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Showing posts from March, 2024

Understanding How Proposed Changes in Real Estate Commissions Will Impact You as a Buyer or Seller

You’ve probably heard that changes are coming regarding how real estate commissions are paid. This might sound exciting and like a potential game-changer for you as a home seller or buyer, with headlines proclaiming things like: “Real estate commissions are being slashed!” “Selling your house will now be less expensive!” “No more paying 6% to real estate agents!” But you’re also probably not sure exactly what it means, how it will work, or how you’ll benefit from the changes. Unfortunately, even if you ask the most informed agents on the planet, you probably won’t get many answers. It isn’t because agents don’t want to answer your questions; it’s because they don’t even know precisely how the changes will work. The settlement happened seemingly overnight. There was no warning or discussion with agents. They found out by reading a bunch of headlines you probably saw at the same time they did. In addition, most of the headlines are misleading because nobody knows exactly how things wi...

How to Appeal Your Property Tax

  Did you know it's possible to lower your property tax through property tax appeals—challenging the value the tax assessor assigned to your home? That "assessed value" calculates how much tax you owe. One way to lower your property tax is to show that your home is worth less than its assessed value. You can do the initial research online or by calling your real estate agent.  What Is a Property Tax Appeal? If you own property, you should receive a property tax bill. A property tax assessor typically determines property tax rates in a mass assessment. This means your new property tax bill may need to accurately reflect the value of your home or property. So, you have the right to appeal the assessed value of your property, which could reduce the amount of your property tax bill. Reasons to Appeal Property Tax Assessment There are a few common reasons to appeal a property tax assessment, like: A change of ownership or control has occurred. Recent local sales are less than ...

How Homeowners Can Safeguard Against Deed Fraud in Michigan

  In an age where property fraud is a concern, homeowners can take proactive steps to protect their assets. One effective measure is registering for alerts through their county's Register of Deeds fraud prevention service. Here's how it works: Find Your County's Register of Deeds Website: Locate the website of your county's Register of Deeds office. They often offer fraud prevention services and property monitoring tools. Sign Up for Property Fraud Alerts: Once on the website, look for options related to fraud prevention or property fraud alerts. These services typically allow homeowners to register their name or property for monitoring against fraudulent activities. Receive Notifications: After signing up, the homeowner will receive notifications if suspicious activity, such as a deed transfer, occurs on their property. This early warning system allows for swift action in case of fraudulent attempts. Stay Vigilant: Review the notifications received regularly and verify...

What’s the difference between a fixture and personal property when selling a home?

  A question I get on occasion is, "Do I have to include the appliances in the sale of my home?" The short answer is that it depends on whether or not the appliance is considered a fixture or personal property.  What's the difference between a fixture and personal property?   Common legal descriptions of fixtures include things that are "affixed," "attached by roots," "embedded," "permanently resting," "irremovable," or "permanently attached" to the land or the permanent structures upon that land, according to  Lawyers.com . Examples of fixtures are: A built-in microwave, dishwasher, or range Toilets A chandelier that is hardwired into the ceiling In-ground plants Ceiling fans Plantation shutters and blinds on the windows Personal property includes anything not permanently affixed to the home and can be removed without damaging the structure. Examples of personal property include: Most refrigerators, washers, and...

Use Daylight Saving Time as a Home Maintenance Reminder

  Daylight saving time (DST) in the United States has a rich history dating back to its introduction during World War I. Here's a brief overview of its evolution: World War I Era: DST was first implemented during WWI to conserve energy and extend daylight hours for wartime activities. The U.S. adopted DST on March 31, 1918, but it was met with mixed reactions and repealed after the war. Interwar Period: Some states and localities observed DST independently until 1966, when the Uniform Time Act standardized its start and end dates nationwide. Energy Crisis and Expansion: During the 1970s energy crisis, DST was extended year-round to save energy. However, this practice was short-lived and reverted in 1975 due to public dissatisfaction. Modern DST: Since 1986, DST has followed the schedule we recognize today, starting on the second Sunday in March and ending on the first Sunday in November. Whether you are a fan of Daylight Saving Time or not, you can use the two time change days ...