May 2007

Things you need to know:

EXEMPTIONS

The deadline for filing property exemptions (homestead, mortgage, etc.) is June 10th. Previously, this date was May 10th and has been changed, allowing more time for filing. This means: If your buyer closes BEFORE March 1st, they have until June 10th the SAME YEAR TO file. If closing takes place AFTER March 1st, they have until June 10th the FOLLOWING YEAR to file. This does become confusing sometimes, but is done this way because taxes are a year in arrears in the State of Indiana.

OTHER NEWS:

• Homeowner’s Associations often have management companies handle billing and dues collection for the associations. When a closing takes place on a property which is part of an association, we obtain a letter from the management company stating dues and required amounts needing to be collected at closing. The MAJORITY of homeowner’s association management companies charge a fee for preparation of this letter or a fee to transfer the name on their records reflecting the new buyer’s names. Sometimes, they charge both a preparation fee AND a transfer fee. Please note that MANY association management companies have raised their rates for these letters. It is not uncommon for these fees to be $75 or greater. For example, Revel and Underwood charges $75.00 to prepare the letter, as well as, an additional $45 if the letter is needed sooner than 3-10 business days. They also charge a $75.00 transfer fee. So, fees can be $195.00 on a property in addition to any actual dues being owed. Many buyers and sellers become upset when they see these high fees. Unfortunately, we have no control over these rates. Disclosing these fees as early as possible should help to eliminate the “shock” factor at the closing.

• Our website has been transformed and is up-and-running. Feel free to visit at: www-abstract-title.com for valuable information. You may now also place your orders online.

Title Trivia Question of the Month

Open Question—List three examples of possible title defects in a chain of title.

Answer: Deeds by persons supposedly single, but secretly married; forged deeds, releases, etc.; undisclosed missing heirs; deeds of minors; deeds of incompetent persons; wills discovered after administration of decedent’s estate; erroneous interpretation of wills; impersonation of the true owner; instruments executed under fabricated or expired power of attorney; deeds delivered after death or without consent of grantor; falsification of public records; mistakes of recorders in recording legal documents; lack of jurisdiction of persons by courts when entering decrees; bankruptcy….THAT’S WHAT WE’RE HERE FOR!

Quote

“NOTHING CAN STOP THE MAN WITH THE RIGHT MENTAL ATTITUDE FROM ACHIEVING HIS GOAL; NOTHING ON EARTH CAN HELP THE MAN WITH THE WRONG MENTAL ATTITUDE.”

Thomas Jefferson

It’s Race Month in Indy!!!
HAVE FUN & BE SAFE!!!!!!!!!!!!