Monday, December 12, 2011
Ken Krell - How To Avoid Getting Bad Credit
A bad credit rating is hardly anything you want to be associated with. Here are some things you can do to avoid that from happening to you.. To learn more and get some great strategies to rebuild your credit...and get a free copy of my special report—The great Credit Score Scam REVEALED, go to Credit Repair.
Sunday, December 11, 2011
Ken Krell - All About Deeds and Titles
All About Deeds and Titles by Ken Krell
When I first began writing this column, people asked me if I would discus such exciting topics as types of deeds and methods of transferring title properties. We’ve gone almost three full years without addressing those subjects. Now it’s time!
Before you turn the page, through, the subject is pretty interesting. The deed is the legal document that transfers title of property to you. Many people aren’t aware that there are different types and qualities of deeds. And by the time you finish this column, you’ll know what they are!
The most common forms of deeds are the special warranty deed, the general warranty deed, the quitclaim deed and the deed of bargain and sale.
If you’ve been paying attention, you may think that the special warranty deed is the best one to have. Wrong!
The special warranty deed carries only one covenant, warranting that the property was not encumbered during the time the present owner owned it (except as noted in the deed).
The general warranty however, does not make that distinction. In fact, it has five basic covenants, including a covenant of quiet enjoyment, a covenant of further assurance (which means that the seller will provide any documentation necessary to make the title good) and covenant of warranty forever, which is a financial guarantee. This is why the general warranty is the best quality deed.
The quit-claim deed carries the least protection of any deed. It merely conveys the grantor’s interests in the property. This is the instrument often used in divorced, when the ex-husband gives his half of the property to the ex-wife.
The bargain and sale deed has no real warranty. It only implies that the grantor holds title to the property.
Okay, now that you know the type of deed to get when you buy property, be aware that your title insurance will assure that you have a good title anyway. And since nearly all lenders require that you have title insurance, you’re covered!
There, now – that wasn’t so bad, was it? We want your suggestion for future posts. Tell me what you want to know and we’ll give you more Truth.
Wanna know more useful tips from Ken Krell? - Visit - Ken Krell.
When I first began writing this column, people asked me if I would discus such exciting topics as types of deeds and methods of transferring title properties. We’ve gone almost three full years without addressing those subjects. Now it’s time!
Before you turn the page, through, the subject is pretty interesting. The deed is the legal document that transfers title of property to you. Many people aren’t aware that there are different types and qualities of deeds. And by the time you finish this column, you’ll know what they are!
The most common forms of deeds are the special warranty deed, the general warranty deed, the quitclaim deed and the deed of bargain and sale.
If you’ve been paying attention, you may think that the special warranty deed is the best one to have. Wrong!
The special warranty deed carries only one covenant, warranting that the property was not encumbered during the time the present owner owned it (except as noted in the deed).
The general warranty however, does not make that distinction. In fact, it has five basic covenants, including a covenant of quiet enjoyment, a covenant of further assurance (which means that the seller will provide any documentation necessary to make the title good) and covenant of warranty forever, which is a financial guarantee. This is why the general warranty is the best quality deed.
The quit-claim deed carries the least protection of any deed. It merely conveys the grantor’s interests in the property. This is the instrument often used in divorced, when the ex-husband gives his half of the property to the ex-wife.
The bargain and sale deed has no real warranty. It only implies that the grantor holds title to the property.
Okay, now that you know the type of deed to get when you buy property, be aware that your title insurance will assure that you have a good title anyway. And since nearly all lenders require that you have title insurance, you’re covered!
There, now – that wasn’t so bad, was it? We want your suggestion for future posts. Tell me what you want to know and we’ll give you more Truth.
Wanna know more useful tips from Ken Krell? - Visit - Ken Krell.
Monday, December 5, 2011
Stop the Insanity -- Dealing With Collection Agencies by Ken Krell
To get the rest of the details about this strategy and receive my FREE special report- The Great Credit Score Scam REVEALED— visit Credit Rebound Institute.
Thursday, December 1, 2011
Ken Krell - When Agents Double-Deal
When Agents Double-Deal by Ken Krell
It’s time, once again, to expose the Great Real Estate Rip-off. One of my students recently showed me a schedule of fees from a local real estate broker that was so outrageous and ridiculous that I must share it with you.
Before we get to the details of this shyster situation, let me give you an understanding about what you should expect from a real estate agent.
When you go to a real estate broker to see a property, you generally assume that you will dealt with fairly; the agent will show you some property and will tell you the truth about each one. If you want to make an offer, the agent will pull out his/her infamous “standard form” and fill it out (Years ago, I taught a course on how to “beat” the standard form).
As a fiduciary of the seller, the agent will practically machete you into signing that offer. Then, as we have discussed in previous articles over the years, the broker, although he/she is receiving a hefty brokerage fee (in many cases) from the seller, will try to hose you for “conveyancing fees” or “document storage fees” or other crazy stuff.
The “conveyancing fee” generally refers to assisting you in obtaining the mortgage and making sure that the terms of the contract are carried out to avoid settlement problems. In essence, the broker coordinates the necessary events required to reach settlement.
Many ethical brokers charge a pittance for this service, and it’s well worth paying if you don’t want to do the work. One of the East Coast’s finer agencies, for instance, historically has not charged for the service, since if it was not performed, no one would go to settlement. Others charge as much as $350 or more and do not disclose to the seller that they are being paid by the buyer as well. State regulators usually frown on such practices, since they can violate the licensing laws.
But many brokers say that the fee is reasonable. They say that they prepare the deed and mortgage, if necessary (in states where that is legal), and arrange settlement. Guess what! The title company has prepared every deed for me and my clients for years, and hasn’t charged a penny! Yet, one South Philadelphia broker has charged $125 for the deed alone!
A simple call to your title company is all it takes to arrange settlement. And furthermore, do you trust a real estate broker to prepare one of the most important legal documents regarding your home ownership rights? The state of New Jersey would pull an agent’s license if he/she were to prepare such documents. They are only to be prepared by attorneys in that state.
But the “buyer rip-off” scam goes much further than this. At least one agency actually has the gall to charge the buyer for preparing the offer. The fee for preparing or “reviewing” the agreement of sale (purchase contract), coordinating settlement, clearing title and sending a copy of the title report to the bank (which the title company does for free) is $100. And this is in addition to the “conveyancing” fee!
Of course, the agent has a fiduciary responsibility to the seller and must present the offer, but most buyers have no idea how to put it together, and they need the agent’s help. Without the agent’s help, they’ll pay for an attorney or another advisor. Traditionally, the agent has prepared the documentation at no charge.
Furthermore, that this agency says that they’ll “review” the contract is ridiculous. Whom do those folks represent? The other side! Do you want them to “review” your contract? That’s like having John McCain review Barak Obama’s latest speech.
The bottom line here is that the buyer must beware. Not just from the seller, but from real estate agents as well.
There are many good, fair, ethical agents out there. It’s a shame that a few bad apples can tarnish the reputation of one of the most important industries in the world.
Do you have any question or do you need more tips for real estate or strategies to impact your life? Then this site Ken Krell could help you what you want.
It’s time, once again, to expose the Great Real Estate Rip-off. One of my students recently showed me a schedule of fees from a local real estate broker that was so outrageous and ridiculous that I must share it with you.
Before we get to the details of this shyster situation, let me give you an understanding about what you should expect from a real estate agent.
When you go to a real estate broker to see a property, you generally assume that you will dealt with fairly; the agent will show you some property and will tell you the truth about each one. If you want to make an offer, the agent will pull out his/her infamous “standard form” and fill it out (Years ago, I taught a course on how to “beat” the standard form).
As a fiduciary of the seller, the agent will practically machete you into signing that offer. Then, as we have discussed in previous articles over the years, the broker, although he/she is receiving a hefty brokerage fee (in many cases) from the seller, will try to hose you for “conveyancing fees” or “document storage fees” or other crazy stuff.
The “conveyancing fee” generally refers to assisting you in obtaining the mortgage and making sure that the terms of the contract are carried out to avoid settlement problems. In essence, the broker coordinates the necessary events required to reach settlement.
Many ethical brokers charge a pittance for this service, and it’s well worth paying if you don’t want to do the work. One of the East Coast’s finer agencies, for instance, historically has not charged for the service, since if it was not performed, no one would go to settlement. Others charge as much as $350 or more and do not disclose to the seller that they are being paid by the buyer as well. State regulators usually frown on such practices, since they can violate the licensing laws.
But many brokers say that the fee is reasonable. They say that they prepare the deed and mortgage, if necessary (in states where that is legal), and arrange settlement. Guess what! The title company has prepared every deed for me and my clients for years, and hasn’t charged a penny! Yet, one South Philadelphia broker has charged $125 for the deed alone!
A simple call to your title company is all it takes to arrange settlement. And furthermore, do you trust a real estate broker to prepare one of the most important legal documents regarding your home ownership rights? The state of New Jersey would pull an agent’s license if he/she were to prepare such documents. They are only to be prepared by attorneys in that state.
But the “buyer rip-off” scam goes much further than this. At least one agency actually has the gall to charge the buyer for preparing the offer. The fee for preparing or “reviewing” the agreement of sale (purchase contract), coordinating settlement, clearing title and sending a copy of the title report to the bank (which the title company does for free) is $100. And this is in addition to the “conveyancing” fee!
Of course, the agent has a fiduciary responsibility to the seller and must present the offer, but most buyers have no idea how to put it together, and they need the agent’s help. Without the agent’s help, they’ll pay for an attorney or another advisor. Traditionally, the agent has prepared the documentation at no charge.
Furthermore, that this agency says that they’ll “review” the contract is ridiculous. Whom do those folks represent? The other side! Do you want them to “review” your contract? That’s like having John McCain review Barak Obama’s latest speech.
The bottom line here is that the buyer must beware. Not just from the seller, but from real estate agents as well.
There are many good, fair, ethical agents out there. It’s a shame that a few bad apples can tarnish the reputation of one of the most important industries in the world.
Do you have any question or do you need more tips for real estate or strategies to impact your life? Then this site Ken Krell could help you what you want.
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