Goose Creek, SC

Understanding the Title Search

Among the many areas of due diligence in buying a home, a title search, or sometimes called a title examination, is one of the most important. The title is a document that gives evidence of an individual's ownership of property. The title search is usually performed by an attorney (usually the closing attorney) in an effort to ensure that the title on a particular house is free of encumbrances. An encumbrance is any lien, liability, or charge against a property. The attorney performing the title search will be looking for many things including:

1. Mortgages - looks for 2nd and 3rd mortgages that may affect the closing.
2. Life Estates
   
3. Right of Ways
4. Judgment liens
5. Special assessment liens
6. Current leases
7. Deed restrictions
8. Easements
9. Tax liens
10. Mechanic liens.

It is important to note that if a buyers is securing a loan from a lending institution, that lending institution will require a title search to be performed to assure the seller is conveying a good and marketable title. Upon completion of the title search, the attorney will most likely offer the buyer Title Insurance.

What is Title Insurance? Title insurance normally covers defects which do not appear in public records. Title insurance indicates only that title is insurable and not that it is without defects. If no defect is found it is considered Marketable Title, which means that it is a title that an ordinary person in an ordinary market would accept. This is based on the concept that no title is completely free of all defects. There are two type of title insurance policies. Mortgagee Policies are policies that would cover the amount of the mortgage only. Owners Policy are policies that would cover the owner's equity plus the mortgage if there were one.

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Buying real estate is a a great long term investment. After all, as Mark Twain once put it, "Buy land, they're not making any more." When getting involved in real estate it is important to make the distinction between the two major types of property and the rights involved in each. The two types of property are Real Property and Personal Property.

What is Real Estate? Generally speaking, real estate is defined as any interest in land. Note that interest in this case is defined as one's rights, powers, privileges, and/or immunities in real estate. Land is best described as the surface of the earth extending downward to the center of the earth and upward to infinity, including things put there by nature such as trees and water. This is mostly associated with real property.

What is Real Property? Real property is the land plus things permanently attached to it either by nature or by man. For example, the lot plus the house, fence, trees, bushes, and/or a well would be considered real property. Real Property comes with three property rights:

1. Mineral Rights - the property owner usually owns the mineral rights below the surface since land ownership extends downward to the center of the earth. The right to mine the property or sell the mineral rights usually comes with ownership.
2. Air Rights - Because ownership of land extends upward to infinity land rights include the air space above the land. The government most often will supersede and restrict these rights with zoning restrictions and by allowing aircraft to use the airspace above your land.
3. Water Rights - Water rights vary by state and usually fall into one of two categories: Riparian Rights and Littoral Rights. Riparian Rights deal with ownership of property along bodies of water that flow (rivers and creeks) and property lines depend on local laws. In South Carolina Riparian property rights hinge on if the stream is navigable or non-navigable. Property owners along navigable rivers and streams property rights extend only to the water's edge. Those along non-navigable rivers and streams could own the land under the stream to the center of the stream. Littoral Rights deal with ownership along large lakes, seas, and oceans affected by tide currents. Ownership here usually extends to the mean high water mark.

What is Personal Property? All property that does not fit the definition of real property is usually classified as personal property. Personable Property is usually movable. Historically Personal Property has been called (and is still called this in some areas of the country) personalty or chattel property. Types of Personal Property include:

1. Emblements - Emblements are annual growing crops (must be replaced each year). Examples include corn, wheat, and tobacco.
2. Trade Fixtures - these are fixtures used in a trade or business by a tenant. These include store shelves or restaurant equipment.
   
3. Chattel Real - this is usually paperwork that displays an personal property interest in the real property. This includes leases, mortgages, and land contracts.

It's Official $8,000 Homebuyers Tax Credit Extended. Home Buyers in Goose Creek and in the Charleston SC area look to take advantage of Buyer's Market.

The Real Estate Market in Goose Creek and in the Charleston SC Area is definitely a Buyer's Market, a majority of the cities surrounding Charleston, SC (i.e. North Charleston, Goose Creek, Summerville, Ladson, Mount Pleasant, and etc.) see the number of new listings exceeding the number listings every month (i.e. the supply of homes increasing). With supply of homes for sale increasing in going to the traditionally slow part of the year for real estate, it makes a great time to buy.

$8,000 homebuyers tax credit extended

President Obama reups popular tax credit through June 2010 and expands it to include people with higher incomes and some who want to trade up into new homes.

By Les Christie, CNNMoney.com staff writer

November 6, 2009: 3:18 PM ET -

NEW YORK (CNNMoney.com) -- President Obama signed an extension and expansion of the first-time homebuyers tax credit on Friday.

The $8,000 credit was scheduled to lapse on Dec. 1 but will now be in effect through the end of June. Homebuyers must sign a contract before April 30 and close by June 30. The income limits were also raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.

The bill also made more homeowners eligible to claim the credit on their taxes. First-time buyers -- those who have not owned a home in the past three years -- still qualify for an $8,000 rebate. But now people who want to trade up can also qualify. Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.

"The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules," said Gibran Nicholas, chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers.

Who qualifies?

Nicholas provided four scenarios illustrating how the tax credit rules for existing homebuyers will apply:

• Harry owned a home in 2001 and 2002 but sold it to relocate for a job. He would qualify for the $8,000 first-time-buyer credit because he has not owned a home in the past three years.

• Sue purchased a home in 2004 and has lived there since. If she decides to buy a new home, she would qualify for the $6,500 tax credit because she has lived in the same residence for five consecutive years in the past eight.

• Jane purchased her home in 2002, lived there for five consecutive years before she rented it out in 2007. She would qualify because she was an owner/occupier for at least five consecutive years in the past eight.

• Mark purchased a home in 2006 and lived there for the past three years. He would not qualify because he is neither a first-time homebuyer nor someone who lived in the same primary residence for five consecutive years out of the past eight.

How it helps the economy

Legislators and industry experts expect that the credit will encourage buyers such as Jane and Sue to move up their purchase plans.

"This bill will shift demand from the second half of 2010 into the first half," said Pat Newport, a real estate analyst with IHS Global Research. "As a result, home sales and prices will get a boost in the first half of 2010, with payback in the second."

That's not a bad thing, according to Bill Kilmer, vice president of advocacy for the National Association of Home Builders. It's important to stabilize real estate markets quickly to help bring the economy out of its tailspin.

The original $8,000 tax credit appears to have helped accomplish that goal: Home prices have inched up the past few months, according to the S&P/Case-Shiller Home Price Index.

To read the rest of this article, http://money.cnn.com/2009/11/06/real_estate/tax_credit_extended/index.htm?section=money_realestate

Charleston, Mount Pleasant, & Hanahan Real Estate For Sale

Matt Naumann - Charleston & Mount Pleasant, SC Real Estate Agent & Entrepreneur
"Taking Real Estate Home Buying, Investing and Selling to the Next Level" is my personal goal. I specialize in using creative strategies to help my clients buy, invest, or sell real estate in the Charleston & Mount Pleasant, SC Real Estate Market. My motto is "There is always a way!" Google or Call me (843) 818-9898 and let's discuss how I can help you in save $1,000s when you buy, invest, or sell real estate.

Extending the First Time Home Buyers Tax Credit will benefit Home Buyers and Home Sellers in Goose Creek and in the Charleston SC Area

The extension of the First Time Home Buyer Tax Credit, will give first time home buyers time to repair credit or the time to purchase a short sale in the Goose Creek and in the Charleston, SC area. The benefit for home sellers, will be the potential draw of home buyers looking to buy a second home or are looking to up size or down size from their current home.

The extension of the First Time Home Buyer Tax Credit overall, should help reduce the inventory of homes on the market.

Obama To Sign Bill Friday Extending Homebuyers Credit

AP, Thursday, 5 Nov 2009, 3:06 PM ET - The White House says President Barack Obama on Friday morning will sign a bill that expands a popular homebuyers tax credit and extends unemployment benefits.

AP Home sales

Congress on Thursday completed work on the $24 billion economic package that seeks to help out the millions who have lost jobs and have been unable to rejoin the workforce. The White House announced Obama's intention to sign the bill shortly after Congress finished the legislation.

Under the measure, an $8,000 tax credit for first-time homebuyers would be extended for seven months and expanded with a $6,500 credit for some prospective homebuyers who already own homes.

The House passed the bill on a 403-12 vote Thursday, a day after the Senate ended a monthlong stalemate with a 98-0 vote. With some 7,000 people exhausting unemployment benefits every day and the $8,000 tax credit for first-time homebuyers set to expire at the end of November, President Barack Obama is expected to quickly sign it into law.

The $24 billion package also contains tax credits aimed at struggling businesses.

The IRS says some 1.4 million people applied for the homebuyers credit through August, helping enliven the moribund housing market. The legislation would extend the program through June of next year, as long as the buyer signs a contract by the end of April. It also offers a $6,500 tax credit to those who have lived in their current residence at least five years.

The measure doubles the income ceiling for eligible individuals to $125,000. Homes must cost less than $800,000 to qualify.

The nearly 2 million who have exhausted their unemployment benefits or face termination of benefits, usually about $300 a week, before the end of the year would receive 14 weeks of additional benefits under the bill. The unemployed in those states where the jobless rate tops 8.5 percent would get six weeks on top of that.

House Majority Leader Steny Hoyer said the bill would also help the economy because the unemployed quickly spend their checks on living necessities. "We help people in very bad straits and we help our economy and help us all."

To read the rest of this article, http://www.cnbc.com/id/33673455/

Charleston, Mount Pleasant, & Hanahan Real Estate For Sale

Matt Naumann - Charleston & Mount Pleasant, SC Real Estate Agent & Entrepreneur
"Taking Real Estate Home Buying, Investing and Selling to the Next Level" is my personal goal. I specialize in using creative strategies to help my clients buy, invest, or sell real estate in the Charleston & Mount Pleasant, SC Real Estate Market. My motto is "There is always a way!" Google or Call me (843) 818-9898 and let's discuss how I can help you in save $1,000s when you buy, invest, or sell real estate.

11/2/09 -

11/2/09 -

10/29/09 -

Summary:

The average sales price in Goose Creek SC is approximately $21,500 less than the average listing price vs $15,000 last month, which has resulted in homes being sold in 65 vs 147 days (i.e. 2 months faster than the average) on the market.

The number of active listings has dropped from 417 to 396, due to listings being withdrawn from the market and not due to increase sales. In reality there were approximately 1.5 new listings per every listing sold.

The market is still definitely a buyer's market. If you are trying to sell, you need to make the decision to short sale your home or not to sell or rent long term (i.e. if you are relocating). The real estate market locally and nationwide is still trying to find bottom. Based on the data, some price ranges and areas have found bottom for home prices and others still need to drop.

TIP: Have a real estate professional, sit down with you and have them show you the data. Numbers do not lie and they can tell you want is selling, for what price, and how long it took to sell. With the correct data. Data that compares your home with other similar homes in your area, will paint a true picture of how much and how long it will take to sell your home.

Charleston, Goose Creek, & Hanahan Real Estate For Sale

Matt Naumann - Charleston & Goose Creek, SC Real Estate Agent & Entrepreneur
"Taking Real Estate Home Buying, Investing and Selling to the Next Level" is my personal goal. I specialize in using creative strategies to help my clients buy, invest, or sell real estate in the Charleston & Goose Creek, SC Real Estate Market. My motto is "There is always a way!" Google or Call me (843) 818-9898 and let's discuss how I can help you in save $1,000s when you buy, invest, or sell real estate.