Title Wise
The New Jersey Real Estate News You Can Use
|
Greetings!
Closer to home, we are finding out that over $1 billion in properties in the City of Brotherly Love has property title problems. Big ones. So much so that city officials believe that it is one of the contributing factors to the high crime and poverty of certain sectors of the city. Also in this edition of Title Wise, there is a very useful story on how we can win the war against house ants.
Please feel free to email me at ralph@counsellorstitle.com if you have any questions or would like to follow up on any of this edition's articles.
Ralph Aponte
Founder & President
732.914.1400
|
Philadelphia Has Title Problems Over $1.1 Billion |
Philadelphia Has Big Title Issues
A Pew Research Study reported that there were a significant number of homes that were prone to falling into disrepair and even becoming abandoned because of tangled titles.
The importance of title concerns the city officials because a home is the primary source of accumulated wealth.
According to the recent Pew Study, Philadelphia residents may be living in a home with a "tangled title," which will remain unresolved until the point that a legal problem arises and they discover the issue. This usually occurs only after they encounter financial trouble and now understand that the home they thought they owned is held but by a series of problems or title defects.
How serious is this Philadelphia problem? Well, according to the Pew Study, "Philadelphia has at least 10,407 tangled titles, affecting 2% of the city’s 509,258 residential properties."
Other Issues
• Although the median assessed value of these homes—$88,800—is lower than the citywide median of $134,300, the properties are still collectively worth over $1.1 billion, representing a significant amount of family wealth.
• The incidence of tangled titles is highest in parts of North, Upper North, West, and Southwest Philadelphia, areas that account for more than half of the city’s tangled titles but only about a third of all residential properties.
• Although no demographic data on affected households is available, the neighborhoods most affected tend to be those with relatively low housing values, low incomes, and high poverty rates.
• The populations of the hardest-hit areas are predominantly Black, while those least affected are majority White.
The ramification of this situation is such that, with a tangled title, those living in such residences find it difficult to access the programs and grants available to them, and handcuffing them from making the necessary repairs to the properties. In addition, they are still liable for paying real estate taxes.
The Cost to Correct These Titles
The bad news is that it was estimated by the Pew Study that the cost for correcting these defective titles would average about $9,200 - and considering the median assessed value of the homes is put at $88,000, residents are reticent about doing anything. Thus the homes fall into greater disrepair. The Philadelphia Register of Wills, Tracey Gordon, identified a city program that waives some fees incurred when fixing a property title, but there is more that needs to be done in order to produce a clean title.
She indicated that those people looking for help in this matter should call her office: 215-686-6250.
# # #
|
Winning the War Against House Ants |
Ant-a-lytics
Save this article, because ultimately you will all end up having to use this information.
When ants show up, it is usually going to involve a campaign to get rid of them. They just don’t show up; they come as a result of the conducive conditions that exist in a home. Homeowners and renters, even people taking an Airbnb for the weekend, should know how to get rid of the ants.
Three things that attract ants: food, water and shelter. Each one of these factors becomes imperative in order to launch a successful campaign against these critters.
When They Come
When you see one or two ants, automatically assume there’s about a hundred more behind them. They don’t just show up, they leave little trails for their friends to follow them to the places they discover. The things they leave behind are called pheromones. Any successful war against ants is going to involve the elimination of these bio-tracks that they leave behind.
There are 3 major kinds of ants:
■ Carpenter ants – These are the larger kind of black or dark brown ants that invade a home. They possess a ravenous thirst for water. They also are quite cantankerous and even nasty. Are you in a home where there is rotten wood that is giving them the kind of environment that they thrive in. Oftentimes carpenter ants live in rotten wood, which is where they derive their name, and they usually are found in areas where there are structural problems in a home.
■ Odorous ants – These are the kind of insects that find their way into your food cabinets and kitchen counters. They have a sweet tooth, so to speak, because of their passion for cookies and cake. Another thing about them is that they smell when they are squished.
■ Pavement ants – They eat just about anything. All kinds of foods, even seeds and other insects.
Getting Rid of Ants
First: Start on the outside. Trim away all excess foliage that surrounds the home. Clean away any debris or decomposing leaves and branches. There are solutions that you can make to spray around the area, but we will get to these later.
Look for Access Points
Investigate the areas around the perimeter of your home and close them off. Seal all the points of access around your house. This includes all the cracks, windows areas, sills, doorways, floors, pipe areas, and fill them with caulking.
|
A Short Glossary in Title Terms |
Here are some key terms specifically used when dealing with property title:
• Deed: A formal written document that transfers a title to a new owner and serves as proof of ownership. Although often used interchangeably with “title,” the term “deed” refers to a physical document.
• Heir: A person who, either through a will or through intestacy, has a legal claim to a deceased person’s property.
• Intestacy: State law governing distribution of the property of a person who dies without a will.
• Lien: A legal claim against a property that functions as collateral for debt.
• Personal representative: The modern label for the person responsible for settling an estate and carrying out the provisions of a will, if one exists. It encompasses the terms “executor”/“executrix,” formerly used when there was a will, and “administrator”/“administratrix,” which were used when there was not.
• Probate: The legal process of administering an estate after someone dies. Legally, the term “probate” applies only to estates that involve a will, and the term “estate administration” applies to those without one.
• Record owner: A person or other legal entity named on the deed recorded with the Department of Records.
• Title: The legal right to ownership of a property.
|
Essential Steps to Closing on a Home |
Get This Month's Free Rental Planner Spreadsheet |
Rental Income Planner in Excel Spreadsheet
|
|
A.S.A.P. Attorney Settlement Assistance Program
|
Our real estate secretarial services are able to assist you in every aspect of the sale, purchase, refinance or loan closing process. We will directly communicate with all the parties involved in the transaction and coordinate and obtain all the items necessary to bring the matter to closing.
Our ASAP services can be individually customized to fit your needs. These services include:
- Documentation Preparation
- Disbursement of Funds
- Attendance at Closing
- HUD Preparation or
- Post-Closing Matters
|
Our Commitment to Excellence |
Counsellors Title Agency wants to thank you for the opportunity to work with you and your clients to grow your business. Please feel free to click the link above or here to leave us a review on Google. We appreciate your business. |
Sales: Leading NJ title insurance agency seeks experienced licensed salespersons to help expand its market share throughout the entire state. Benefits include health insurance, 401k with an employer match, flexible spending account, expense account, & marketing support. Send resumes by fax: 732-914-8898 or ralph@counsellorstitle.com
|
Free Online Title Insurance Calculator |
Counsellors Title Agency announced its updated Title Calculator for New Jersey home purchases & refinances at: Title Calculator
Loan officers, real estate agents and home buyers can find out how much title insurance will cost for purchases made in New Jersey.
Easy-To-Use Functionality
This online tool includes many of the endorsements involved in calculating the cost of a title policy in New Jersey. CTA's Title Calculator is a great tool for real estate salespersons, loan officers, attorneys and those who are buying or refinancing their home.
It calculates the cost of title insurance based upon the purchase price of the home, the loan amount, and the various endorsements that can accompany the loan. The calculator provides the user the scalability of selecting the various endorsements involved in the transaction.
|
Handy Guide to Real Estate Sources |
Here are some of the most widely used governmental websites for the real estate industry.
I look forward to being of service to you, providing you with outstanding real-time information and some humor to make doing business a pleasure.
Sincerely,
Ralph
Ralph Aponte
Counsellors Title
|
|
 |
Counsellors Title Agency, Inc. specializes in providing title insurance, title search services and loan closing services serving attorneys, Realtors, banks and various mortgage companies throughout the State of New Jersey. CTA offers full search and insurance capabilities within all 21 counties of New Jersey for commercial, residential and new construction purchases in our Toms River, Freehold, Chatham, and Union locations.
CTA is equipped with the latest digital technologies to ensure a complete and timely transaction.
|
|
|
|
|
|
Mr. Ralph Aponte
Our Office: 504 Hooper Avenue,
Toms River, NJ 08753
Phone Number: (732) 914-1400
Fax: 732-914-8898
|
|
|
|
|
|
|
|
