The other day a young lady called my office and asked how much we charge to conduct a local purchase closing. I have been conducting title searches and closings for over twenty years so I wonder; does this lady select a car by calling around looking for the cheapest vehicle?
How is it that someone that is buying their largest asset can make the closing attorney selection blindly and solely to save a few bucks. New attorneys are cheap and can save the buyer a hundred bucks. There is no substitute for experience and the knowledge that comes from that experience.
So, if that lady caller ever reads this, I hope that you are able to save money and get everything that you deserve; a cheap attorney.
Sunday, April 19, 2009
Championship Thoughts
In 1979 I joined the collection of those that are proud to call themselves UNC graduates. In early March I joined the other UNC fans in proudly celebrating another UNC basketball championship. It is ironic that each of us gets so vested in something that we have so little real connection to. But for a slip of the pen by the admissions officer we would have no connection at all. Yet with this tenuous connection we each get a huge adrenalin rush with each victory and each championship. These are not our children, our parents or even close friend. How do they exercise so much influence over us?
Are we living vicariously through these men that leap, score and defend so well? What is it that gives us such a rush. Whatever we can spend a brief time on Cloud 9 knowing that Carolina is now the Gold Standard for college basketball. UNC graduates its players and ensures that all players feel that they are part of something greater then themselves. They are the UNC basketball family and they will always know that. This program has come to define excellence and we all hope that some of that will rub us on us. Perhaps, in some way, we hope that by association we can feel better about our selves and feel that we too are champions.
Now we wait for the next UNC basketball championship!
Are we living vicariously through these men that leap, score and defend so well? What is it that gives us such a rush. Whatever we can spend a brief time on Cloud 9 knowing that Carolina is now the Gold Standard for college basketball. UNC graduates its players and ensures that all players feel that they are part of something greater then themselves. They are the UNC basketball family and they will always know that. This program has come to define excellence and we all hope that some of that will rub us on us. Perhaps, in some way, we hope that by association we can feel better about our selves and feel that we too are champions.
Now we wait for the next UNC basketball championship!
Friday, January 16, 2009
Musings on the New Year
A new year, a new administration and perhaps new opportunities. With luck, 2009 will represent a seed change in foreign policy, regulatory indifference and the trampling of the civil rights of US residents and citizens.
It is impossible to fix the military and tactical errors of this administration. Partially as a result of a "war" instigated as a result of poor intelligence, a war carried out without foresight, and a conflict that has spread corruption in a manner as insidious and widespread as drugs this Country's military is over extended, the economy is as bad as it has been since the depression. and the population has lost faith in our political, economic and social leaders. Clearly, we all need a clean break from the incompetence of the past eight years.
On a micro level the North Carolina economy is struggling. First Union is gone, Nortel is gone, and Freightliner is on edge. The government tells us that small business are the engine of the economy but we are allowing small businesses to disappear by the thousands. The foundation of the economy is being eroded with any complaint, fight or complaint.
The Banking industry pushed through bankruptcy "reform" now know as BARF. After the Banking industry spent thousands to undermine our bankruptcy law we are left with a banking industry weighing on the back of the taxpayers and a poorly drafted, consumer unfriendly bankruptcy law. We need to return to the bankruptcy court the power to strip unsecured loans, we must end the means test and return the "cram down" power. The banks and credit card companies should not be the only entities that can force new interest rates and debts on the consumer.
We must address issues of health care, housing and an exploding budge shortfall. Now we must find ways to reform government spending and modernize our economy. Who will be our Patrick Henry? Who will find the forum and utilize that forum to mobilize the public behind real economic reform? Perhaps this modest forum can be the home for a lively, intelligent and open discussion of ideas. The chiweenies will keep to their niche; I hope that others will contribute to the dispersion of new ideas.
RADICAL IDEA ONE: Consider for the moment the consequences of states setting a constitutional limit on percentage of the population that can be incarcerated at any point in time. The US has one of the highest percentages of incarceration in the world. This is a reflection of the failure of churches, families, courts and the government. Like the Mullahs of Iran certain portions of our society have convinced the Legislatures that long fixed sentences are a solution for the problem of crime. No one is allowed to question the value or merit of long sentences with out being ostracised as "soft on crime" or indifferent to victims. The effects of Structured Sentencing and other self righteous reform of our criminal lase have turned our society away from concepts of reform, restitution and non-penal control. At great expense we build new prisons and stockpile a large percentage of our society in these kennels we call correctional institutions.
If we force a prisoner limit on our legislator we can force reform and turn away from the idiocy of the current system. Consider the following:
A local lawyer was sentenced to more then 16 years in prison after being snared in an unwise, inappropriate and criminal computer discussion with a person posing as an underage male. This lawyer never touched anyone and there is no evidence that he ever maintained an illegal physical relationship with anyone. Who can really justify 16 years for this type of activity.
In contrast. In a highly publicised case a local woman accepted a plea in case where she had murdered her husband and indirectly caused the death of another person. This woman will serve less time behind bars then the lawyer that corresponded with the faux minor.
To make things worse, when the lawyer gets out of prison he will have to register as a sex offender, he will be excluded from malls, parks and churches. On the other hand the murderess can live next door to you, date your relatives, sing in your choir and she need not tell anyone that she is a convicted killer.
Is it not time to open your window and shout out that the system is broken and that we will not take it anymore? We must Reform the system, force the legislature to value our human assets and help create a modern society that recognize that our sentencing system must value more then punishment and restraint.
It is impossible to fix the military and tactical errors of this administration. Partially as a result of a "war" instigated as a result of poor intelligence, a war carried out without foresight, and a conflict that has spread corruption in a manner as insidious and widespread as drugs this Country's military is over extended, the economy is as bad as it has been since the depression. and the population has lost faith in our political, economic and social leaders. Clearly, we all need a clean break from the incompetence of the past eight years.
On a micro level the North Carolina economy is struggling. First Union is gone, Nortel is gone, and Freightliner is on edge. The government tells us that small business are the engine of the economy but we are allowing small businesses to disappear by the thousands. The foundation of the economy is being eroded with any complaint, fight or complaint.
The Banking industry pushed through bankruptcy "reform" now know as BARF. After the Banking industry spent thousands to undermine our bankruptcy law we are left with a banking industry weighing on the back of the taxpayers and a poorly drafted, consumer unfriendly bankruptcy law. We need to return to the bankruptcy court the power to strip unsecured loans, we must end the means test and return the "cram down" power. The banks and credit card companies should not be the only entities that can force new interest rates and debts on the consumer.
We must address issues of health care, housing and an exploding budge shortfall. Now we must find ways to reform government spending and modernize our economy. Who will be our Patrick Henry? Who will find the forum and utilize that forum to mobilize the public behind real economic reform? Perhaps this modest forum can be the home for a lively, intelligent and open discussion of ideas. The chiweenies will keep to their niche; I hope that others will contribute to the dispersion of new ideas.
RADICAL IDEA ONE: Consider for the moment the consequences of states setting a constitutional limit on percentage of the population that can be incarcerated at any point in time. The US has one of the highest percentages of incarceration in the world. This is a reflection of the failure of churches, families, courts and the government. Like the Mullahs of Iran certain portions of our society have convinced the Legislatures that long fixed sentences are a solution for the problem of crime. No one is allowed to question the value or merit of long sentences with out being ostracised as "soft on crime" or indifferent to victims. The effects of Structured Sentencing and other self righteous reform of our criminal lase have turned our society away from concepts of reform, restitution and non-penal control. At great expense we build new prisons and stockpile a large percentage of our society in these kennels we call correctional institutions.
If we force a prisoner limit on our legislator we can force reform and turn away from the idiocy of the current system. Consider the following:
A local lawyer was sentenced to more then 16 years in prison after being snared in an unwise, inappropriate and criminal computer discussion with a person posing as an underage male. This lawyer never touched anyone and there is no evidence that he ever maintained an illegal physical relationship with anyone. Who can really justify 16 years for this type of activity.
In contrast. In a highly publicised case a local woman accepted a plea in case where she had murdered her husband and indirectly caused the death of another person. This woman will serve less time behind bars then the lawyer that corresponded with the faux minor.
To make things worse, when the lawyer gets out of prison he will have to register as a sex offender, he will be excluded from malls, parks and churches. On the other hand the murderess can live next door to you, date your relatives, sing in your choir and she need not tell anyone that she is a convicted killer.
Is it not time to open your window and shout out that the system is broken and that we will not take it anymore? We must Reform the system, force the legislature to value our human assets and help create a modern society that recognize that our sentencing system must value more then punishment and restraint.
Saturday, August 16, 2008
Ginger Arrives
Puddles finds himself harassed, chased and intimdated by this newly arrived little girl. Ginger is an 4 month old Chiweenie. When Puddles gets a toy Ginger works to take the toy. When Puddles finds a chew stick Ginger takes it. When Puddles lays down Ginger attacks and paws at Puddle's face. Annoying is an understatement when talking about this cute and charming little girl. Yet Puddles and Ginger are becoming inseparable. When she sleeps she is charming and when she awakes she is a terror. She has fourty minute bursts of explosive puppy energy followed by angelic sleep in her Daddy's lap.
Keep reading the site because, without doubt, there is fun in store.
Monday, June 16, 2008
We Planned to Be Together Forever...
For over twenty years I have had couples come to me that wanted to buy a house together. Sometimes the pair are engaged, sometimes they are committed to each other, other just want to live together indefinitely. These couples have one thing in common; they plan to own and live in the house together for a long time. With rose colored glasses the sky is blue, the grass is green the air is clear and the couple will be together forever!
Lenders have no problem lending to an unmarried couple. The purchase is easy, one day you hope to be a homeowner and in a few days you are a homeowner. It is a simple process to join the ranks of those burdened by mortgages, repair bills and the other joys of ownership. What happens now if the wedding does not occur or when you partner moves on? When the split arrives you both still own the house together. In North Carolina you own the house as tenants in common. This ownership means that each party has an undivided one half interest in the real estate. Either party can sell their half or bequeath their half. Who wants a one half undivided interest in a house on Main Street?
If you are going to buy a house with someone other than your spouse then you should consider planning for the possibility that disagreements, fights or separation may occur. You can set up a buy out or sale procedure. An aggreement can set out a procedure for who gets to buy the other person out and how much the buyout will cost. An agreement can set out how to select a realtor or how to set a sales price. This is planning to avoid chaos, confusion and heartbreak.
If you find yourself about to buy real estate with your partner, friend or fiance first call an attorney and set up a real estate purchase agreement. Plan ahead. I know dozens that wish they had!
Lenders have no problem lending to an unmarried couple. The purchase is easy, one day you hope to be a homeowner and in a few days you are a homeowner. It is a simple process to join the ranks of those burdened by mortgages, repair bills and the other joys of ownership. What happens now if the wedding does not occur or when you partner moves on? When the split arrives you both still own the house together. In North Carolina you own the house as tenants in common. This ownership means that each party has an undivided one half interest in the real estate. Either party can sell their half or bequeath their half. Who wants a one half undivided interest in a house on Main Street?
If you are going to buy a house with someone other than your spouse then you should consider planning for the possibility that disagreements, fights or separation may occur. You can set up a buy out or sale procedure. An aggreement can set out a procedure for who gets to buy the other person out and how much the buyout will cost. An agreement can set out how to select a realtor or how to set a sales price. This is planning to avoid chaos, confusion and heartbreak.
If you find yourself about to buy real estate with your partner, friend or fiance first call an attorney and set up a real estate purchase agreement. Plan ahead. I know dozens that wish they had!
Monday, April 7, 2008
They Told Me That I Had to Put the Title in Both Names
I hear this comment at least four times a year. Apparently some lenders are telling North Carolina real estate purchasers that if they are married the property they buy must be titled in the name of both husband and wife. NOT TRUE.
While it is true that a married person in NC cannot generally purchase property with out some cooperation or signature from their spouse the public policy behind this is geared at providing a spouse knowledge of new indebtedness. Thus, if you buy a house without creating any debt your spouse will not have to sign any documents at the closing and his name does not have to appear on the deed/title. If you buy the property through the lender then your spouse will need to sign several documents acknowledging the debt.
It is important to recognize your spouse can still acquire a "marital interest" in the property that you have bought even if your spouse's name does not appear on title. The names on a title are not dispositive as to what interest each spouse will have in a separately titled property should a couple divorce.
Finally, there are economic and legal reasons why you should title your property in the name of Husband and Wife (tenants by the entirety). A discussion of this issue is for another day and another time.
While it is true that a married person in NC cannot generally purchase property with out some cooperation or signature from their spouse the public policy behind this is geared at providing a spouse knowledge of new indebtedness. Thus, if you buy a house without creating any debt your spouse will not have to sign any documents at the closing and his name does not have to appear on the deed/title. If you buy the property through the lender then your spouse will need to sign several documents acknowledging the debt.
It is important to recognize your spouse can still acquire a "marital interest" in the property that you have bought even if your spouse's name does not appear on title. The names on a title are not dispositive as to what interest each spouse will have in a separately titled property should a couple divorce.
Finally, there are economic and legal reasons why you should title your property in the name of Husband and Wife (tenants by the entirety). A discussion of this issue is for another day and another time.
Thursday, February 14, 2008
Time to Refinance
As mortgage rates drop people should consider if it is in their economic interest to refinance. In the twenty years that we have been conducting real estate closings in North Carolina we have worked with many lenders and hundreds of homeowners.
Most people either refinace to get cash out of their home or to lower their mortgage rate. We have many clients using the cash out refinance option. With a cash-out refinance you can use the equity from your home to payoff outstanding non-deductable debt or high interest debt. Dependening on your existing interest rate you may be able to refinance with a positive or neutral net economic impact. (In paying off a non-deductable debt you may extend your home payments but you are relieving your self of the non-deductable obligation and in all likelihood saving on the interest expense.)
At Devay & Coleman we have been handling real estate transactions since 1988. We have closed on properties in over a dozen counties and worked with at least a dozen title companies. When you pick your real estate attorney remember that you would not choose a house based on price alone -- when you pick you attorney consider experience and whether you will be dealing with an attorney or a para legal. It is important that you choose your own attorney and not let the seller or agent make this most important choice.
Most people either refinace to get cash out of their home or to lower their mortgage rate. We have many clients using the cash out refinance option. With a cash-out refinance you can use the equity from your home to payoff outstanding non-deductable debt or high interest debt. Dependening on your existing interest rate you may be able to refinance with a positive or neutral net economic impact. (In paying off a non-deductable debt you may extend your home payments but you are relieving your self of the non-deductable obligation and in all likelihood saving on the interest expense.)
At Devay & Coleman we have been handling real estate transactions since 1988. We have closed on properties in over a dozen counties and worked with at least a dozen title companies. When you pick your real estate attorney remember that you would not choose a house based on price alone -- when you pick you attorney consider experience and whether you will be dealing with an attorney or a para legal. It is important that you choose your own attorney and not let the seller or agent make this most important choice.
Subscribe to:
Posts (Atom)
