Friday, December 14, 2007

Q: We live in an apartment complex in the San Diego area, for which we pay $2,400 per month. During the fires of October 2007, the authorities ordered all of us to evacuate on Sunday the 29th, and we spent five days at a shelter. Fortunately, the building wasn't damaged. We think we're owed a retrospective rent rebate from our landlord to compensate us for the time we couldn't live in the apartment, but she disagrees, saying that the wildfires were hardly her fault. Still, the 20 of us who live here paid for apartments that we couldn't use. Who's right? --Bill L.

A: Your question would warm the hearts of law professors and law students everywhere. At the risk of arousing their ire, here's my take: Let's suppose that the wildfires had destroyed the building instead. According to the laws of many states, in that situation the tenants would not be entitled to a rebate of rent already paid, but the lease would terminate. In your case, I assume you had paid the rent for October, and spent the last two days of that month in the shelter. It would seem logical to apply the rule described above, even though the cause of your inability to use the apartments was a civil order, not destruction by fire (the common element is that you couldn't use the apartments and the landlord was blameless).

But what about the three days in November that you also couldn't get back in? Here, you may have a stronger case, since the landlord was expecting full rent on Nov. 1 for apartments she knew she couldn't deliver. In this situation, even though she's not responsible for the problem, she cannot expect full rent, and should have charged her tenants for 27 days instead of 30.

Whether you're going to prevail in court is another matter -- a judge may look at this differently. And, it may not make sense for one person to sue over such a relatively small sum (you'd be asking for $240). But the picture changes if you and your fellow residents sue in small claims court, each asking for their respective amounts and requesting that the cases be consolidated before one judge. If you decide to sue, be sure to approach your landlord first and try to resolve the matter informally.

Q: Last weekend, my roommates threw a party that got out of hand. The neighbors complained and the landlord went nuts, throwing us all out. I wasn't even home that weekend, and I feel it's unfair to blame me. I want to stay, but the landlord refuses to talk about it. What can I say to change his mind? --Hank L.

A: You may not have been there to enjoy the party, but unfortunately you're going to suffer the post-party. Your landlord is taking advantage of the old legal principle of "joint and several liability." It simply means that the mistakes of one roommate will indeed justify a reaction against all of you. It also means that the landlord can legally require any one of you to pay the entire rent (how you divide it up among yourselves is up to you). Chances are your lease has a clause that recites this legal rule, but even if that's missing, the rule is available should the landlord want to apply it.

Now then, was your roommates' "out of hand" party so bad as to justify terminating your lease? That depends on the circumstances. If it was an isolated event, in a building not otherwise known for sedate living, if other parties never provoked the same response, and if the revelers put a lid on things after being told to quiet down, perhaps not. On the other hand, if you (or any of your roommates) have thrown several such parties, receiving numerous complaints and warnings, your landlord may be on solid ground. In that case, the landlord will probably rely on a clause in your lease in which you agree not to cause disturbances or interfere with the "quiet enjoyment" of other tenants or nearby residents. Even if you don't have such a clause in your lease, many states impose the same requirement on you by law.

If there's no legal ammunition available to you, don't give up. Ask for a meeting and go into it with equal parts contrition, humility and a plan for better behavior. Consider talking to the neighbors first, and after you apologize, ask them if they'll support you in your plea for a second chance. Good luck!

Q: I'm about to move out of my flat, which I've occupied for four years. My landlord has just announced that he's keeping my entire security deposit, claiming that the carpet will have to be replaced. It wasn't new when I moved in, and I haven't left any particular tears or stains. I don't think it's right for him to refurbish the flat using my deposit; isn't replacing the carpet part of his overhead? --Jennifer G.

A: Your landlord may legally use your deposit to pay for replacements only when your use of an item went beyond normal use. If a new carpet has a useful life of five years and you happen to be the tenant who moves out at the end of those five years, the landlord shouldn't use your deposit to replace the rug.

Although replacing carpet that's run its course is a cost of doing business, many landlords can't resist using that big pile of money (your deposit) to cover their overhead. If the landlord follows through with his plan, you'll have to take him to small claims court to get your deposit back. You'll need to convince the judge that the rug was a certain age when you moved in, that your use was normal, and that the rug's expected end of life coincided with your departure. On the latter point, try to get some information on the useful life of a carpet like the one in your apartment. If you can determine who made the rug, you might get some valuable information on the manufacturer's Web site. Take pictures before you leave so you can show the judge that the carpet was old and tired, but you didn't hasten its demise.

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.



Renter worried about handing out credit report

Q: I'm uneasy about providing my Social Security number on a rental application. Should I worry about sharing that information?

A: You are right to worry about providing personal credit information. In November, the Federal Trade Commission reported that 8.3 million U.S. adults had been victims of identity theft in 2005.

In response to consumer concerns, the federal government has focused its attention on the use and abuse of credit report information. The Federal Fair Credit Reporting Act regulates who may obtain your information, how it may be used, and what penalties can be levied against those who flout the law. The site can be accessed at www.ftc.gov.

Several sections apply to landlords, including the circumstances under which credit information may be collected. According to the FTC site, credit reports can be requested only for the purposes of extending credit; reviewing or collecting a debt; applying for employment; underwriting insurance; or in connection with some other legitimate business transaction.

A rental application is a legitimate business purpose, and landlords are allowed under the law to request a credit report. Do you have to provide your Social Security number on the rental application? No. But in order to run the credit request, the applicant's full name, current address and Social Security number must be provided to ensure the validity of the report.

On the plus side, new laws have turned the tables on those requesting credit information, requiring landlords to provide their own professional and personal data before dashing off and running credit reports on others. As a result, landlords calling for that credit report are held in closer scrutiny than ever before.

While all landlords have to belong to some sort of apartment owners' association or screening service in order to obtain credit reports, not all services interpret or comply with the FTC rules in the same way.

Last year, one of the largest apartment owners' associations in the country, the Apartment Owners Association of Southern California (AOA), set the standard by implementing new procedures to comply with the FTC law. AOA members, which include landlords and management companies, had to submit newly required documents to the AOA, including a service agreement that outlined the FTC rules. Members signing the service agreement also had to provide a legible photocopy of their driver's license and until they did so, credit reports were not processed.

Proof of member compliance varies, depending on factors such as type of property management business and credit providers, including TransUnion, Experian and Equifax.

Some credit providers require individual property owners to give solid proof of ownership, such as a copy of the county assessor's tax bill, grant deed or utility bill. Management companies and rental corporations are required to provide information that includes proof of formal contract with the individual authorized to use the credit information. Rental corporations must also pay a fee for an onsite inspection for the properties they wish to obtain credit reports for.

Other credit providers require individual landlords to provide completed and properly signed rental applications for each rental property. An annual physical inspection of each business may also be mandatory. Landlords can be asked to show proof of adequate security, such as locked filing cabinets to protect rental information.

What happens when a prospective tenant fills out a rental application? Generally, when a call is made by the landlord or his or her representative to the credit screening office, the operator asks for the specific information that identifies the account holder and name of the individual calling. If the numbers or information doesn't match up, the request may be rejected.

The only drawback? Not all landlords belong to a credit service that requires them to submit proper credit-use paperwork. How can you tell if that's the case? Simply ask. Whoever requests the credit report should know the answer.

Finally, always ask for a copy of the processed credit report. Not only is it free, but it provides proof it was actually run and includes the name of the person to contact if you have any questions about the report.

"

Real Estate Designers offers totally innovative solutions for your software
development, Internet programming,

real estate web design
and hosting needs. Our service includes domain name
registration and real estate web design. Real Estate Designers provides the
complete solution including design, application development and marketing.

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.



"

source: inman.com

Home-improvement tools make great gifts

Well, it's time once again to be thinking about what to get for the avid do-it-yourselfer on your holiday shopping list, so here are some great tool suggestions -- listed in order of price -- that are well worth considering. (Prices are MSRP, and the tools are commonly available through home centers, hardware stores, lumber yards and other retailers, as well as online).

And this year a big thanks to all of the manufacturers who are getting rid of those irritating and dangerous blister packs in favor of more user-friendly packaging!

* Fat Max Push Button Slip-Joint Pliers (Stanley, $9.99) and Groove-Joint Pliers (Stanley, $19.99): Stanley has improved adjustable pliers technology by adding a push-button lock that keeps the jaws where you set them, without slipping. The 8-inch slip-joint pliers have three jaw positions instead of the traditional two, and the 10-inch groove-joint pliers adjust to 17 different settings. Both have hardened teeth, multipurpose jaws and cushioned, slip-resistant handles.

* Gecko Level (Black & Decker, $24.99): Black & Decker's clever 24-inch aluminum box level has "Gecko Grip" friction pads that really help keep the level from slipping when marking lines. There's also a convenient 9-inch torpedo level tucked away in an on-board holder, and the torpedo level doubles as an accurate wood-stud finder.

* Rota-Driver (Black & Decker, $29.99): Here's a compact screwdriver with a head that rotates into four different positions to simplify reaching into even the tightest, most confined spaces. The compact 4.8 volt Rota-Driver is comfortable to hold, has a built-in work light, and accepts any 1/4-inch hex-drive tips. The price includes a plug-in charger and two tips.

* Carryalls 20-inch Large Mouth Tool Bag (Husky, $36.99): Made from tough, water-resistant material, this soft-sided tool bag has a big, zippered inside compartment for larger tools, and 22 inner and outer pockets for smaller stuff. It features comfortable reinforced carrying handles and a detachable padded shoulder strap. There is also a smaller, 14-inch model for $19.99.

* Digital Angle Finder (Skil, $59.99): For measuring inside or outside angles from 0 to 220 degrees, this digital tool has an easy-to-read screen that displays the angle in 1/2-degree increments, and then converts it to the proper miter-cutting angle at the push of a button. The Digital Angle Finder also doubles as a level, straightedge and ruler.

* Scrolling Orbital Jigsaw (Skil, $79.99): This powerful, 6-amp saw has a laser guide for accuracy, and a five-position cut control to adjust the cutting action from smooth to fast. There's a top-mounted scrolling handle that lets you turn the blade without turning the saw, a dust blower and a built-in work light. You can change the blades and adjust the foot without tools, and the blades are stored in an on-board holder. The package includes a fitted hard-shell case and a blade assortment.

* Black Chrome Socket Set (Stanley, $99.99): First of all, this socket set just looks cool. All of the corrosion-resistant wrenches and sockets are black, with contrasting laser-etched markings that let you quickly identify the sizes. The 99-piece set includes ¼-inch and 3/8 inch sockets in metric and SAE, 1/4- and 3/8-inch ratchets, 10 combination wrenches and more, all in a fitted hard-plastic carrying case.

* Motion-Activated Laser Compound Miter Saw (Skil, $179.99): The unique motion-activated laser beam projects dual red lines before the saw is turned on, allowing you to use both hands to align the cut. The saw angles and bevels to 45 degrees in each direction, and has built-in supports for longer boards and clamps for stable cutting. For crown moldings, there are built-in stops for the proper miter and bevel angles, as well as molding stops to hold the molding in an angled position if you prefer to cut it that way. Also included are a dust bag and a 10-inch, 40-tooth carbide-tipped blade. This is a saw that's really packed with features for the price.

* 18-Volt Lithium Ion Drill, Model 86006 (Ridgid, $189): This is an excellent cordless drill kit that offers the professional or the serious do-it-yourselfer everything he or she could want. The latest lithium ion technology makes the batteries lighter without sacrificing power, resulting in a drill that is light (under 4.5 pounds), very powerful and feels well balanced in your hand. It features a 1/2-inch keyless chuck, 24-position clutch, two-speed transmission for better power control, and trigger-controlled variable speed. The handle has a comfortable, overmolded grip; there's a built-in work light; and the high capacity, slide-in batteries recharge in just 30 minutes. Also included are a charger, two batteries and a soft-sided carrying bag.

"

Real Estate Designers offers totally innovative solutions for your software
development, Internet programming,

real estate web design
and hosting needs. Our service includes domain name
registration and real estate web design. Real Estate Designers provides the
complete solution including design, application development and marketing.

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.



"

source: inman.com

the original document back to you, the homeowner.

That public record gives title companies and others the ability to look at a particular property and determine who has owned the property over the years and who owns the property today.

Unlike when you own a car, the state does not issue a document that would show you as the owner of the property.

Once you receive a deed to the home and it is recorded, you are the official owner of that home. However, if you obtained financing when you bought the home or if you took out a loan that was secured by the home, that lender holds a lien on the title to the home. If you attempted to sell the home, a subsequent buyer would take that title subject to the loan. The sale of the home would not get rid of the lender's rights against the property.

In some states, lenders take a mortgage on the property. In others, lenders take a deed of trust. The deed of trust effectively is a lien on the property for the loan amount but also puts a hold on what an owner of that property can do to the title of the home.

For most buyers, a mortgage and a deed of trust will work the same way. An owner will buy the home, take out financing, give the lender a mortgage or deed of trust, and pay off the loan over time. When the loan is paid in full, the mortgage is released, or the deed of trust is cancelled, and the title is reconveyed to the owner.
Sam Tamkin Sam Tamkin

If you have received a reconveyance document from your lender, and it has been properly recorded, you need do nothing more. If you have a copy of the deed to your home from when you purchased your home, you're all set.

For most people, having their original deed from when they purchased their property plus the release of mortgage or reconveyance document for the deed of trust will work in most situations.

If you ever need a copy of the deed to your home, you can always obtain a copy from the office that accepts documents for recording in the local county in which your property is located. You will generally be charged a fee for the copying the document.

In some cases, you can obtain a copy of the document from your county's Web site and pay a nominal fee. In some counties, the county office may charge one fee if you want a copy of the document and a much higher fee if you want that document certified by the county as an accurate copy of the original.

There are some companies that will assist homeowners in obtaining copies of documents for their records. These companies charge a fee for their services. Before you hire them, you should know what it would cost you to get a copy of these documents on your own and then what the service would charge you to determine whether you are better off getting the document yourself or having the service help you out.

Start with the Internet and use a search engine to see if your local office has a web site that allows you to view and print these documents. The best option would be to print them in the comfort of your own home.

"

Real Estate Designers offers totally innovative solutions for your software
development, Internet programming,

real estate web design
and hosting needs. Our service includes domain name
registration and real estate web design. Real Estate Designers provides the
complete solution including design, application development and marketing.

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.



"


source: inman.com

Fed's next move: Stop inflation or stop recession?

In as strange a stew of news as you'll ever see, mortgage rates have risen close to 6.25 percent, led by the 10-year T-note's leap from 3.85 percent to 4.25 percent.

Beginning two weeks ago, the financial markets began to trade on the prospects for government bailout of a fibrillating financial system. Then, yesterday, new economic data whiplashed them from preoccupation with financial failure to worry about inflation.

Last first. The data surprises: reasonably healthy retail sales for November; a full stop to the rise in new claims for unemployment insurance (i.e., no increase in layoffs); a modest 0.3 percent gain for industrial production; and awful inflation numbers. November CPI jumped 0.8 percent -- 4.3 percent year-over-year -- and the all-important "core" rate rose 0.3 percent, way out of the Fed's 2 percent annual range. $95 oil will have is effects.

"Trade on prospects for government bailouts ..." Wahazzat?!

Last week, when Treasury Secretary Henry Paulson announced his foreclosure workout plan, stocks soared in relief at salvation and interest rates rose from panic pit. The whole thing reversed in two days. The plan will save two families in Arizona, another three in California, nine in Florida, and Etta Mae Huntzinger in Topeka. Hank Paulson split for China and hasn't been heard from since.

Late last week through Tuesday morning, anticipation of rescue by the Fed set off another salvation rally. In minutes after the Fed's reasonable 0.25 percent rate cut but clueless-about-crisis statement, the Dow dove 300 points, rates back down.

Dawn Wednesday, big Fed hoo-ah: Global central banks will make bigger and longer loans to banks. Dow back up 270... for two hours, then down almost 400. Markets are learning that the authorities' idea of rescue does not match the need. Stocks finished the day back where they were before Paulson began these timid shows.

The inflation risk is hard to measure, but the consequence of risk is not. The Fed's cautious statement on Tuesday was not as clueless as it seemed: In a choice between preventing inflation and preventing recession, the economy is on its own.

The acute economic problem today is the functional bankruptcy of the Western banking system. Losses in trillions of dollars of weird assets have impaired systemic capital; central banks have kept the system liquid, and undoubtedly will continue to do so, but nobody has an idea how to get the system to make new loans. You have to have capital to do that, and we're fresh out.

So long as these unrecognized but very real losses impair the balance sheets of the system, new credit will fall below the economy's subsistence level. Many people think that stagflation will result; others think that Mr. Market will fix things; still more think that we'll muddle through; and stock market people are only dimly aware that something is wrong. I think they're all wrong: markets today are too interlocked and quick for us to go through the 10-year S&L stumble to bailout. We need another one, and soon.

The hostility to rescue is pervasive among American civilians, at center the blind fury at all participants in the housing run. The desire for blame and punishment is stronger than for self-preservation. Most Americans think the S&L bailout rescued the institutions, unaware that the officers, directors, stockholders, and borrowers lost everything, and only the depositors were saved.

A bailout now would not be hard, except politically: I'll describe the financial means in a hopeful holiday message next week.

The political path goes this way: before a recession unfolds, I think we'll have a financial accident -- a morning when a market cannot open, or a few large institutions fail, or a counter-party virus runs wild. Then Fed Chair Ben Bernanke and Treasury Secretary Paulson will visit the White House to tell the Duck in Chief, President Bush, what happened to the family car. In an election year. To ask for wise and bipartisan action from Congress and presidential candidates.

They'll only do it if you tell them the society is more important than your anger.

"

Real Estate Designers offers totally innovative solutions for your software
development, Internet programming,

real estate web design
and hosting needs. Our service includes domain name
registration and real estate web design. Real Estate Designers provides the
complete solution including design, application development and marketing.

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.



"

source: inman.com