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How to Take Title to Your Property

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Property law describes the various ways individuals and multiple parties, such as a married couple, can hold title to a property. Here are the most common types of ownership titles you will find regarding property.

Sole Ownership — This is the most common form of title. Sole ownership means there is one person who owns 100% of the home. One member of a married couple can hold this title if the non-owning spouse signs a quit claim deed, which voids that person’s right to the property.

Joint Tenancy (also called joint tenancy with right of survivorship) — When two or more people hold title to a property, it’s called joint tenancy, which is common between husband and wife. Each person on title has equal rights to the property. In the case of a title owner’s death, ownership transfers in equal parts to the other people named on the title. The passing of property typically avoids probate in this circumstance.

Tenancy in Common — Under this title, multiple parties hold equal or unequal portions (or shares) of a property. Any combination of ownership percentage is acceptable and any owner can individually sell or give away his or her portion of the property at any time. Tenants in common have no right of survivorship so when an owner dies, that portion of the property is part of the deceased’s estate.

Tenancy by the Entirety — This is a special form of joint tenancy offered in only a few states. It’s exclusive for married couples and says spouses hold title together and all decisions made about the property must be jointly determined. Like joint tenancy, a death typically causes property to pass to the surviving spouse without probate. One of the benefits of this title is the ability to guard the property from creditors if one spouse has a large debt.

Please note that laws can vary from region to region, so the above should be used only as a general guide. The above content is for informational purposes only and should not be used as a substitute for consultation with a legal advisor.

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Mortgage Market Guide Weekly – November 17, 2014

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In This Issue

Last Week in Review: The Bond markets were closed Tuesday in honor of Veterans Day, while the rest of the week was quiet with only a handful of economic reports on the calendar.
Forecast for the Week: The Fed minutes could cause volatility. Plus, key housing reports, and is inflation still tame?
View: Check out these five tips that can help yield more productive and meaningful work relationships.

 

Last Week in Review

“Home of the brave.” The Bond markets were closed on Tuesday in honor of Veterans Day, and the brave men and women who have served and sacrificed to protect and preserve our great nation. The economic calendar was quiet the rest of the week, but there are some key highlights to note.

In the labor sector, Weekly Initial Jobless Claims came in at 290,000. Claims have remained below 300,000 for nine straight weeks—a feat that has not occurred since 2000. In addition, claims are 20 percent lower than they were this time one year ago. However, all is not golden as 18.2 million Americans still say they can’t find a full-time job. This is a big number, considering that we’re five years into an economic recovery. While the labor sector is improving, there is still more work needed ahead.

Oil prices continue to drift lower, reaching levels not seen since October 2011. This slide lower has put extra cash in consumers’ pockets just in time for the holiday shopping season, and it helped Retail Sales in October bounce back from the negative numbers seen in September. However, all-time price highs in meat, dairy and produce could tap into these savings at the pump.

Looking ahead, housing data is abundant in the coming week. And while the hot housing numbers from 2013 have cooled a bit this year, recent data suggest that the housing recovery is still intact. Existing Home Sales in September touched their highest level in a year, while New Home Sales hit a six-year high. These will be important numbers to watch as we look ahead to the housing sector, and whether its recovery continues, next year.

The bottom line is that home loan rates remain near some of their best levels of the year, and now is a great time to consider a home purchase or refinance.

 

Forcast for the Week

Important manufacturing, inflation and housing reports are ahead. Plus, the minutes from the Fed’s latest meeting will be released.

  • Look for a double dose of manufacturing news, with the Empire State Index on Monday and the Philadelphia Fed Index on Thursday.
  • Two key inflation reports are ahead. The wholesale-measuring Producer Price Index will be delivered on Tuesday, followed by the Consumer Price Index on Thursday.
  • Housing news is abundant this week. The NAHB Housing Market Index comes out on Tuesday, Housing Starts and Building Permits will be released Wednesday, and Existing Home Sales follows on Thursday.
  • As usual, Weekly Initial Jobless Claims will also be announced on Thursday.

In addition, investors will be closely scrutinizing the minutes from the late October Federal Open Market Committee meeting. The minutes, which will be released on Wednesday at 2:00 p.m. EST, will reveal details of the Fed’s decision to end its latest round of Quantitative Easing. They could also give more clues as to the timing of rate hikes, which could lead to volatility in the markets.

Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result. The chart below shows Mortgage Backed Securities (MBS), which are the type of Bond on which home loan rates are based.

When you see these Bond prices moving higher, it means home loan rates are improving—and when they are moving lower, home loan rates are getting worse.

To go one step further—a red “candle” means that MBS worsened during the day, while a green “candle” means MBS improved during the day. Depending on how dramatic the changes were on any given day, this can cause rate changes throughout the day, as well as on the rate sheets we start with each morning.

As you can see in the chart below, Mortgage Bonds continue to trade in a sideways pattern. Home loan rates remain near 18-month lows and I will continue to monitor them closely.

Chart: Fannie Mae 3.5% Mortgage Bond (Friday November 14, 2014)

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Infant Sleep Safety

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We’ve learned a great deal about infant sleep safety since the 90’s, and the effort to spread the word about Sudden Infant Death Syndrome (SIDS) has proven effective. Over the past two decades, national SIDS related deaths have dropped from nearly 5,000 to about 2,000 annually.

There are no products on the market that have been shown to reduce the risk of SIDS, and the National Institute of Health (NIH) expressly warns against using products marketed as such, due to the dangers they pose. Instead, the very best advice is much simpler—always place babies to sleep on their backs instead of their bellies, as this reduces the risk of blocked airways.

According to the NIH, if babies roll onto their stomachs while sleeping, it isn’t necessary to return them to their backs, as rolling is a natural part of their development. Just be sure your baby begins every nap on his or her back, and ensure the sleep area is free of soft and loose bedding. Also, babysitters must be educated about the necessity of back sleeping.

For more information, visit the NIH’s Safe to Sleep website at: www.nichd.nih.gov/sts.

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