BEATING AROUND THE BUSH

Property rights and disputes are as old as the dirt in the land itself.  For as long as there have been claims to land there have been disputes and challenges from others over that same land.  Prehistoric cavemen clubbed each other over it; the Middle Ages in Europe gave birth to entire class systems based on it; and, the Supreme Court of the United States regularly entertains argument over it.

One of the most frequently asked questions involving real property are trees and plantings which extend onto property of others.  Often the issue is ‘who’s responsible for the tree which sits on one property, but extends its limbs or roots onto another property?’  These trees or plantings sometimes cause significant harm by obstructing views, damaging personal property or creating other types of hazards or diminution in value.

Trees are personal property.  It’s not negligent to own a tree.  Generally, you own what is on your property.  Therefore, the usual measure of ownership for the tree is the location of its trunk.  Pruning or cutting limbs which transcend boundary lines are permissible; with the exception that one cannot cause significant harm or injury to the tree itself.  This is usually governed by local, state and federal laws.  Natural disasters (lightening, wind and earthquakes) which cause a tree to damage another person’s property is not negligence.  However, one may be responsible to another for negligently maintaining a tree.

The best approach to resolving these issues should always begin by discussing it with your neighbor.  More often than not, there is always a mutual agreement which may be reached to trim, cut, prune or remove a troublesome tree.  Always memorialize an agreement in writing.  However, sometimes, reasonable minds can’t agree.  In the event your neighbor is non-responsive, then a letter should always be sent to the neighbor acknowledging the same.  Next, you need to know your rights and consequences before taking any action for which you may be civilly or criminally liable.  For more information contact a real estate lawyer or visit: http://www.lawlib.state.ma.us/subject/about/trees.html

SHORTSALES

SHORT-SALES ARE NOT FOR EVERYONE. Short-sales have been around as long as mortgages have existed. The situation is born from a homeowners inability to payoff an existing mortgage lien from the proceeds of a sale. Lenders are faced with the difficult choice of accepting less than the amount owed or be forced to foreclose on the home. Foreclosure is expensive, time consuming and often involves litigation in multiple courts in order for a lender to ultimately take possession. This same situation may add up to some considerable savings to a potential and patient Buyer. However, the savings come with considerable risks - BUYERS BEWARE! Shortsales require the approval of the Seller's lender. The biggest problem is that the transactions take weeks, more often months, to obtain final approval. In the meantime, the Buyer must navigate a flurry of obstacles such as multiple appraisals, rate locks, time extentions, damages, repairs, and perhaps unexpected tenants.

The present economic and legal climate surrounding short-sales may either facilitate or compound this murky transaction.  Recent news surrounding 'robo-signers' and questionable foreclosure practices by major lenders and servicers have yet to leave a footprint on short-sales.  In other words, we may experience added delay in having these transactions approved or some much needed relief.  What we know for certain is that foreclosure is ultimately the last resort for lenders who are faced with a borrower in default.  The legal climate threatens to compound these efforts and perhaps significantly add to the already expensive remedy.  

The key to success in these matters, for buyers and sellers, will rest with a carefully crafted strategy, a well drafted purchase and sales agreement and exceptional experienced professionals involved. For more information: http://www.bankrate.com/finance/money-guides/10-crucial-steps-to-short-sale-buying-1.aspx