Some Guidelines In Avoiding And Resolving Boundary Disputes

Posted on February 15, 2017 by amidala111

Humans can be territorial like a wild beast when it comes to a property line. Sometimes, in spite a person’s best efforts to be a good neighbor, property dispute arise especially when there is a change of ownership to a property. Neighbors sometimes argue over property boundaries, which can get out of control and cause more problems. Boundary disputes can be costly as well and sometimes the cost of dispute far outweigh the value of the property being disputed. We cannot always avoid these conflicts, but the following information will help solve problems and avoid problems with your neighbors.

Property Measurements

Measurements made at the time of purchase of a property should reflect the boundaries. Before erecting a fence over a dividing line, an updated measurement should be requested to determine the exact boundaries. This may be impossible in some cases due to the age of ownership or the writing of the deed. Some ancient scriptures may contain legal descriptions such as “52 feet from the bend in the creek” on a portion of land that now has a dry basin where a stream once existed.

Demand to determine the validity of a title

In certain situations, even when a measure can not resolve a boundary dispute, an owner may initiate a lawsuit to determine the validity of the title and request that the judge dictates the dividing lines of the property. In general, this procedure is more expensive than a measurement because of court fees.

Agreement on boundaries
Another alternative for boundary conflicts is for owners of adjacent properties to agree on a physical object, such as a fence, which will serve as a dividing line between properties. Then, each owner signs a deed in favor of the other where he grants the neighbor the domain of any territory that is on the other side of the agreed limit.

Purchasing prescription

If the disputed property has been used by a person who is not the owner for a certain number of years, the doctrine of an acquisitive prescription may apply. State laws vary from time to time. But usually, possession by the non-owner must be open, notorious and subject to a claim of right. In some states, this person must also pay taxes on the occupied property. Any permitted use of the property eliminates the ability to claim the purchasing prescription.

Disputes Between Neighbors: Consult a lawyer

Considering that you may get stuck with your neighbors for quite some time, it is advisable that issues will be settled amicably. However, if you can no longer resolve the dispute, a property dispute attorney can help you ease the stress of these conflicts and negotiate an acceptable settlement with your neighbors, or make sure your rights are properly protected in any lawsuit that may arise.
Try to consult a real estate attorney in case you have a dispute with a neighbor that you can not resolve on your own.

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Why Estate Planning In Amarillo Is Essential?

Posted on August 7, 2017 by amidala111

Estate planning is not an issue that is only for seniors or wealthy people. In fact, it is a mindful decision that every adult can take to be cautious in case of death or disability.

It is generalized that estate planning in Amarillo merely seeks to guarantee sustenance to the family after the death or to distribute enormous amounts of money, but this is a limited conception of which includes the estate planning.

Estate Planning makes it possible for beneficiaries to receive assets quickly, minimize burdens, and save time and money by being prepared for contingencies. In this regard, it also offers the possibility of providing special care to those family members who, for different reasons, require more support. And finally, it can ease the tension of mourning through funeral service agreements.

Also, estate planning in Amarillo opens up other options. For example, regarding old age is a tool for setting health care plans and ensuring a comfortable and independent life after retirement.

On the other hand, adequate estate planning is a tool to ensure the orderly succession of the family business in favor of household members or third parties, either through a sale or with the task of providing sustenance or education to family members. Also, it gives the possibility to appoint people who execute the will of the individual.

In this way, planning is based on the clear establishment of the will, through an accurate inventory of heritage, since determining the real estate to be transferred is one of the most difficult tasks in succession.

A person who decides to project his estate for some situations should know that the plan is not an unchangeable instrument. On the contrary, it can adapt to the constant changes during the life of the person; Then, family relationships, heritage, and will vary over time.

Ultimately, estate planning is an ongoing and essential task for every adult who claims that the wealth he generates will serve him personally for his life and after his death. Estate planning should be tailored to the particular situation, to ensure an effective tax burden and minimize problems for the transfer or to avoid disputes.

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Benefits Of RESPA To Real Estate Buyers

Posted on March 9, 2017 by amidala111

RESPA is a federal law regulating certain aspects of the settlement procedure and closing a transaction on real estate. The law was designed to protect consumers who buy houses. The Department of Housing and Urban Development (HUD) runs RESPA.
Essentially, RESPA requires that buyers be given certain information disclosure or at various points during the procurement process, and outlaw bribes that would increase costs and closing arrangement.

RESPA applies to most mortgage loans taken for purchasing houses. When you apply for a mortgage loan, the lender must give you some information about various real estate-related services, good faith estimate (GFE) of the amount for settlement charges you will face if your loan is approved, and a Declaration on Disclosure Services to the Mortgage, which is directed either to the lender trying to service the loan or transfer it to another, as well as procedures for resolving complaints you may have about it. Lenders have to give this information at the time of loan application, or mail within three days upon request. With the exception of the case where the lender accepts your loan application within three days; as in this case, it is not required that the lender complies with the provisions of RESPA.

A lender must also make certain disclosures before the arrangement and/or closure occurs. RESPA requires that you receive a Declaration on the HUD-1 Settlement duly completed, at least one day before closing. This document sets out all charges will apply to both the buyer and seller at the time of closing. RESPA also orders you receive a Release Affiliated Business Arrangement prior arrangement, if the provider has taken turns with a provider who has any kind of business arrangements.

Furthermore, in addition to the Declaration on the Settlement HUD-1 RESPA also offers you receive an Initial Declaration of Trust in the settlement or within 45 days, to expose the estimated property taxes and insurance premiums you will cover during the first year of the loan. This declaration must also contain the total amount of payments from the trust that you will do as well as any minimum amount required by the lender to stay in your escrow account at all times.

Following the settlement of your loan, RESPA imposes an obligation to give an Annual Declaration of Trust which provides a detailed account of all payments and deposits into your escrow account to lenders. At that time, it will return any excess payments or will be required to cover any outstanding escrow account. You are also entitled to a Declaration on Transfer Services at any time your lender sells or otherwise transfer your loan to another company.

Finally, RESPA prohibits any bribe, fee-splitting, or other unearned fees that might unfairly increase the costs of your arrangement. Violations of these provisions can lead to both civil and criminal penalties.

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