Resource Center

Ask Nick

This installment of “Ask Nick” with Fortune Title Agency President, Nicholas Timpanaro, centers on what to expect when it comes to recording time for documents filed in New Jersey. Question: What is the lag time between when documents are recorded and when a title rundown is ordered? In other words, what are the chances that the Deed-in-Lieu gets recorded and then our client gets stuck with some previously unknown title issue, such as a new judgment against one of the borrowers? Nick’s Answer: New Jersey is a recordable state, which relates to first in time, first in line. Each county is different in their recording timelines, which could be same day to three weeks, depending on the county. If you recorded a Notice of Settlement and recorded the Deed-in-Lieu within 90 days of same, you would be protected from a judgment filed within those 90 days. If the judgment was filed prior to the recording of the Notice of Settlement, it would attach to the property in question. If no Notice of Settlement was filed, then any judgment recorded prior to the recording of the Deed-in-Lieu would attach to the property. We hope this Ask Nick is helpful to your work. If you have a question you’d like to Ask Nick, please email Nick.Timpanaro@fortunetitle.com. Ask Nick is for informational purposes only. Under no circumstances is Fortune Title Agency, Inc. or any of its employees giving any legal advice in this newsletter. Always contact your attorney for any legal...

Fall could be the perfect season to buy a home

2019 has certainly been a busy year in real estate! Thank you for trusting us to make sure your residential buyers get into their dream homes quickly and without worry. It truly has been the pleasure of the Fortune Title family. However, the best days to buy a home in 2019 are still ahead of us. You probably know that as the market slows, there are deals to be had, but is this tidbit something your customers are aware of? Are there people who were unsuccessful in finding their dream home when inventory was low this summer? Re-connect with those leads that didn’t work out and see if they are still looking. Counting down from the 5th to the 1st best day to buy a home, here’s what ATTOM Data Solutions found after looking at any calendar day in the last five years with at least 10,000 home sales nationwide (in descending order). December 21: 0.6% discount and an average $1,223 in savings. December 29:  0.7% discount and an average $1,320. December 4:  1% discount and an average $1,823. December 7:  1% discount and an average $2,000. And the best day to buy a home is… December 26:  1.3% discount and an average $2,500. We’re bringing this up now because December closings mean that much of the home shopping and prep work occurred in the fall – also known as right now. As Daren Blomquist, a senior vice president with ATTOM, put it, “People closing on a home purchase December 26 were submitting offers around Thanksgiving and starting their home search around Halloween — likely not a common path to home purchase for...

Ask Nick

This installment of “Ask Nick” with Fortune Title Agency President Nicholas Timpanaro deals with tenants’ rights if the residence they are renting falls into foreclosure before their lease expires. Question:  Our search on the property found a recorded Residential Lease Agreement, executed in 2019, for a term of 60 months. Is this lease valid if the foreclosure Lis Pendens was filed prior to the lease being signed? Or does the agreement hold merit because the borrower was still in possession until the deed was recorded subsequent to the lease?  Must this property sell in REO and be subject to the rights of the tenant pursuant to the Residential Lease Agreement? Nick’s Answer: The Residential Lease could present a potential issue, so it should be announced at sale in REO to a purchaser. New Jersey has very strict tenant/landlord laws that protect tenants. Therefore, the lease is very much an issue, even though it was done after the filing of the Lis Pendens. We hope this Ask Nick is helpful to your work. If you have a question you’d like to Ask Nick, please email Nick.Timpanaro@fortunetitle.com. Ask Nick is for informational purposes only. Under no circumstances is Fortune Title Agency, Inc. or any of its employees giving any legal advice in this newsletter. Always contact your attorney for any legal...

What your buyers and sellers need to know about title insurance.

The Fortune Title family knows the closing process can be overwhelming at times, but we’re here to make everything easier. One of the ways we thought we could do that is passing along this quick guide to understanding title searches and title insurance to show how we can be protectors of property rights. Feel free to give this to your customers. If you’re looking for more information, reach out to the Fortune Title Agency team. You can also check out the American Land Title Association’s homeclosing101.org. It’s a great resource too! Understanding the title search The title search includes examining public records to ensure that the seller has the right to sell the home. What exactly are we looking for? Everything from previously undisclosed liens, unpaid child support, tax issues, ownership disputes and fraud, among other issues. It sounds complicated (and sometimes it can be), but we’re here to make the process easy for you. So, why do you need owner’s title insurance? Title insurance protects you against possible issues from the past that haven’t been disclosed, or couldn’t be found in our search. Owner’s title insurance is a smart choice because it covers your ownership rights against claims that haven’t been made yet. Such “unforeseeable errors” could arise due to false documents, deception, identity theft or inconsistent paperwork. Lastly, owner’s title insurance is a low, one-time fee at the closing that protects the property as long as you or your heirs own it. To summarize: Fortune Title conducts a title search before your transaction closes to make sure there are no title (the right to ownership) issues with the property in question. Owner’s title insurance...

New group wants to help you educate your customers about dangers of wire fraud

The new Coalition to Stop Real Estate Wire Transfer Fraud is an effort backed by the American Land Title Association and others to spread awareness about the prevalence of wire fraud. Fortune Title has talked about this issue a lot, and we encourage you to continue the discussions on this topic with your customers during every transaction. Check out the group’s website (the aptly named www.stopwirefraud.org) for resources you can pass on during these conversations. Tell people if they ever become suspicious of something during the process, they should always verify information with a trusted party using a known phone number before sending their hard-earned money. If you ever need more advice on how to talk to your local buyers and sellers about wire fraud, reach out to Fortune Title today. Together, we can protect our customers’ money from these...

Ask Nick

Question:  With all of the growing concern about wire fraud, how does Fortune Title protect its clients from becoming a victim? Nick’s Answer: Wire fraud has become more prevalent than ever. The best way to protect all parties involved in a transaction is open communication from the beginning of the closing process regarding the possibility of wire fraud.  Fortune Title informs our purchasers and their representatives at the beginning that our wiring instructions will never change. We send our wiring instructions out in a secure (encrypted) email so that they cannot be intercepted. In addition, we advise our clients to call our office to confirm our wiring instructions before sending any money. We also advise that if anyone emails a supposed wire change to them, they should immediately contact us directly. Any change to wiring instructions supposedly from us or anyone else just prior to closing should be considered a suspicious act that throws up a red flag.  In fact, we recently had a fraud situation that was averted due to the diligence of the buyer, who received an email appearing to be sent from our office on a Friday for a Monday closing. The scam message requested that the funds be wired to the new account information attached to the email. Luckily, no money was lost because the buyer was aware of the likelihood that this was a wire fraud scam and contacted our office immediately, thereby avoiding becoming yet another victim of this nationwide problem.   We hope this Ask Nick is helpful to your work. If you have a question you’d like to Ask Nick, please email Nick.Timpanaro@fortunetitle.com....

Categories

Real Estate Calculators