New Client Portal for Tomassi Law Associates Clients

Sunday, May 13th, 2012 | General Law | No Comments

This is a very exciting time for Tomassi Law Associates, LLC.  Communication between attorney and client is one of the most important aspects to successful legal representation.  I am very excited to announce that I have just launched a new online client portal that allows all of my clients to get real time instant access to their cases.  Through the client portal, clients can see what is happening on their case 24/7 without delay.  Clients are able to communicate with me via the client portal, upload documents directly to me and directly to their case and schedule and view appointments.  By harnessing the power of the internet and sophisticated software, Tomassi Law Associates has enhanced the attorney client relationship like no other law firm has.

When you retain Tomassi Law Associates, LLC you get the representation you need when you need it and the way you need.  You will stay informed on your case 24/7 and have communication with your attorney and the law that applies to your case like never before.

Whether you have been injured in an automobile accident, need an estate plan, need probate legal representation, buying or selling a home, or are in financial strain on your current mortgage, Tomassi Law Associates, LLC can help you.

Ph. 401-782-2005.  E-Mail jared@attorney-ri.com.

No Hardship Short Sales

Saturday, March 10th, 2012 | Real estate, Short Sale | No Comments

Typically a homeowner must show a financial hardship as to why he/she can no longer afford the monthly mortgage payments in order to qualify for a short sale on their h0me.  But what if you are financially able to pay the mortgage but need to sell your house because you are leaving the state, moving to a different city or simply want to get out of the home but you are unable to sell the house for an amount sufficient to cover the mortgage?

Traditionally, you would sell your home and have to come to the closing with a check for the lump sum of the short fall to pay the mortgage in full.  However, there may be an alternative.  You may qualify to do a short sale even without a financial hardship.

Many lenders recognize the current housing market troubles and are allowing homeowners to do a short sale even without showing a financial hardship.  The lender agrees to release their lien on the house title so the homeowner can consummate the deal with the buyer and provide clear title to the buyer in exchange for the net proceeds of the sale even if the net proceeds are not enough to pay the mortgage in full.

So what happens to the short fall on the mortgage?

There are several options available and all depend on your income, current debt and credit score:

1. You still may be able to get the deficiency waived;

2,  The lender may require you to contribute to the loss at closing by making a lump sum contribution at closing for some amount less than the full deficiency amount

3. The lender may require you to take an unsecured promissory note for the amount of the deficiency payable over 10, 20 or 30 years usually at zero percent interest.  You may be able to negotiate the amount of the deficiency that you will have to pay back.

Either way you are able to get out of the house with minimal impact on your credit score and savings.  If it is an investment property where you are losing money every month, doing a short sale and taking a promissory note for the deficiency for 30 years at zero percent interest will considerably help stop the bleeding on the property.

Why do banks do this?  Banks realize that many homeowners, including investment property owners, are upside down on their values.  They realize that homeowners, even though they have good income, good credit and can easily pay the mortgage, can still walk away from the property forcing a foreclosure.  Banks prefer to stay away from foreclosures because they are timely, costly, often done incorrectly and it is difficult and costly to pursue the homeowners for the deficiency.  Banks rather approve a short sale at the fair market value of the property and have the cooperation of the homeowner in dealing with the deficiency and minimizing the loss.

If you own a property that you are unable to sell because the fair market value is less than what you owe on the mortgage contact Tomassi Law Associates, LLC for a free consultation regarding a possible short sale today.  401-782-2005 or jtomassi@jtomassilaw.com.

Tags: attorney, avoiding foreclosure, lawyer, mortgage relief, Real estate, short sale

Questions & Answers About Short Sales

Friday, March 2nd, 2012 | General Law, Real estate, Short Sale | No Comments

Here are a few of the most common questions from homeowners who may need a short sale.

Q: What are the advantages of a short sale vs. letting my home go to foreclosure?

The primary advantage to doing a short sale vs. a foreclosure is that in a short sale the debt is settled and you no longer owe the bank any money. If your home goes to foreclosure, you may still be liable to the lender.

A secondary (but also important) advantage with a short sale is your credit takes much less of a hit compared to a foreclosure. The impact on your credit will vary depending on how established your credit is at the time of the short sale or foreclosure.  Your credit will rebound much faster from a short sale as compared to a foreclosure or bankruptcy.

Finally, Fannie Mae & Freddie Mac revised their guidelines in August of 2008 with regard to how they view borrowers who have filed bankruptcy, gone through foreclosure or done a short sale. Through these new guidelines, they are in effect severely penalizing those who go the route of foreclosure or bankruptcy, and rewarding or encouraging those who do short sales, which they view as the borrower doing the responsible thing in light of the circumstances.

Per recent Fannie Mae / Freddie Mac guidelines, borrowers who file bankruptcy or go through foreclosure have to wait up to 7 years to buy another home.

By contrast, the new guidelines stipulate only a 24 month waiting period after a short sale, so borrowers who do a short sale can buy again in just 2 years.

Q: What if I have a first and a second loan on my property?

Many properties today have more than one loan.

For the short sale to reach a successful close of escrow, both lenders have to approve the short sale and agree to settle the debt.  There is more
work required with more mortgages but this is a common practice in real estate today.  The 2^nd mortgage is in the 2^nd position behind the 1^st mortgage, meaning the first mortgage gets paid first with a sale and if any proceeds remain they go to the 2^nd.

However, many homes today have a value below the first mortgage.  In this case the 2^nd mortgage will not receive any proceeds with a foreclosure.  This is one of the reasons the 2^nd mortgage is motivated to reach an agreement on a short sale.

Many times the 1st Mortgage Company will pay an amount to the 2nd Mortgage Company in order for the second Mortgage company to release their lien.  In other cases, the seller will pay a small nominal amount towards the 2nd Mortgage to settle it.

Q: Are there any advantages to letting my home go to foreclosure vs. doing a short sale?

We can’t think of even one reason a foreclosure benefits the homeowner more.

The impact on your credit from a short sale will be significantly less than with a foreclosure and you will be able to buy again within 2 years, compared to up to a 7 year waiting period to buy a home after a foreclosure.

Q: How much does a short sale cost?

A short sale costs the homeowner nothing.  The lender will pay all closing costs, escrow fees, commissions etc. The lender may also pay any
outstanding property taxes.

Q: How long does it take to complete a short sale?

Each property is unique. Local real estate market conditions also play a role. The important thing is to get all of the documents together and start the process as soon as possible.  Typically once we find a buyer for your property a short sale can take 30 – 90 days to complete.

If you have additional questions please contact us today.

Thank you,

Jared M. Tomassi, Esq.
Tomassi Law Associates, LLC
401-782-2005
jtomassi@jtomassilaw.com

For more information visit http://www.attorney-ri.com/real-estate-short-sales.htm.

Tags: attorney, buying, foreclosure, hardship, lawyer, lender, mortgage, Real estate, realtor, sell, selling, short sale

New Year Message from Attorney Jared M. Tomassi

Monday, January 2nd, 2012 | estate planning, General Law, Personal Injury, Real estate, Short Sale | No Comments

I would like to take this opportunity to wish you and your family a happy, healthy and prosperous New Year. The start of a new year presents us with an incredible opportunity to re-evaluate our life and the choices that we have made. Although just a date on the calendar, many of us use this time to reflect on the past and renew our hope for the future – whether it be personal or business, health or family, or new endeavors or bad habits – the New Year reminds us that changes can be made and a more happy, healthy and prosperous beginning can be had.

As you know, I started Tomassi Law Associates, LLC almost 6 years ago. In making my decision to practice law and to open my own law practice I dedicated myself to use my skill, education and knowledge to help people and to do my part to help make society a better place. That is why I have concentrated my law practice in the areas of personal injury, real estate, estate planning and business law.

Personal injury involves clients who have been involved in an accident and who have sustained bodily injuries as a result of someone else’s negligence. When a client is involved in a personal injury matter it can have a significant physical, emotional, and financial impact on their life and family. Dealing with an injury to your body is serious. Countless doctor appointments, physical therapy, x-rays, medications, surgery and the pain and discomfort associated with sustaining an injury can have a significant toll on you. Your ability to work, care for your children and family and to do simple every day tasks such as cleaning, shopping and grooming are complicated.

No one can take back the accident and the resulting injury. But we live in a civilized society with laws to help compensate people who have been injured by the negligence of another person. Accidents happen but that does not mean you should have to suffer without recourse from the negligent party. In most cases there is insurance coverage to protect people from accidents that they may cause. There is a system in place to not only protect the people that negligently cause injuries but to compensate those who sustain injuries as a result of the negligent persons acts or omissions. If you have been injured in an accident and sustained bodily injuries as a result of someone else’s negligence, you are legally entitled to be compensated. By practicing in Personal Injury, I have the unique opportunity to help people during a difficult time in their life. I am able to ensure that my clients obtain the full compensation that they are legally entitled to in order to help relieve some of the emotional and financial burdens that these accidents can cause. Accidents are a fact of life, but in a civilized society we have laws to help protect you and as an attorney it is my job to ensure that these laws are properly applied to my clients. By working these cases on a contingency fee basis (I only get paid if the client gets paid) allows me to represent and help clients who otherwise could not afford to pay for an attorney on an hourly basis and thus would forfeit their legal rights.

Practicing in the area of Real Estate is also a very rewarding job. Owning real estate is the American dream and helping clients buy and sell real estate throughout Rhode Island is especially satisfying. A real estate transaction can be complicated and complex and involves volumes of paperwork and technicalities. By retaining the right attorney to represent you in these matters will help ensure that you have a smooth and successful closing on your real estate.

As we have all read and seen on TV, we are in a tough economy right now. House prices are down and people who purchased and obtained a mortgage during the height of the market are now upside down on their homes or investment properties. Typically if you are unable to afford your mortgage you would either refinance to lower your monthly debt obligation or sell. Unfortunately when you are upside down on your home where you owe more than the house is worth you are unable to refinance or sell. This can be an emotionally damaging situation for people. Mortgage issues are a significant source of stress for clients and can lead to health problems, family issues and complications at work.

I am proud to offer my clients assistance in these matters by helping them obtain and effectuate a short sale on their house by negotiating with their lenders, finding a suitable buyer and getting them out of the upside down investment. Doing a short sale is an effective way to get out of a bad situation, to right the ship and to renew your position in life. In addition, I am able to give my clients access to legal representation in these matters at no cost to them. When I complete a short sale for a client I can see the sense of relief on the clients face and the weight of the world being lifted from their shoulders. It is a great feeling to be able to apply my services to benefit a client in these situations.

Estate planning is another area of the law that I practice in that provides me with a unique opportunity to help clients plan for their children and family. Estate planning involves the creation of a will, trust, power of attorneys and living will. It is a process of reviewing your current family situation, your assets and your future to provide for the ones you love after you leave this world. It is a caring process that is so important to life. Many people overlook the need for an estate plan but an estate plan is one of life’s essential tools no one should be without. I am pleased to offer my clients estate planning services at affordable prices. The New Year is a great time to get an estate plan in place or to review your current estate plan.

Finally, my law practice handles business services such as contract drafting, review and negotiation, business formation and business consultation. Starting and operating a business can be very stressful and rewarding at the same time. Retaining an experienced business attorney can help you accomplish your dreams of being a business owner, minimize any potential liability, maximize the success of your business ventures and partnerships, and simply help you properly organized and run your business.

As you can see, I take practicing law very seriously and view my role as one that helps protect my clients personally, professionally, economically, emotionally and legally. I am not simply selling a product or service but giving all of myself to my work for the benefit of my clients. Nothing less will do.

As always, should you, your family or your friends have a legal question or case in any area of the law I welcome the opportunity to be of service.

Tags: accident, attorney, auto, buying, car, claim, closing, closing attorney, compensation, dog bite, estate planning, foreclsoure, insurance, lawyer, lawyers, lender, liability, medical bills, negligence, Personal Injury, power of attorney, premium, property owner, real estate attorney, real estate closing, real estate lawyer, rhode island, title company, title search

How Does A Short Sale Affect Credit?

Friday, September 23rd, 2011 | Short Sale | No Comments

How Does A Short Sale Affect Credit?

Author:

Jacob Bon

Short sales are no doubt a viable way to stop foreclosure, but the credit effects have made many homeowners think twice. Is it really worth going through the short sale process when you don’t get to keep your home? What credit short sale effects should you take into account? This guide answers some of the most common questions on credit short sale and how they can affect you.

Foreclosures and your credit
A short sale does have a negative effect on your credit, but it’s far less damaging than a foreclosure. In general, a credit short sale reduces your rating by 100 to 200 points, while a foreclosure brings it down by a hefty 300 or more. That’s not to mention the amount of time it takes to clear: a good 10 years for a foreclosure compared to just 5 to 7 years with a credit short sale. So while you don’t get to stay in your home, you’re still better off with a credit short sale than letting the bank foreclose.

Short sales and defaults
Often, the drop in credit scores following a short sale comes from the missed payments rather than the sale itself. Many lenders will only accept a credit short sale when the mortgage is 60 days or more behind, by which time the score will already have dropped significantly. If you can negotiate a credit short sale with your buyer without being in default, you can greatly reduce the impact of the short sale on your credit score.

How short sales are reported
Another thing that affects credit short sale impact is how your bank reports the short sale. Many will report it as a pre-foreclosure in redemption, meaning you were at risk of foreclosure but were able to prevent it. Others will consider it forgiven debt (which it technically is), which is viewed more negatively by the credit bureaus. If you’re working with a credit short sale attorney, you may be able to negotiate with your bank so that the sale is not reported in a negative light.

Buying a new home
Most people are concerned about credit short sale impact because they plan on buying new homes afterwards. The good news is that the wait time for a credit short sale is much shorter than that of a foreclosure—about two years compared to five or more. If you were not in default more than 60 days before the credit short sale, you may even be able to get a mortgage immediately after closing.

Article Source: http://www.articlesbase.com/real-estate-articles/how-does-a-short-sale-affect-credit-2751451.html

About the Author

In this series of article writer talks about shot sale related issues. He provides information for helping people to protect their credit score. In the present article he talks about how Short Sales Affect Credit score. To more information about short sale credit report visit :- http://shortsalecredit.weebly.com

Tags: attorney, closing, closing attorney, lawyer, lawyers, property owner, Real estate, real estate attorney, real estate closing, real estate lawyer, rhode island, seller, short sale

What To Look For When Choosing A Real Estate Title Company

Friday, September 23rd, 2011 | Real estate | No Comments

What To Look For When Choosing A Real Estate Title Company

Author:

articlescharmen

For many people, choosing a real estate title company is as simple as going with the one recommended by your realtor. After all, the fun part of home buying is all in the search for the perfect home, right? What does it matter who processes your paperwork, acts as notary or does the search on the title? Well, plenty, actually. Read on to learn about some of the things to look for when choosing a real estate title company.

Basic Services of the Real Estate Title Company

Probably most importantly, you want a company that understands the area you’re buying in and knows about applicable local, state and federal laws. This is particularly important when it comes to local and state regulations since they can vary from state to state or jurisdiction to jurisdiction. You also want a company that will treat you well, as important as the next client. Your real estate  title company should be accessible and eager to assist you, answer your questions and walk you through the closing process. And, of course, you want a responsible company that will perform the title search as expected. Buying or selling a house can be very nerve-wracking and feeling confident and secure with your title company will help ease your anxiety.

You might also search for a real estate title company that offers escrow, notary and closing services in addition to title searches. Yes, that’s right, not every title company does. If you choose one that offers these additional services, along with the title insurance and title search, you know that all of the relevant and important pieces of your home purchase and closing will be taken care of by one company. You won’t have to run around trying to find an escrow agent and notary public and title insurance and then coordinate all of those companies having a representative at your closing. All of your information will be in one place, making the likelihood of your closing happening on time and without issue much higher.

The Importance Of The Real Estate Title Company

Most people don’t even know that you can choose your own real estate title company. It’s very important to choose a company you trust because they are responsible for a very important part of the home-buying process: making sure the property is free and clear for purchase. The title company conducts a thorough records search against the title of the property making sure there are no liens, back taxes owed or hidden issues with the property. The company will also put together the abstract for the property, order a survey and file all of the state and federal paperwork after the closing. The title company may even serve as the closing agent. Therefore, you want a company that knows what it is doing, is impartial, responsive and thorough.

Choosing the right real estate title company can make the difference between a stress-free and on-time closing and a delayed or problematic closing. It is worth the time and effort to do a little research before selecting one.

Article Source: http://www.articlesbase.com/real-estate-articles/what-to-look-for-when-choosing-a-real-estate-title-company-4736127.html

About the Author

Chris Harmen writes for Title Junction, a Fort Myers and Cape Coral real estate title agency. The company serves clients throughout Florida and Cape Coral. Notary and escrow services are also available.

Tags: attorney, closing, closing attorney, lawyer, lawyers, Real estate, real estate attorney, real estate lawyer, rhode island, title, title attorney, title company, title insurance, title search

Tomassi Law Associates Offers Short Sale Help

Friday, May 27th, 2011 | Real estate, Short Sale | No Comments

SHORT SALES

 A “short sale” is an agreement between a borrower and his/her lender whereby the lender agrees to accept less money than what it is owed in order to allow the property to be sold and the borrower to be released from further payment obligations.  For example, if the owner owes $300,000 to ABC Bank but the fair market value of the house is $250,000 and the owner is able to secure a buyer for the house at that price, the lender agrees to accept the $250,000 allowing the seller to sell the property, pay all of his/her closing costs and release the mortgage lien(s) on the property.  A short sale allows the owner to stay in the property until it is sold, many times rent free and allows the owner to be relieved of the property and the associated costs such as taxes, insurance and maintenance.  Without the ability to sell the property with a short sale, the owner would be stuck with the property unless and until the bank forecloses or the owner files bankruptcy. 

Over the past couple of years, foreclosures have been on the rise throughout the country.  Rhode Island is no exception.  However, foreclosures can be avoided by a properly negotiated short sale.  Short sales can be a valuable and useful alternative to foreclosure and bankruptcy, when done properly, because they have the potential of allowing a property owner to avoid bankruptcy and foreclosure, even if the property owner owes more to the lender than the property is worth. 

Tomassi Law Associates, LLC is an experienced law practice representing sellers through the complex short sale process.  Tomassi Law offers free consultations to go over all of your options.  In addition, there is no fee to the Seller.  Our fee is paid at the successful closing of your property out of the proceeds to the bank.  Call Tomassi Law today at 401-782-2005 or e-mail Jared M. Tomassi at jtomassi@jtomassilaw.com.

WILL MY LENDER APPROVE A SHORT SALE?

The answer to this question is it depends.  Every lender has its own rules and procedures for approving short sales.   Generally however, a short sale request has a better chance of approval if the following criteria are met:

• The sales price being suggested for the short sale must represent the fair market value of the property.  Upon receipt of a short sale request a lender will conduct its own market analysis on your property by assigning an appraisal, often referred to as a broker price opinion (BPO).  The lender will evaluate the sales price and the fair market value of the property in order to determine if it is better off accepting the short sale or foreclosing on the property.
• The owner must be able to demonstrate a financial hardship.  In addition to the owner’s inability to meet his/her monthly expenses including the monthly mortgage payment, the owner must demonstrate that he/she lacks the financial means to pay the shortfall on the mortgage.   
• A fully executed purchase and sales contract with a ready, willing and able buyer.  The lender will generally not approve a short sale request until the owner has a buyer ready to purchase. The lender will also require a copy of the listing agreement with the real estate agent as well as proof of funds for the prospective buyer.
• The seller cannot receive any proceeds from the sale of the property.  After accounting for closing costs, the net proceeds of the sale will go to the lender in its entirety to be applied towards the mortgage balance.  There are a few exceptions to this rule depending on the type of mortgage you have. 
• A proposed/estimated HUD/closing Settlement Statement must be submitted to the lender with the short sale package.  The HUD settlement sheet will demonstrate to the lender exactly how much it will net from the proposed short sale before it agrees to the short sale request.  The lender is specifically reviewing that all of the closing costs are reasonable and that appropriate parties are involved and that nobody is getting any funds that should be going toward the mortgage.
• The proposed sales transaction must be an “arms-length” transaction.  This simply means that the buyer cannot be related to the owner.  There are very few exceptions to this rule.
• The owner must not remain in the property after the proposed sale has been consummated.  Basically, the new buyer cannot have an arrangement with the seller to buy the property and allow the seller to stay in the property and rent from the new buyer.

There are many other factors that are involved in the short sale approval process.  However, if all of the above factors are in place, properly documented and properly presented to the lender, the short sale has a greater chance of being approved. 

WHAT ARE THE BENEFITS OF A SHORT SALE?

A short sale has many benefits to the owner including the following:

• Avoid foreclosure. 
• Avoid bankruptcy. 
• Avoid a deficiency judgment.  In the case of a foreclosure the lender still has rights to pursue the owner for the difference between what is owed on the mortgage and what the property sold for at auction including attorney fees and expenses.  This is not the case in a properly negotiated short sale.  A short sale allows the owner to eliminate the debt and the lender agreeing to forego their rights to a deficiency judgment.
• Protect your credit score.  The effect of a short sale on your credit score is much less than a foreclosure or bankruptcy.  Research has shown that a short sale stays on your credit report for approximately 18 months as opposed to 7 – 10 years for a foreclosure or bankruptcy.  Short sales also do not reduce your credit score as greatly as a foreclosure or bankruptcy.  Based on our experience and research a foreclosure or bankruptcy could cost you 200 to 300 points as opposed to a short sale that only cost 80 – 120 points. 
• Paid closing costs.  The lender typically pays the closing costs for the seller.  These costs are deducted from the net that the lender receives at settlement.
• If the property is a primary residence and meets the other criteria of the IRS exemption or if the owner is insolvent, the forgiveness of debt is not usually considered a taxable event for the homeowner.

WILL A SHORT SALE APPLICATION PREVENT OR STOP A FORECLOSURE ACTION?

Unfortunately one department does not communicate with the other department for the lender in most cases.  The lender will start and process a foreclosure in accordance with its company policy regardless if a short sale is being negotiated at the same time.  The lender does not want to stall the foreclosure process in the event that the short sale is not approved or if the purchase transaction otherwise falls apart.  However, if the short sale has been approved but the actual closing is scheduled after a foreclosure auction date, we are often able to get the lender to postpone the foreclosure to allow the short sale to close.  Lenders take anywhere from one to three months to make a decision on a short sale.  Therefore, it is important to start the short sale process as soon as possible and to work with an attorney in connection with a short sale, especially if a foreclosure action has already been commenced.

DO I NEED AN ATTORNEY TO ASSIST WITH A SHORT SALE?

It is our position that using an attorney with experience in the short sale process is very important and increases your chances of getting the short sale approved.  If you are behind in your mortgage payments and in danger of losing your home, you need to get advice from the right people as soon as possible.  Be cautious of real estate agents who state that they specialize in short sales.  Real estate agents are not licensed to practice law and render legal advice; which is precisely what you need in this situation.  Handling the legal aspects of a short sale incorrectly can result in significant complications for the owner.  Real estate agents are necessary to finding you a ready, willing and able buyer.  But they should not be negotiating your short sale or rendering legal advice to you.  I have handled several closings where the real estate agent handled the short sale for the owner.  We represented the buyer.  The short sale approval did not include the forbearance of the lenders right to pursue the deficiency against the owner.  This could have resulted in a significant financial hardship to the owner if we did not fix it for them.  The short sale was not properly negotiated with the legal interests and rights of the owner in mind.  Furthermore, we have had many clients contact us the year following their short sale regarding the enormous tax liability that they were now facing.  They explained that their real estate agent handled the short sale and never advised them of the tax consequences or how to avoid them.  This is not a knock on real estate agents but a word of caution to owners considering a short sale.  Each professional has their defined roles in the transactions and legal advice and short sale negotiations must be left to attorneys to handle to protect the owner.

Tomassi Law Associates, LLC can recommend trustworthy professionals to assist you in teh short sale process such as an experienced realtor and accountant.

In addition, owners need to be cautious of scam artists, investors and other unscrupulous individuals trying to make money from people who are in danger of losing their homes in a foreclosure. 

Finally, it does not cost you anything out of your pocket.  An attorney is part of the closing costs for the purchase.  As stated previously, the lender pays the closing costs out of the proceeds of the sale.  Tomassi Law Associates does not charge an hourly rate to the owner and does not require the owner to pay a retainer.

Tomassi Law Associates, LLC will provide you with a free consultation to go over your individual situation and to evaluate your options.  In the event that a short sale is your best option, we will explain the process to you and handle all aspects from start to finish – right through the closing.  We will prepare, draft and present the short sale package to the lender and negotiate the short sale approval on your behalf.  We will coordinate the successful closing with the buyer and buyer’s attorney and ensure that the closing is conducted properly.

Contact Attorney Jared Tomassi at 401-782-2005 or at jtomassi@jtomassilaw.com to schedule a free consultation today.  Don’t wait until a foreclosure has been commenced against you.

Tags: attorney, bankruptcy, borrower, delinquency, foreclsoure, lawyer, lender, owner, Real estate, seller, short sale

All-Inclusive Flat Rate Title & Closing Services

Monday, March 21st, 2011 | Real estate | No Comments

Tomassi Law Associates, LLC is the pioneer in offer flat rate title and closing services.  Flat rates allow buyers, borrowers and sellers the ability to accurately predict their closing costs, do comparison shopping and save hundreds of dollars on their closing costs. 

We have now made our flat rates even better.  We now include closing costs such as recording fees, MLC fee, survey affidavit fee, etc…  When you use Tomassi Law Associates, LLC as your real estate attorney, you will have NO surprises at the closing table.  You will know the fee being charged and thats it.  There will be NO nickle and dime fees for courier services, wire services, document preparation, disbursement fee, etc…

Obviously we cannot include the title insurance premium in our flat rate as this is amount significantly varies and is based on purchase and loan amount.  But don’t forget that on refinances the majority qualify for 40% off the title insurance premium!

COMPARE OUR RATES TO THE RATES ON YOUR GFE!  Be sure to include all of the related fees from the GFE that our flat rates include.

Benefits of using Tomassi Law Associates:

1. I offer free title searches and examinations with every closing I handle and issue a title policy on.

2. 40% off title insurance on refinance transaction for customers who have a current mortgage that originated within the past 10 years. No matter who previously insured title!

4. Free road closings at the customer’s home or work or at your agent’s office

5. Day/Night Availability including weekends.

If you should have any questions or would like to assign a new title/closing please e-mail me at any time at jtomassi@jtomassilaw.com or contact me at 401-782-2005.

Thank you for your time and I hope to hear from you and work with you in the very near future.

Sincerely,

Jared M. Tomassi, Esq.
www.titleandclosingattorney-ri.com
jtomassi@jtomassilaw.com
401-782-2005 – Phone
401-782-3817 – Fax

Tags: attorney, buying, closing, compensation, lawyer, purchase, Real estate, real estate attorney, real estate closing, real estate law, real estate lawyer, rhode island, title, title attorney, title company, title insurance, title search

Sellers need a real estate attorney too!

Thursday, March 17th, 2011 | Real estate | No Comments

There are many advantages for a seller of real estate to have an attorney represent them through the process and at closing.  Many sellers believe that since they have a real estate agent working for them that there is no need for an attorney.  This is a common misperception and could turn out to be a big mistake.   

When a person sells a piece of real estate they are obligated to produce certain legal documents before and at the closing.  If a seller does not retain an attorney the attorney hired by the borrower normally prepares these documents for the seller and charges the seller a fee for doing so.  Most sellers do not realize this until the closing.  By then it is to late.  Furthermore, you are paying a fee to the borrowers attorney for the legal documents and that is all.  You do not obtain the attorneys legal advice and guidance at the closing or during the process.  Most sellers attorneys will charge you the same fee that teh borrowers attorney will charge but will not only draft the documents for you, but will give you proper legal advice and will be present with you at the closing.

Retaining an attorney early in the process will help ensure that your legal interests are protected.  The attorney will draft and review the purchase and sales agreement.  This is one of the most improtant documents in the sales process and dictates the obligations of the buyer and seller in the transaction. 

If issues arise during the negotiation or home inspection and attorney can assist you in resolving these issues effectively.

The buyer is responsible for conducting a title search on the property at his/her expense.  But if the title search reveals a problem it is the sellers obligation to cure the title problem in order to provide good and marketable title to the property.  Again, if you do not have an attorney the buyers attorney will attempt to cure the title problem and will charge you for this service. 

If you are a non-resident of the state of Rhode Island there is an additional consideration that you must take into account.  The State charges you what is called a non-resident withholding tax that can be quite considerable.  You may qualifiy to be exempt from any tax liability but you as the seller must file and obtain the appropriate paperwork and calculations to the State within a certain time period before the closing.  If you retain an attorney, your attorney will do this for you.  If you don’t, you may find yourself paying 6 – 9% at closing to the state.

At the closing it is imperative to have an attorney present representing your legal interests.  Although you may have a real estate agent present, they cannot provide legal advice to you.  A sellers attorney will review all of the closing documents including the HUD settlement statement to ensure that the prorations for taxes, water, sewerm, etc… are accounted for and are accurate.  A sellers attorney will explain in detail the HUD settlement statement and will review and explain all documents presented to the seller for signature at closing.  Many times the buyers attorney or bank’s attorney will have the seller sign documents that are not required and that are favorable to the seller.  Having an attorney present will help protect you from signing away your rights.

The bottom line is if you think you are saving money by not retaining an attorney to represent you as the Seller you are wrong.  Not only will you pay the buyers attorney to draft your documents for the closing but you will lose out on having the legal advice and guidnace from an attorney respresenting your interests who may find overcharges on the HUD and in the prorations and could even save you money at closing. 

 The need for the Buyer’s attorney is obvious.  But a Sellers attorney is equally as important.

Tomassi Law Associates, LLC represent Buyers and Sellers.  We strive to offer our clients the most competitive flat rate available.  There will be no surprises at closing and we will help ensure that you have a smooth, seamless and successful closing.  Contact us today to learn more.  1-888-RI-LAWLINE (401-782-2005)

Tags: attorney, buying, closing attorney, lawyer, lawyers, property owner, Real estate, real estate closing, title attorney, title search

What’s the difference between a real estate lawyer and a closing attorney?

Saturday, October 9th, 2010 | Real estate | No Comments

What’s the difference between a real estate lawyer and a closing attorney? A closing attorney is a real estate lawyer who specializes in closing a property transaction.  Closing attorneys examine the title to a property and resolve any issues before the close.  The closing attorney will review and explain all the documents that you will be signing at the closing and make sure they are accurate.  Real estate closings bring all interested parties together.  While this may seem like a simple process, conducting a real estate closing is a complicated matter and requires a thorough knowledge of the law.  This attorney should be experienced in all matters pertaining to real estate, and have a good working knowledge of the procedures and requirements of mortgage lenders in your area.  The closing attorneys primary function is to ensure that good title” to the property is being transferred.  This involves title research wherein the attorney will examine probate records, surveys, plats, and other legal documents.  Conversely, if defects in the title exist, your closing attorney will attempt to correct the errors, so that a good title can be transferred.  Should problems develop during the title examination, the attorney will contact the involved parties as soon as possible, so as to avoid any delay in the scheduled closing date.

Buying real estate is one of the largest purchases youll ever make, maybe even a life savings investment.  As weve seen in recent years, real estate deals gone wrong can be devastating.  You should always have skilled legal counsel for your real estate needs.  There is really no reason not to.  You are going to pay for the services whether it is your own attorney or the one that the other party or bank chooses. 

The most important phase of purchasing or selling real property is the preparation of the initial contract.  The real estate contract puts into writing the agreement between the home owner Seller and the home buyer Purchaser outlining the price, mortgage terms, closing date, possession date and other agreements. If a party has forgotten to add or subtract something from the contract, his/her last chance to correct the agreement before signing is during an attorney review.  The typical first deadline is a contract review by respective attorneys and time for the buyer to obtain an inspection.  The next deadline outlined in most real estate contracts is the time by which the purchaser has to obtain the mortgage financing approval.

Earnest money is an amount paid by the Purchaser to guarantee and confirm that the Purchaser will close on the purchase or lose the money which is held in escrow by the real estate agent or by the sellers attorney.

During the closing the Purchaser signs all his/her mortgage documents, the seller signs all his/her documents transferring ownership and makes sure all the documents meet the requirements of the lender and the title insurance company.  The Sellers attorney prepares documents for the closing, according to the requirements of the contract. The Sellers attorney prepares documents for the closing, according to the requirements of the contract. 

Whether you are a first time home buyer or have been involved in numerous real estate transactions, our attorneys have the experience to assure a smooth transaction.  If you are selling your home, it is important to retain an attorney.  Having an attorney to provide necessary advice can be critical in complex legal and financial matters.  In every real estate transaction, there are complexities that could give rise to errors.  At the closing, when everyone is ready to sign the papers necessary to finalize the deal, there exists the possibility of a problem.  At worst, a closing mistake could give rise to title problems that will not be discovered for several months or years.  A closing is more than just a formality, and needs to be approached with the same level of professional care as any other part of a real estate transaction.  They involve the execution and delivery of all necessary documents simultaneously with the payment of the purchase price and the settlement costs of the transaction.  Accordingly, sellers and purchasers often turn to lawyers.  If you fail to retain your own legal counsel, the attorney for the other party or the attorney for the bank will charge you to prepare the documents on your behalf but will not afford you legal counsel to protect your rights and interests. 

Let us provide you with affordable legal services in a comfortable, relaxed setting.  We understand that every client has different concerns and we individualize our services based on the needs and goals of each client.  I represent both buyers and sellers of residential property.  I will review the offered contract or develop a new contract for you, review the title work to ensure you have clear title to the property, go over the sale procedures with you, and advise you every step of the way.

www.attorney-ri.com

Tags: attorney, buying, closing, closing attorney, lawyer, lawyers, property owner, purchase, Real estate, real estate attorney, real estate closing, real estate lawyer, title, title attorney, title company, title insurance, title search