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Philadelphia Real Estate Blog

Residential real estate matters: Title insurance claims

During the purchase of a home here in Pennsylvania or elsewhere, buyers are usually encouraged, if not required, to purchase title insurance. This insurance is designed to protect the homeowner from any title issues that may arise after a search is done and the residential real estate deal closes. However, if an issue does arise at some point in the future, that does not necessarily mean that the insurer will not attempt to deny or delay the claim.

For instance, if a homeowner somehow discovers an easement he or she did not know about prior to closing, it may be possible to make a claim against the title insurance policy. Before doing so, it would be wise to take certain steps. First, a look at the title search done during the purchase could let a homeowner know whether it was found during that search. If it was found, did it raise any red flags?

A modern parenting plan for a modern family

Every Pennsylvania family is different, and what will work best for you and your children after a divorce depends on your unique circumstances. There is no one-size-fits-all solution to child custody matters, which is why many families are now opting to create their own parenting plan. This will keep your custody issues out of court while giving you more control over the final terms of the order. 

Modern families are often non-traditional, or parents may have non-traditional work schedules. Most people now agree that it is best for kids to have access to both parents, and it is no longer the norm for the mom to have primary custody with the dad only having weekend custody. After your divorce, you need a modern parenting plan to suit the needs of your modern family.

Home inspection contingency in a residential real estate contract

Buying a house is one of the most expensive purchases most Philadelphia residents will ever make. For this reason, they need to make sure their purchase contracts include the right contingencies. The home inspection contingency in a residential real estate contract needs to outline just what happens if the inspector finds problems with the home.

The primary purpose of a contingency is to allow a potential buyer to back out of the deal if certain events take place. One of those contingencies that most people have in their contracts is for a home inspection. Yes, the provision allows the buyer to walk away, but it could also outline how any repairs would be dealt with if needed.

Negotiating for real property with uncertain ownership

Many people in Pennsylvania think of owning a home as part of the American dream. For those who already own a home, they may wish to own other types of real estate property to provide passive or retirement income. Buyers often become so caught up in the excitement of this next chapter of their lives that they skip some of the due diligence or miss opportunities for negotiation.

One surprise that often comes up is uncertainty regarding who owns a specific property. If the property is listed as “for sale by owner,” the seller may disclose other potential owners that they no longer have contact with or cannot verify. Another instance where buyers may face uncertainty regarding ownership is when they find real estate property not listed for sale but wish to purchase it anyway.

Foundation problems and your commercial real estate decisions

Are you looking for commercial space for your Pennsylvania business? Are you looking to expand your operations and buy a building? If so, you probably know how difficult it can be to find an appropriate space that suits the needs of your company while still fitting in your budget. Regardless, you do not want to rush through this process, even if you find a space that you think will work well for your needs.

Moving too quickly through a commercial real estate purchase or lease can lead to complications for your business down the road. Instead, you should be cautious and careful, taking time to ensure there are no problems with the building. This includes problems with the foundation, which can be a costly and complex problem to resolve.

Preparing financially for your post-divorce life

Marriage is supposed to be a partnership, and you may envy couples who seem to be in perfect sync, especially when it comes to their finances. More often, however, one spouse may have better access or more control over the money, and the other spouse voluntarily relinquishes that responsibility.

If you are in this situation and your marriage is coming to an end, you may be justifiably concerned about your future. It is important that you discuss your goals with your attorney and take some critical steps now to protect yourself.

Religious exemption laws deny LGBTQ right to adopt or foster

When LGBTQ parents try to adopt or foster in Pennsylvania, they often worry about how their sexual orientation or marital status may affect the adoption. This anxiety is not without good cause. NBC News reports that LGBTQ parents suffer from discrimination sanctioned by the states they called home. This led to the American Bar Association taking its own stance to represent the rights of the community.

The ABA created a 16-page document to show that LGBTQ families across the U.S. should be guaranteed rights related to adoptions and fostering. It also addressed many of the state laws that now affect these parents’ ability to move through the foster or adoption process.

Common issues with closing on a house

Whether it is a first home purchase or it is an upgrade, buying a house in Pennsylvania is exciting. However, even if things seem on track, the time leading up to closing day can present some not-so-good surprises that can either prevent the closing or cause the soon-to-be owners to take a step back and reevaluate their decision.

Investopedia discusses some of the most common problems that can show up before closing time. Some occur during the inspection process. There may be major or minor repairs that need to be made, or perhaps there is a mold or termite issue. These may cause the buyers to back out of the sale completely or delay closing while negotiating with the current owners.

Should you lease or buy your commercial property?

Finding the right location for your Philadelphia business is not easy. First, you must find something that fits your budget in the right location. You also have to make sure the space suits your needs and will work for your company operations. Once you find the right place, you may want to sign on the dotted line and move forward as quickly as possible, but this is not always prudent.

Before you do anything, you may want to think carefully about whether you should lease commercial property or buy it. The right answer depends on factors unique to your situation and specific to your real estate market. There is a lot at stake for your company, and it's prudent to give your actions a lot of thought before you sign any type of contract.

Surveyors may provide key information on commercial properties

Buying a commercial property in Pennsylvania may be a complicated process, especially for investors who are planning on undertaking renovations or new construction. There are several aspects potential buyers may want to consider before finalizing a transaction, and a surveyor could provide essential information.

Commercial properties are often subject to unique zoning laws and may have easements and environmental features that could affect building plans. According to FindLaw, an easement is a nonpossessory interest that allows someone access to or use of land that another individual owns. In most cases, easements transfer with the sale of the property. As such, if an investor buys commercial property with existing easements, construction plans may have to account for the easement by allowing continuing access to the easement holder.

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