Ways to Take Title

When you buy real estate you want to take title in the way that best fits the circumstances. There are many ways to do this. Here are some different ways to take title and what that means for you.

• Joint Tenants with Rights of Survivorship This is usually found in property that is owned by a husband and wife. This type of title means that if one person dies, the other one gets title to the property.
• Tenants in common Each party owns a certain percentage of the property.
• Title in Trust This title is taken through a trust, usually by families. This allows a husband and wife to transfer property to children without going through probate, which can be expensive and time consuming.
• If a corporation or LLC buys a property, who actually owns the property? Usually there is a member and a manager. The manager signs the deed and manages the LLC. The members are protected from liability but own a percentage. That can be transferred.

Which type of title you consider is important. For more information about ways to take title in Oklahoma, contact Ann Rollins, Closings of Tulsa, 918-493-2241 or www.closingsoftulsa.com.

For all your real estate needs in the Tulsa, OK area, contact The Baskin Real Estate Specialist of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.

Times Running Out- ONLY 5 DAYS LEFT!

Time is running out on the buyers tax credit. The tax credit ends on April 30, 2010. The basics of the tax credit are as follows:

1. Qualified first time home buyers can receive a tax credit of $8000.
2. Qualified current home owners can receive a tax credit of $6000.
3. The home contract must be written by April 30, 2010.
4. The home sale must close no later than June 30, 2010.

To find your Tulsa, OK home now, contact Darryl Baskin of The Baskin Real Estate Specialists at McGraw at 918-258-2600 or www.darrylbaskin.com.

To find out if you qualify for the buyers tax credit for a Tulsa, OK home, contact Steve Currington of Currington Mortgage at 918-394-5626 or www.curringtonmortgage.com.

Market Condition Report - 7 county MSA - All prices - New construction and Pre-owned - Source: Tulsa MLS (NORES) - Compiled by Terradatum, Inc. - Thomas E Allen Appraisals, LLC

Slight decline in Median Price (Sold) - $131,000 average over 2 years.

 

On a linear trend basis, supply has been trending down. Supply has trended up the past 4 months.

 

 

March, 2010, Month's Supply of Inventory is favorably in the 4.0 Month's Supply range, the lowest in 2 years!

 

 

NAR calculates Month's Supply based on Sold-Closings and lags behind the previous graph that is based on contract activity.

 

 

Listings going to contract on a weekly basis. The last five weeks activity exceeds Past and Previous 12 week averages.

 

 

Need more information? Specific market information? Contact me.

 

 

Thomas E Allen, CRP, RAC Member

Thomas E Allen Appraisals, LLC

PO Box 702438

Tulsa, Ok 74170-2348

 

(918) 481 3500  FAX (918) 477 2044

TomAllen@TulsaCoxMail.com   or TomAllen@RAC.net   

"Some people spend an entire lifetime wondering if they made a difference in the world.  But the U.S. ARMED FORCES don't have that problem."  ...Ronald Reagan