Real Estate Law Title

If you’re regularly involved with the buying, selling or construction of property then you’ll probably know exactly how useful a property solicitor can be, and the advantages of learning a bit about property law. However, if you’ve never bought or sold a house before, or want to know more about rights of way, then you’ll need a property solicitor to help you.

1. A property law solicitor can help you with the purchase of your home, and make sure that all the necessary checks and surveys are carried out satisfactorily and in a timely manner. Buying a house is a stressful time, so you’ll want to make this as quick and easy as possible.

2. If you want to sell your home, then you’ll need to make sure that you carry out all the surveys, and checks that sellers need to do, so that you are in a position to be able to sell your home, an that things can move quickly, especially if you’re buying a home too.

3. Perhaps you’re looking at buying or selling agricultural property, and want to know more about the processes involved and whether you have the same sort of rights and obligations.

4. You might be interested in commercial property, either for your business, or as landlord or land owner. An experienced property solicitor will be able to tell you everything you need to know.

5. If you’re company is thinking of expanding, then you’ll need to know about the relevant planning laws and regulations, so that you can go ahead with your plans. A solicitor that specialises in property will be able to give you the best advice, so that you don’t make a costly mistake.

6. If you’re involved in a construction project, either as a contractor, or the client, then you’ll want to make sure that the whole build is going as it should, and how you can resolve any disputes you may have. A property lawyer will be able to help.

7. You might have boundary disputes with your neighbours, and need help establishing who’s right.

8. There might be a public footpath or other rights of way on or around your property. You might want to make sure that they are well known to attract visitors, or might want to know if they can be got rid of, as you are fed up of people walking across your property.

9. If you’re dealing with the purchase or sale of a high value property, then you might want, and expect the very best service. Your property solicitor should be well aware of this, and make sure that you are given the treatment you deserve.

10. It’s important not base you choice of property solicitors solely on cost. You wouldn’t want to miss out on the home of your dreams, or have to delay a massive construction project, because your solicitor wasn’t the right one for the job.

Now you know more about property law, and how it can affect you, perhaps now is the time to see how else a property solicitor can help you.

The Truth in Lending Act, commonly referred to as “TILA,” was originally enacted in 1968 based upon a Congressional finding that economic stabilization would be enhanced and competition between financial institutions and other lenders engaging in the extension of consumer credit would be strengthened by borrowers’ informed use of credit. Congress specifically found that the informed use of credit arises from the consumers’ awareness of the cost of that credit.

TILA’s stated purpose is to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him or her and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.

Essentially, TILA is a federal law that regulates the processes involving credit issues. One of its important functions is to set the minimum standard of information provided by creditors regarding installment credit contracts. The information needed by the TILA is the principal amount associated with the loan, the number of months wherein the payment has to be made and the interest rate involved.

The act has been around since 1968 and it has been amended a few times to improve the protection given to the borrowers. Recent changes done to the TILA are said to have brought some positive effects to credit card holders. The act was established to ensure that the interest of the borrowers is protected. The changes made focused on the processes involved in disclosures. The loans affected are those filed since July 30, 2009. This has helped borrowers in several ways. Real estate professionals have already started to implement the changes. However, the borrowers should know about this as well for a smooth closing transaction.

Recent changed provisions of the federal law sees to it that that credit card companies should not send credit cards to individuals who did not apply for it. Further, they regulate the disclosure processes as well. Most borrowers find this important because it allows them to know the exact charges they need to settle. This will give the borrowers the chance to prepare for the needed amount.

Some of the changes include the limitation of the lenders in collecting fees. Lenders are not authorized to collect any fee unless the borrower has already received the Truth In Lending or TIL. There is also a seven business day waiting period after the borrower received the disclosures before closing. Additionally, the borrowers do not have to pursue the transaction if they do not want to. It is not binding even if they have received the final TIL.

These changes have helped protect the interest of the consumers. With it, the borrowers will only pay for the services rendered to them. Not only that, they will also have enough time to review the disclosures given to them. They can use it to compare with other lenders. They can choose the term that suits them better. They can do this because they are not obliged to continue their transaction with a lender even if they have already been given the TIL and other information. They can cancel the transaction if they feel that it is not good for them.

During the past several years, the New York legislature passed new laws that are intended to provide additional protections to homeowners who are facing the threat of mortgage foreclosure. These legislative changes are intended to protect owners of residential properties by requiring that additional notices be sent to homeowners both before and during the foreclosure process. The underlying goal is to decrease the number of properties lost through foreclosure by ensuring the homeowners are aware of their rights to file answers in response to foreclosure complaints. The notice requirements have been strictly interpreted by the courts, and have resulted in the dismissal of foreclosure actions that were filed by lenders who did not comply with the specific dictates of the new laws.

In 2008, the New York Legislature amended the Real Property Action and Proceedings Law (known as the “RPAPL”) to require that a 90-day notice be sent to residential borrowers for high-cost, subprime or non-traditional loans. Under the 2008 amendment, 90-days notice is a perquisite to the filing of a mortgage foreclosure proceeding, and it applies to subprime loans that were consummated between January 1, 2003 and September 1, 2008. The foregoing time-period is clearly intended to cover the period during which it is believed that the most abusive lending practices occurred. The statute defines non-traditional loans as those which are interest-only and/or have variable rates. Under the statute, “subprime loans” are those with interest rates above a certain threshold, which is determined based on a formula that is set forth in the statute.

Most recently, in November, 2009, the New York legislature voted to extend the 90-day notice requirement to all types of home loans - not just subprime mortgages. The bill also gives protections to renters living in foreclosed properties, allowing them to stay in their homes for the full 90-day notice period or the length of their leases, whichever is longer. The legislature also enacted new requirements relating to summonses that are served in foreclosure cases. RPAPL § 1320 is labeled “Special summons requirement and private residential cases.” This section requires that a particular notice be included in the summons in residential foreclosure cases of three units or less. The notice consists of a warning to the borrower that a default in answering could lead to the loss of the borrower’s home. The precise text that must be included in the summons is set forth in the statute.

When filing an answer to a mortgage foreclosure complaint, a homeowner should assert, as an affirmative defense, that the lender failed to comply with the special summons requirement applicable to foreclosure cases. The filing of an answer form in response to a foreclosure complaint will ensure that the dismissal of a lender’s summons and complaint which fails to include the new, mandatory warnings. In the alternative, a homeowner may assert his or her rights under the new law by filing a motion to dismiss the foreclosure action.

While it may seem obvious that a foreclosure action can result in the loss of the subject property, the reality is that historically, many homeowners do not file answers to foreclosure complaints. With the new laws, the legislature and courts seek to emphasize the need for homeowners to take quick action by filing and serving an answer to the foreclosure complaint. The hope is to give homeowners, particularly those who are burdened with subprime loans, a chance to stop foreclosure and reach an alternative solution not involving the loss of their properties.

The foregoing RPAPL amendments are just a few of the various statutory provisions that have been enacted to protect residential property owners in New York from the loss of their homes in foreclosure. In addition to the new foreclosure defense legislation, the courts in New York have become increasingly vigorous in ensuring that homeowners actually receive the required notifications. Judges have not hesitated to dismiss foreclosure cases that were filed in violation of the new laws. The key is for a homeowner to actually answer a foreclosure summons and complaint, thereby ensuring that the lender’s complaint is subject to the judicial scrutiny. In this manner, homeowners have the chance to stop foreclosure.

As a result of the changed laws and procedures, homeowners are more likely to succeed in their efforts to defend against the loss of their homes through foreclosure. Although the foreclosure crisis in New York is not as severe as in some states (e.g. Nevada and Florida), the statistics give ample cause for concern. As of November, 2009, it is estimated that 12% of New York homeowners are delinquent in their mortgage payments. Meanwhile, New York suffers from a 9% unemployment rate, giving reason to believe that the rate of foreclosures will continue to be high. Thus, the defensive measures enacted in New York represent an effort to deal with an ongoing crisis that shows no sign of abating in the near future, and which will continue to affect individuals and neighborhoods throughout the state.

Marc A. Rapaport is a New York attorney with 15 years of experience. He maintains a full-service law firm based in the Empire State Building, in midtown Manhattan. Mr. Rapaport is the founder of http://www.StopForeclosureForms.com and http://www.asaplegalforms.com, online resources for foreclosure defense forms. Article Source: http://EzineArticles.com/?expert=Marc_Rapaport

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