Entries for January, 2014

What is an Opinion of Title?

An opinion of title is an attorney’s professional opinion of the condition of title.  This is based on examination of the recorded documents pertaining to the property.    If at a later date, the title to the subject property is found defective, the Buyer may find it difficult to be reimbursed for damages unless the Attorney [...]

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What is a FICO Score?

FICO is the most commonly used credit score today and is named after the company that developed it, Fair Isaac Corp.   FICO scores range from 400 to 900 and the lower the score, the great the risk of default.  FICO score consists of the following components: 35 percent of the score is determined by payment [...]

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What is the Purpose of the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission, is designed to promote accuracy and ensure the privacy of the information used in consumer reports.

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What are the Requirements for Communities with the Status “Housing for Older Persons”?

Certain housing for older persons is exempt from the familial status protection under the Fair Housing Act.  Requirements for a community with the status of “housing for older persons” are as follows: The housing must be designed and operated to assist elderly persons and is intended for, and solely occupied by, persons 62 years of [...]

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What is the Rescission Period for a Condominium Unit?

If you are looking to purchase a condominium, be aware of the rescission period.  For a brand new condominium, a Buyer may rescind a purchase contract within 15 days.  For a resale condominium unit, a Buyer may rescind within three business days.   This time period begins when the Buyer signs the contract or is given [...]

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What is Polybutylene?

Polybutylene (PB) is a plastic resin that was used for water supply pipes for about 20 years, starting in 1978.   It was cheap, easy to install, and substituted for copper pipe in nearly 25 percent of all homes built during that period.   Due to the low cost and ease of installation, polybutylene piping systems were [...]

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What Does CERCLA Stand For?

CERCLA stands for the Comprehensive Environmental Response, Compensation, and Liability Act.   It is extremely important to landowners, brokers, developers, and operators.  CERCLA assigns potential liability for the cleanup of hazardous substances to any “potentially responsible person” (PRP) including: present owners and operators of the contaminated site persons who owned or operated the site at the [...]

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