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What do I do if I discover a title defect on my home?

Although Philadelphia residents may choose not to think of such a scenario, it is always possible that they could buy a house in either the city or somewhere else in southeastern Pennsylvania, move in and start fixing up the home and not find out until later that someone else has either a lien or some claim of ownership over the property, a scenario that in the legal world is referred to as a "title defect".

Arrival of tech giant in Philly could increase costs for some

When a new business moves into town, it is generally something Philadelphians want to celebrate. After all, especially if the business is offering high-paying jobs, it may mean more people coming in to the city who will have plenty of money to feed in to the city's economy.

The different types of real estate deeds

Perhaps, the most important document exchanged during Pennsylvania residential property transactions is the deed to the property itself. The deed is what gives the new owner the legal right to do what he or she wishes with the land, as no one can be handed a piece of land like one would give somebody an article of clothing or even a car.

Seller's market in Philly shows no sign of slowing

Philadelphia's housing inventory, that is, the number of properties available for sale, is notably low right now, and it means that sellers are getting multiple offers on homes even days after they go on the market. Buyers are having to offer above list price and have also been willing to make important concession in their real estate contracts, such as agreeing to be bound by a sale even if an appraisal suggests they are paying too much.

Protecting against violations of disclosure laws

A previous post here discussed Pennsylvania's Seller Disclosure Law and how that law changes the traditional doctrine of "caveat emptor," or let the buyer beware. A seller not only has to be truthful in what he or she does say about a home or other residential property, the seller also has a duty to report certain material defects.

Philadelphia still a great value for newcomers

Although slipping a bit from the number two spot last year, a recent report prepared by a website specializing in personal finance found Philadelphia to be one of the top ten most "undervalued" cities in the country, coming in at number eight. In the survey, an "undervalued" city is one in which a person buying a home in that city will likely get more out of their real estate investment in the city than the are likely to put in.

Overview of Pennsylvania's real estate disclosure law

Many residents of Philadelphia have probably heard the phrase "caveat emptor," a legal doctrine that basically means "let the buyer beware." The doctrine, which traditionally applied to almost all purchases, including purchases of a new home, means it is the buyer's responsibility to check out property before they sign an agreement and pay money for it.

What is a title examination and why is it important?

An examination of a title may be something buyers and sellers have heard about doing, but it is also something they wonder about pertaining to the details of the process. A title examination is one of the most important aspects of a real estate transaction and can be essential to a successful transaction when purchasing real estate. Title examinations, in general, assure that the property being purchased is suitable for sale. The process looks for encumbrances on the property, which may not make it suitable to sell or may otherwise impact the transaction.

The residential real estate process is important to understand

Purchasing a home is typically a significant transaction in the lives of home buyers which is also true when homeowners are selling a home. There are a variety of important steps in the residential home buying or home-selling process. It is helpful for home buyers or sellers to be as familiar as possible with the elements and legal requirements of the process which can help ensure a smooth experience and successful transaction.

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