."
DECEASED TENANT LIVING ALONE
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"If a tenant living alone dies, the following persons have the same rights as a tenant: [1] personal representative, [2] heir or devisee, or [3] person designated in writing by the tenant to be contacted by the landlord if the tenant dies."
GUESTS
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"A landlord and tenant can agree to let the tenant have someone live in the rental unit as a temporary occupant without that person becoming a tenant."
All items in quotations are from http://www.cabellenterprises.com/ and the Landlord/Tenant Law Update 2010 class provided by the Oregon Rental Housing Association and speaker J. Norton Cabell.
Written By: Rushel Reed, Broker
Living in small town America certainly has it's advantages, such as commutes without rush hour and knowing your kid's teachers. But when it comes to shopping, whether you are shopping for tools, appliances or lumber, you have to know what your up against. Prices and product availability vary widely. Take advantage of the telephone before setting out to purchase supplies.
