Every day we hear horror stories about Realtor’s:  Client’s Realtor’s aren’t responding to them; they’re not showing the house; they’re not finding houses worth seeing; they aren’t working very hard; they’re driving up purchase prices to make more commission; they’re not setting up property viewings as requested.

Not all complaints are valid in all situations, but enough are that finding the right agent is a proper concern.  You need to find somebody that knows your area and that works the way you work.  Do you like e-mail?  Make sure the Realtor regularly uses e-mail.  Do you want constant updates on what is going on?  Make sure they are someone that is going to keep you informed.  There’s a hundred variables and a hundred risks when you sign on with anyone, including a Realtor.  It’s a very personal service and you need to be sure that you will enjoy the experience and profit from it.

So what does that tell us?  How do you find the Realtor that is right for you?  There is no easy answer to the question.  At the Hamad Law Firm, LLC, we can often point you in the direction of Realtor’s that we have used before and that we know will work well with you, but that’s only one answer.  Personal referrals not just from us but from anyone you know are very important.  Looking at someone online can only tell you so much – find out what your friends, your relatives, your business associates know about Realtor’s in your area.  If you don’t get good leads from that, go to the internet, see what you can find, and most importantly talk to the Realtor before you commit to dealing with them.

If you’d like a recommendation, be sure to contact the Hamad Law Firm, LLC, today.

Lenders today require title insurance to protect their interest in property that they lend on.  If you have a mortgage loan or are taking a mortgage loan, it’s a sure bet that you will be required to purchase title insurance.

What is Title Insurance?

Title insurance protects the insured party against losses related to the title of the property.  Well what does that mean?  Property in the United States has its title recorded in the land records of the local area.  In Connecticut, these land records are managed by the town clerk of each individual town, and are stored at the town hall.  Unlike a car, you never physically hold the title to your property.  Rather, as each lien (such as a mortgage) becomes active, a mortgage deed is recorded showing it.  When each lien is released, a release of lien is recorded.  Over time, each properties record’s become more and more complicated.  This can be a source of error when a title search is done on the property, and may result in damage to your (and your mortgagor’s) claim to the property.  Title insurance can also protect against fraud in transfers – for instance, perhaps the last person to sell the house forged a signature on the deed.  Real estate taxes and other liens can also be title insurance issues, among a great deal of other items.

When do I purchase title insurance?

Title insurance can be purchased at any time, but is most commonly purchased immediately upon the purchase of a property or the closing of a loan.  When you close a loan you will see the cost of the title insurance listed on the settlement statement.  The loan-taker typically pays the entire premium, even though the title insurance protects either only the lenders interest, or both the lender and the purchaser’s interest.

Why do I need a new insurance policy when I refinance?

When you purchase a property you typically take out two title insurance policies – a “Loan Policy” that protects the interest of the lender, and an “Owner’s Policy” that protects your own interest in the property.  These policies last until the protected party no longer has an interest in the property.  In the case of the Owner’s Policy, it will not need to be repurchased no matter how many times you refinance.  Unfortunately, when you refinance, the lender for your previous loan no longer has an interest in the property, and therefore the previously purchased Loan Policy no longer exists.  Even in the case of a same-lender refinance, when one loan is paid off and a new loan taken, a new policy must be purchased.  Discounted title insurance rates ARE available in Connecticut when you are replacing one loan policy with another.

Where do I buy title insurance?

In Connecticut you must be an attorney to be a title agent and thus to sell title insurance.  Typically, when you choose the attorney that will close your loan, they will write the title insurance policy and bill you for it.  Title insurance is almost never shopped for by Connecticut purchasers individually, but rather by their attorneys.  It should be noted that in other states, such as New York, the title insurance agent and the closing attorney/agent are not always the same, and in many cases, cannot be the same.

In summary, title insurance protects interests in property from errors and fraud related to title.  The Hamad Law Firm, LLC, of New Haven, Connecticut, is a title agent and writes for reputable title insurance companies that do business in Connecticut.

By Attorney Daniel Hamad

As people – including attorneys and real estate agents – look for any deals to be found in this dismal market, scams have become more and more prevalent, and the scammers have become more sophisticated.  Sophisticated enough that you can find even attorneys taken in by them.

We typically call them Nigerian scams, but realistically they rarely come out of Nigeria any longer.  In fact, the United Kingdom (England) seems to be the most common nation for scams.  The scammers usually are not actually citizens of the U.K., and perhaps are not even located there, but they’ll have an English name and all the documents you could want (including a passport scan) to “prove” that they are who they say they are.  A word to the wise: if somebody contacts you from outside of the United States, don’t trust them, even if it’s from a supposedly reputable and first world country.

Let’s review how one of the common scams goes.  First, a purchaser contacts an attorney (usually by e-mail) and says that they would like to purchase a property in that attorney’s area.  They will name the property and it will be a property currently for sale.  A sophisticated scammer will sign an attorney engagement agreement when asked, and provide a scan of their supposed passport or other identifying documents.  They will want the attorney to handle all the negotiation for them, or to hire a realtor that they know.  They will want no direct contact with the seller.

Things to look for: 1) overly formal language even after several e-mails; 2) An all cash deal, sometimes with supposed bankers in the US but where no bank is identified; 3) A quick closing requested (usually only a few weeks); an immediate offer to transfer (some/all) funds; 4) grammar that may not be poor, but has verb tense / grammar mistakes in areas where English speakers usually do not err; 5) they do not want to personally inspect the property prior to closing, asking you to do it or hire someone to do it.

Some scammers have gotten sophisticated enough that they will even agree to provide certified funds, rather than wiring funds to an attorneys IOLTA/trust account.  To be clear: never, ever provide wire information to somebody you haven’t met and cannot verify.  You will get this same advice for every bank, realtor, and attorney out there.

These scammers basically rely on everybody’s (attorneys, sellers, realtors) desire to get properties sold.  It seems like easy money – a quick cash deal paying at or near asking price.  Perfect for everyone.  But the purchaser will start to make “mistakes” as time moves along.  They will deposit or provide incorrect amounts of money for the purchase.  They will not provide certified funds when they previously had said they would.  Their bankers won’t be able to prove whom they work for.  The purchaser won’t show up when he should.  The “mistakes” will all be related to timing and to funding, putting everyone in a bind as time winds down.  They will then push for the closing to happen anyway, with everyone invested in it happening, and that is when they’ll have you.

If you are contacted by somebody like this, let your instincts take over.  If something does not seem right about them, don’t do the deal.  You might lose out on a closing – but you avoid the risk of losing a lot more than that.  Talk to the person on the phone, at the least.  Do not simply rely on e-mail.  Request several forms of ID.   Check their grammar… and under no circumstance provide your bank account information.