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Issue #23 January 26th, 2009
Your Bi-Weekly Newsflash from
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A quick dash of news you need to hear
 
In This Issue
30-Year Mortgage Rates Rise
Good Time to Buy a Vacation Home
30-Year Mortgage Rates Rise after Record Run
Rates on 30-year mortgages rose above 5 percent this week, ending a five-week run at record low levels, Freddie Mac reported Thursday.

Mortgage rates have been in decline since the Federal Reserve said in late November it would buy up to $500 billion in mortgage-backed securities to get banks to lend more money in hopes of bolstering the troubled U.S. housing market.

Read on...
Good Time to Buy a Vacation Home
In seaside Ocean City, MD, where 91 percent of the homes are vacation home properties, owners were buoyed by the prospect of reduced property taxes after assessed values dropped 36 to 45 percent over the last three years, according to county officials.
 
Scouting the slopes in Colorado's ski resort areas of Aspen, Beaver Creek, Steamboat and Vail will uncover some home prices in the toniest areas still holding steady, but overall sales are down by about 40 percent, according to a University of Colorado's real estate center.  
 
"In many vacation markets, you can pick up a beach condo or a mountain cabin at a decent price. In some markets, homes are back to 2000 prices," said vacation home guru Christine Karpinski, director of Owner Community for HomeAway.com (an online vacation home rental Web site).  
 
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Legal Tip of the Week:
 
What is Recording Title all About?

When you purchase real property, you will receive a written document (called "the deed") which transfers the ownership (title) of the property to you as the purchaser. The deed gives you formal title in exchange usually for a specified amount of money. The conveyance of real property is not complete until the deed is delivered to you or your authorized agent.

When you get the deed, you should record it with the county recorder in the county where the property is located. The purpose of recording the deed is to give "notice to the world" that you now have an ownership interest in that particular piece of real property.

Recording also tracks the chronological chain of title. Anyone who wants to know who owns a piece of real property can check the records of the county recorder for the county where the property is located. Before you purchase real property, you can follow the chain of sales and transfers of the property - from the original grant of the land all the way to the current owner. When title insurance is purchased, the title insurer checks the change of title to determine whether any defects occurred in prior conveyances and transfers - defects may then be pointed out and excluded from coverage. As a purchaser of property, you want to check that every time in the past, when the property was transferred, the grantor had clear title to the property and the previous purchasers obtained clear title. If someone in the past got less than "the whole bundle of sticks" you will not get clear title.

I hope you enjoyed this week's legal tip!
 
Sincerely Yours,
 

 
Michael C. Blickensderfer, Esq. 
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This excerpt is not meant to substitute for legal advice in any way.  If you have a legitimate legal question, please contact our office and speak with an attorney.  This information was gathered from freeadvice.com 
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