In today’s economy, there are many residential and commercial real estate properties that are in foreclosure. The phrase “in foreclosure” is a general phrase which typically means that a borrower is about to lose his property to the lender through a nonjudicial foreclosure. A nonjudicial foreclosure is a mechanism allowed by Utah statute whereby title [...]
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Lenders come in all shapes and sizes. When parties want to borrow money to buy and/or develop real property, they can borrow from a variety of financial institutions, or they can see if the seller of the property will “carry the note” – that is, take payments over time. Property sellers become lenders the moment [...]
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An ALTA survey is performed to standards jointly adopted by the American Land Title Association and the American Congress on Surveying and Mapping. The detailed standards guide the surveyor in preparing a survey that meets the needs of the buyer and the requirements of the title insurer.
An ALTA survey is one means of reducing risk [...]
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A letter of intent (LOI) can range from being a preliminary, non-binding expression of the parties’ intentions to negotiate and complete a transaction, typically including only the essential terms, to a document that the parties intend to be fully binding, with detailed provisions that will be in the final agreement. This range in the binding [...]
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There are several provisions in the stimulus package that will be beneficial for home buyers and will help stimulate demand for housing. Chief among these is an $8,000 home buyer tax credit for new home buyers. For qualified home purchases in 2009, the legislation:
Stipulates that the $8,000 tax credit does not have to be repaid, unlike the [...]
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