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The home buying and selling process is an exciting experience. However, it can also be complex and stressful, especially when it comes to the paperwork involved. From contracts, property disclosures, and loan applications, to inspection reports, the amount of paperwork can seem overwhelming.
Staying organized and keeping up with the paperwork is essential for a successful transaction. Explore these useful tips to help you keep up with the paperwork and eliminate any last-minute surprises.
Consult with Your Attorney
Your lawyer is the best resource you have during the home buying and selling process. They are objective and their job is to protect you from the process as well as from the various other professionals involved who only get paid if you close on the purchase or sale. There will be many bumps in the road, one or more of which might give you concern about proceeding any further. An real estate attorney experienced with home purchases and sales in your locality will be able to modify “standard” contract language to be tailored for your protection and the nuances of your deal and will know when something looks out of the ordinary and is a cause for concern.
Consult with Your Agent
Your real estate agent is the person most familiar with the process and any “standard” paperwork involved (particularly if you are using a Realtor® or other trade group contract form) and can provide guidance and advice on what to expect. They should be your partner throughout the transaction, ensuring that each document is in order, and on time. They will also be the go-to person to communicate with the other third-party providers involved in the transaction, such as the title company, appraiser, and inspectors, and they may be able to introduce you to a lender if you don’t already have one. In short, professionals can make the process as seamless as possible by keeping you informed about necessary documents and deadlines, but remember that your agent is not a licensed attorney and cannot offer you legal advice.
Timeline and Deadlines
The home buying and selling process has a timeline that includes many deadlines. Once you have a clear understanding of the timeline, be sure to document it. This will help you keep track of when specific documents are due, such as the property inspection report or the lender’s appraisal. It’s also helpful to crosscheck the timeline with any deadlines set by the seller or the lender. Missing a deadline can result in delays or even the loss of your dream home. Therefore, being organized and keeping track of deadlines is crucial.
Pick Documents You’ll Need
Each home-buying and selling transaction is different, and therefore the necessary documents will vary. It’s essential to ask your real estate agent or lender for a list of the documents you’ll need in advance. Reviewing the list of required documents will give you a sense of the process and allow you to anticipate what paperwork will be needed. Moreover, researching the documents ahead of time will give you the opportunity to ask for additional information or clarification if needed.
PDFs Help with Updating Paperwork Regularly
During the home buying and selling process, things can change quickly, and you must keep up with the updates. For example, a change in the purchase price could impact the type of loan you are receiving. Keeping all documents updated regularly will ensure that you are always on the right path and avoid any confusion or misunderstandings. Grab a free tool used to convert to a PDF file so you can make changes on the fly. Putting tech to work can turn your mountains of paperwork into a breeze. Make sure to file each document after it is signed in a special folder dedicated to this transaction. If you don’t have it, request it from whomever should have it, such as your agent, lawyer, lender, title company or inspector.
Setting Reminders
Keeping track of deadlines can be challenging, especially when you have several documents that need to be submitted at different times. Therefore, it’s beneficial to set reminders for yourself. Whether it’s through your phone, email, or calendar, setting reminders will help you stay on top of the paperwork and ensure that all documents are submitted on time.
You should also organize the other aspects of your process with reminders. Things like tidying and cleaning can take time. It’s best to keep on top of your home and keep some hacks in the back of your mind in the event you have a last minute showing or something pops up. Things like tidying your child’s playroom can take as little as 30 minutes with the right strategies, but if you’re caught completely off-guard, a minor hiccup can upset your whole timeline.
Dedicate a Specific File Drawer
If you are still using paper files, with so many documents involved in the process, it’s essential to keep everything organized in one place. By dedicating a specific file drawer for the paperwork, you will save yourself time and effort. Moreover, by having all the paperwork together, you can quickly refer back to documents if needed. Be sure to label the files clearly, organize the paperwork chronologically, and separate them by categories, such as inspections, contracts, and disclosures.
In conclusion, the home buying and selling process can be stressful, but staying organized and on top of the paperwork will make the process smoother and more efficient. Consult with your agent, understand the required documents, dedicate a specific file drawer for physical copies, etc. By following these tips, you can minimize any surprises and enjoy a stress-free transaction.
Guest Blogger: Michael Longsdon – Michael is the creator of ElderFreedom.net. He advocates for the rights and support of seniors. In his free time, you can probably catch Michael at the dog park.
If you are buying or selling a home, or if you have a Real Estate or Business Law matter and would like to discuss it in greater detail, we can be reached at 314.862.2237 or just fill out our contact form by clicking here.
As you now know firsthand, obtaining a property through a tax sale can be an exhilarating experience for investors, especially if the property was acquired at a favorable price. However, the journey doesn’t end once the auction is concluded. There’s a slew of important steps to follow to ensure a smooth transition and to maximize the potential of your new asset. Let’s delve into what to do after you’ve secured a property via tax sale.
First and foremost, understand when you can take possession of the property. In Missouri, there is a 1-year redemption period for properties sold for either the first or second time at tax sale. There is a 90-day redemption period for properties sold at a third tax sale (or later). This redemption period begins once you have provided the necessary notices to the original owner. During this period, the original owner can repay the owed taxes plus interest on the amount of tax owed and reclaim their property. To learn more about the redemption process and obtaining a deed for the property in order to have a right of possession, please read one of our previous blogs by clicking here.
Once the redemption period has expired and the deed granting you possession has been recorded, your next step should be securing the property. Change the locks, secure any broken windows or doors, and, if necessary, set up a security system. After securing, conduct a thorough inspection. This will help you identify any issues, like structural damages or pest infestations, that might need immediate attention. Consider bringing a trusted contractor with you during this visit. You can either bring one who will come for free in exchange for a hope that they will get the job making the repairs, or you can pay for one to come give you an independent assessment and then bid out the work.
In conclusion, obtaining a property through a tax sale is only the beginning. The subsequent steps, from ensuring legal clarity to deciding on the property’s purpose, are equally crucial in making the acquisition a successful venture. By following the outlined post-acquisition steps and continually educating yourself on real estate dynamics, you can transform your tax sale purchase into a profitable investment. Always consider seeking advice from professionals, such as real estate attorneys, real estate agents, and financial advisors to navigate any complexities. Remember also, that every county has a somewhat different process and timeline for tax sales, though they do all need to comply with state statutes.
If you are considering or already have purchased a property at a County Tax Sale, City Tax Sale, Trustee’s Sale or Sheriff’s Sale, or otherwise have a title issue we might be able to clear up with a Quiet Title action, please reach out to us and take advantage of the flat fee pricing we can usually offer in this area. Contact us today by clicking here, or by calling us directly at 314.862.2237 and letting us know you need a Quiet Title Lawsuit or want to discuss Purchasing Tax Sale Property.
What are the Five Most Common Questions We Get Asked About Quiet Title Suits?
We know that navigating through the labyrinth of real estate law can be a difficult process, especially when the notion of “quiet title suits” enters the fray. But have no fear! These lawsuits are designed to solve property disputes, lingering questions about ownership, and to ensure clear and marketable title.
This blog post will dissect five of the most common questions about quiet title suits, facilitating a smoother and more confident navigation through the intricate waters of real estate law.
Think of a quiet title action as a method to resolve who owns a piece of property. This helps eliminate any “noise” or disputes, metaphorically “quieting” them.
A quiet title suit, or action to quiet title, is a lawsuit to settle and establish one party’s title to real property against anyone and everyone, and thus “quiet” any challenges or claims to the title. The action seeks to remove questions regarding the ownership of title (“clouds”), thereby ensuring a clear ownership for the individual or company filing the quiet title suit.
Quiet title actions are generally filed when there are disputes or uncertainties over a property’s title. Such circumstances can arise when a property passes from one individual to another (e.g., following a death, a sale, or a foreclosure), disputes over boundary lines, ambiguities in a property’s title history, or even if there’s a suspected error in the property’s paperwork on file with the recorder of deeds in that county.
These suits are also beneficial when dealing with properties purchased at a tax sale. In these cases, the buyer may need to file a quiet title action to eliminate any other possible interest holders in the property (for example, the previous owner who failed to pay property taxes). This should make the property’s title marketable and insurable, increasing the property’s value and making it easier to sell or finance the property in the future.
The process for a quiet title action involves three basic steps. First, the person seeking clear title must file a petition or complaint in the appropriate court. This should identify the property in question and any potential adverse claimants. Prior to filing, your attorney will want to see a title report or informational title commitment to understand how the title insurance market views the current state of title, and s/he will also want to know from you the names and addresses (if you have them) of any potentially adverse claimants.
Second, once the lawsuit is filed, the potential adverse claimants must be notified. If they fail to respond within the specified time frame, the court may issue a default judgment, thereby granting clear title to the claimant. This is the most popular outcome when it comes to properties obtained via tax sale.
Third, if the defendants do respond, the case may proceed to trial where the claimant will need to prove their superior right to the title. If successful, the court will issue a judgment to quiet title, effectively confirming the claimant as the rightful owner and silencing other claims.
The duration of a quiet title action can greatly vary depending on numerous factors, such as the complexity of the case, the court’s calendar, and whether the defendants choose to contest the lawsuit. Typically, if there’s no opposition, a quiet title action will take somewhere between 3 and 6 months to complete. However, if the action is contested, it could take well over a year. It’s crucial to consult with a real estate attorney to understand the expected timeline for your individual situation.
The quiet title action will resolve all known claims against the property. However, it is important to note that the judgment only addresses issues raised in the action. If there were undisclosed liens or claims at the time of the suit, or if there were claimants that you knew or should have known about who were not notified about the suit, they may still impact the property post-judgment. This is why title searches and title insurance are significant components of the property buying process, ensuring potential claims or liens are discovered and addressed.
A quiet title suit is a robust tool for establishing clear ownership and resolving disputes. The process is a complex one but we are happy to guide you through it.
If you are considering or already have purchased a property at a County Tax Sale, City Tax Sale, Trustee’s Sale or Sheriff’s Sale, or otherwise have a title issue we might be able to clear up with a Quiet Title action, please reach out to us and take advantage of the flat fee pricing we can usually offer in this area. Contact us today by clicking here, or by calling us directly at 314.862.2237 and letting us know you need a Quiet Title Lawsuit or want to discuss Purchasing Tax Sale Property.
Many investors are interested in purchasing real estate via city or county tax sales to take advantage of a below-market sales prices, which can be significant. However, because this process ultimately leads to taking possession of another’s home, governing bodies want to ensure that the process is done properly, which creates some hoops for buyers to jump through they might not be expecting.
To make this process even more confusing, local tax-sale investors must also understand that St. Louis City and St. Louis County (as well as other counties) follow very different processes. This blog post is going to focus on explaining how St. Louis County prepares for and conducts its tax sales and what steps investors need to take in order to ultimately get title the property.
St. Louis County (as well as many others in Missouri including St. Charles and Jefferson Counties) operates under the non-judicial formula prescribed by the Jones-Munger Act (RSMo. Chapter 140). Tax sales under the Jones-Munger Act occur on the fourth Monday of August each year and are held by the County Collector’s office. The Collector’s office will prepare a list of the properties with delinquent taxes to be sold at the auction, and this list will be published in a local newspaper for three consecutive weeks, starting about five weeks prior to the tax sale. The list can also be obtained at the Collector’s Office.
Properties being auctioned at tax sale can be auctioned up to three times (i.e., once per year for three years). If the property does not sell at the third auction, title to the property will revert to the County. Properties that have reverted to the County post-third tax sale are often referred to as “on the shelf” by investors. This is because once the property has reverted to the County, investors can purchase these properties from the County without having to bid at live active auction.
To recap, the steps of the process discussed so far looks like this:
Investors can purchase rights to the property at any auction or after Step 5 directly from the County. When a successful bidder pays for the property at any of the three auctions, the Collector will issue a Certificate of Purchase which will be recorded with the recorder of deeds. The Certificate of Purchase does not prove ownership or title to the property because the current owner has a right to redeem the property by paying the taxes owed plus expenses and interest.
In order to complete the process and receive a deed, the investor must provide Notice of the Right of Redemption by sending a certified letter to each party with an interest in the property. The letter must be sent no earlier than 90 days prior to the date the investor is eligible to receive a deed.
This begs the question, “What does it mean to redeem a property?” When an owner’s property is auctioned off for failure to pay property taxes, that owner is given a period of time to redeem or make good on the taxes owed. He or she can keep their home by paying the amount that was bid at auction plus the cost of allowed expenditures (e.g., the cost of a title report and certified mail) plus 10% Annual Interest on the delinquent taxes. This money goes to the successful bidder/investor so that the investor still receives a positive return on investment. Note, however, that investors can bid more than the actual amount of the taxes owed (e.g., because they really like the property and want to own it). Investors will not receive 10% on the surplus portion of this bid should the delinquent owner redeem. A visual of this calculation is provided here:
$ Amount Bid
+ $ Amount of Allowed Expenditures
+ $ 10% annual interest on Amount Bid or Taxes Owed (whichever is less)
= Investor’s Return on Investment
What if a delinquent owner does not redeem? If a property is not redeemed, the investor must apply for a Collector’s Deed by providing a copy of the title report, the Notice letters, and the certified mail receipts to the Collector’s office. Upon review and confirmation that the process was properly followed, the Collector will issue and record the Collector’s Deed.
Once you have a Collector’s deed to the property, you are considered the owner of that property, but that does NOT mean you have clear title to the property. In our experience, most reputable title companies will not provide title insurance at this point due to concerns that this process might not have been perfected. This is because Due Process – the constitutional right of the property owner (and others with an interest in the property) to receive notice of the sale and right of redemption may not have been sufficient. For example, the certified letter with the right of redemption may not have been delivered or may have been accepted by someone other than the property owner, or the property owner may be deceased. The tax-sale investor does not have to confirm that each party actually received the notice – only that the notices be sent. This creates a risk to title insurers as these parties could file a lawsuit to set aside the tax sale and collector’s deed claiming that due process was not followed. So how do investors get title insurance and ultimately the ability to own, rehab, and later sell the property? There are a few different paths to insurability:
If you are wanting to invest in tax sales or need to quiet title on a property, please reach out to us and take advantage of the flat fee pricing we can usually offer in this area. Contact us today by clicking here, or by calling us directly at 314.862.2237.
While many seniors choose to downsize after retirement, others are eager to find a way to sustain their families by making use of more land. Homesteading is a great way to save money, get involved in a useful, sustainable hobby, and spend more time with your loved ones, but it typically requires some space to spread out. If you’re interested in homesteading, think about the specific activities you’d like to pursue — such as farming, making textiles or decor to sell, or creating room for your family members to live or visit — to get an idea of the sort of property you’ll need to look for. Here are a few things that you should keep in mind when you’re ready to think about a post-retirement move. Be sure to discuss local subdivision, HOA, licensing or zoning restrictions with your attorney at Home Sweet Legal® or The Jacob Law Firm, LLC prior to proceeding.
Get pre-approved
Because homesteading usually requires a bigger property, most people go with a mortgage that will help make the purchase more affordable. There are several different kinds, however, so it’s essential to think about the best one for your specific needs. If you have good credit, a conventional loan might be the best option, but there are also VA loans and FHA loans, which are federally backed and are helpful for those who have lower credit scores. These typically require more money down — up to 10 percent of the total cost — so it’s best to explore all your options to get the best deal. Download a credit monitoring app that will help you stay on top of your score; some even have built-in score boosters that consolidate the bills and loans you’ve paid on time and factor them in. Start your application for a mortgage and get pre-approved so you’ll have peace of mind.
Plan for your family’s needs
When your funding is taken care of, think about what type of property you want. Homesteading requires some careful planning, so consider what your family’s needs are now and what they might be down the road. Farming and keeping animals will necessitate quite a bit of land, of course, but you might also want to build a guest house, detached garage, or workshop. Do some research on the types of permits you’ll need to build; these vary by state, and sometimes county by county and locality by locality, and may come with hefty fines if they aren’t obtained in a timely manner. Keep in mind that some states offer free land for homesteading, which is dependent upon a few factors and an application process.
Often, it takes a little imagination to picture what can be done with a house, so keep an open mind when looking at different properties. You may be able to turn an unused space — such as a sun porch or shed — into a functioning area.
Consider the possibilities
Homesteading comes with a lot to consider, including how you’ll utilize the space. Generally, the act of homesteading includes living off the land or making good use of the property for growing food, creating furniture, clothing, or other useful items, and/or making room for extended family to live or visit. However, you can turn homesteading into a business as well and make a successful living while working from the comfort of your own home. Just remember, as we mentioned above, local licensing or other restrictions on the property should be evaluated by your attorney prior to submitting a purchase contract. Woodworking, growing and making various foods and baked goods, and sewing clothing items are all great ways to get started. You might check out the local farmer’s market to see about getting a booth or consider setting up an e-commerce website. Just be sure you take the necessary steps to legitimize your business. For example, you’ll want your attorney at Home Sweet Legal® or The Jacob Law Firm, LLC to set up your Missouri or Illinois LLC or other business type to make sure it gets done right. Doing so has several benefits, including allowing you to set up a business bank account and helping you protect your personal assets from any business debts you incur.
Expanding your home after retirement is a great way to live independently and take care of your family while leaving a legacy. Think about how to make the most of your property and how to sustain your lifestyle by monetizing it where possible.
Guest Blogger: George Miller – George believes one of the keys to well-being is security. Whether you’re securing your home, preventing fraud, protecting your online presence, or securing your finances, it’s important to take practical but often-overlooked safety measures, which is why he created Securabilities. In his free time, you can probably catch George at an Atlanta Braves game with his family or tinkering with his latest home DIY project.
Photo via Pexels
If you are buying or selling a home, or if you have a Real Estate or Business Law matter and would like to discuss it in greater detail, we can be reached at 314.862.2237 or just fill out our contact form by clicking here.
I (Marc Jacob) just wanted to share some personal thoughts on this topic since I get called upon to speak about it or weigh in on it quite a bit. There is quite a bit of danger to a small business going into a new commercial lease. While that term sheet you approved may look relatively benign, the devil is really in the details, and in the case of commercial leasing, those details are likely to be 20-60 pages long!
To navigate that process, it’s important that you bring in legal counsel early on in the process. We’ve seen a number of clients give away things in the term sheet they did not have to, and once that term sheet is done, it is hard to get a landlord to open it back up for negotiation…whether it’s considered impolite or amateurish, or perhaps even dishonest no matter how innocently done, I am not sure, but does seem to be the customary way to deal with it in St. Louis.
So here are some basic considerations to consider, and to discuss with your attorney:
Anyhow, this is a short post, but it is just a topic that has been coming up and since it really is such a danger area for a small business and can cause so much stress, I wanted to share with you at lease some thoughts on how to find the right lawyer to help you. As a small business owner, your budget is already tight, so it’s better to know up front what this cost will be before getting in too deep. Also, your lawyer might know which landlords in town are more difficult or likely to be heavy handed and can guide you even before you get to the term sheet stage.
Happy Leasing!
A limited liability company (“LLC”) is an entity that allows the owner (also called a “member”) to maintain control over the entity and in many cases to still have the benefits of “limited liability.”
Limited liability means that the owner/member is not personally responsible for the business’s debts or obligations, except in certain circumstances.
In Missouri, LLCs do not require the formalities of a corporation, making it the simplest form of limited liability ownership.
The actual formation of a LLC in Missouri is relative simple. The Missouri Secretary of State allows for online formation.
The more difficult part, however, is operating the LLC properly and complying with state law. For this reason, we do not advise that people setup an LLC themselves or through a discount service.
An LLC owner should:
In a single-member LLC, Missouri law requires (RSMo. Sections 347.081.1 and 347.015(13)) a written operating agreement. It is not mandated for multi-member LLCs, but strongly advised. Perhaps one reason it is not mandated in multi-member situations is that the parties are more likely to put the agreement in writing for their own protection.
We have seen a number of situations where the lack of a written agreement has led to strife as well as lengthy and expensive litigation. We generally advice all of our clients to make sure they have a clear operating agreement in writing prior to commencing the operation of the business.
If you would like more information on starting your LLC, please contact us at 314.862.2237 or at mjacob@marcjacobesq.com
A Buyer should show their private home inspection report to their lawyer, so that the lawyer can properly write an inspection notice to protect the Buyer’s interest.
When buying a home, an important part of the due diligence process is getting a private home inspection. This inspection helps the Buyer better understand the current state of the house they wish to purchase.
A private home inspector walks through the home, does a visual inspection, takes pictures of things that appear dangerous, are deteriorating, or might not up to code. They also test the various systems in the home, such as electrical, gas, heating and cooling, and sometimes the kitchen appliances. An inspector can go up on the roof, look at the brickwork and determine what type of shingle, siding and tile has been used on the house.
Most contracts allow for an “Inspection Period,” during which Buyers can request repairs or otherwise object to the condition of the house. During this time, the Seller has an opportunity to fix the problems cited by the Buyer.
In many St. Louis home sales, the Buyer provides the Seller with an Inspection Notice during the Inspection Period. The Inspection Notice details what repairs or replacements Buyer wants made prior to closing.
It is very important for the Inspection Notice to be properly drafted and sufficiently detailed to avoid confusion between the Buyer and the Seller and to be enforceable in a court of law, if necessary. For these reasons, Buyers should consider showing their private inspection report to their attorney before finalizing the notice.
At the very least, Buyer will want to show their attorney the language Buyer or their agent wrote, in order to sharpen the language for Buyer’s benefit.
Your attorney will likely have dealt with many inspection situations in the past and is trained to write the notice in a manner that will make it most likely to be enforceable.
If you have questions about your private inspection report or would like to discuss your situation, please contact us at 314.862.2237 or at mjacob@marcjacobesq.com
There are many people and companies involved in a home purchase. Some of the familiar ones are the:
In addition, there are a number of parties that the home buyer may be less familiar with, such as:
Each of these plays a unique role in the home buying process and these lists are not meant to be exhaustive. We find that having trained experts involved in the process minimizes the inherent risks of purchasing real estate
To learn more about types of inspections available, please read this post.Or, To find out how to find a private home inspector, please see this previous post.
If you are in the home buying process, please contact us at 314-862-2237 or at mjacob@marcjacobesq.com
Federal law requires Sellers of older homes (those built before 1978) to disclose whether they have any information about the existence of lead-based paint. That is why Buyers are generally given a “Lead Based Paint Disclosure” from the Seller or the Seller’s agent.
To learn more about the dangers of lead-based paint, the Environmental Protection Agency has published a pamphlet available here:
Lead based paint can be harmful to young children, infants and fetuses. It can enter your body in multiple ways. Each family should therefore be aware of its danger and should take it seriously. Whether or not you decide to get your own lead-based inspector is up to you and may be very fact specific to your situation.
In our practice, we do not see many Buyers get lead-based inspections, even for homes built prior to 1978. This may be because they are unaware of the existence of lead-based paint, or because they plan to repaint the home. Whether or not repainting protects against lead-based paint should be investigated prior to making the decision on an inspection.
If you have questions about lead-based inspections, please contact us at 314.862.2237 or at mjacob@marcjacobesq.com
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Marc Jacob, Esq.
7710 Carondolet Ave, Suite 333
Saint Louis, Missouri 63105
Tel: 314.862.2237
Fax: 314.884.6041
Email: mjacob@marcjacobesq.com
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