Shriner's Circus in Tulsa, OK

Performances at the Tulsa Fairgrounds Pavillion continue through Sunday.

Title Insurance

Title insurance protects your claim of ownership of your property. When you buy real estate, you count on the paperwork being properly reviewed. You should get a "title opinion" from an attorney but that does not provide you any insurance that the attorney did not make an error or that someone later does not come back and claim an error was made (regardless who is right or wrong.) It is simply the opinion of the attorney you hired.

If you purchase title insurance and someone later questioned your ownership of the property, the title insurance company would be required to come defend your title.

A few things to note:

• Title insurance only covers the period of time before your purchase of the property. It does not cover from the time you purchase and beyond.
• Sometimes "exceptions" can be listed in your title policy. These would be things that were known when the policy was written such as, your driveway or storage building being on the neighbor's property.
• Title problems are often called "clouds" which mean your ownership is not completely clear - that someone could raise questions about it. Even if your ownership would not be lost, it can be expensive to remove the "cloud" on your title.

Title issues can arise from forgeries, improper paperwork filing at the courthouse, incorrectly completed forms, deaths and bankruptcies, lawsuits between other parties, and many other unknown circumstances.

For more information about title insurance in Tulsa, OK, contact Ann Rollins, at Closings of Tulsa, 918-493-2241 or www.closingsoftulsa.com.

If you live in the Tulsa, OK area and have legal problems as a result of your title or lack of title insurance, contact Chuck Richardson of Richardson, Richardson, Boudreaux at 918-663-5070 or www.richardsonlawfirmpc.com.

For all your real estate needs in the Tulsa, OK area, contact Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.

Are Foreclosures Really a Bargain? What You Need to Know

Is Buying a Foreclosure Really a Bargain? What You Need to Know

In today's tumultuous economy, it's no surprise that there are foreclosure properties to be found in just about every community across America—even ours. While a terrible hardship for homeowners to endure, foreclosures can present a unique opportunity for first-time home buyers and investors looking to purchase a "bargain-priced home" with the potential for building instant equity.

As an experienced real estate professional, I want to advise you to tread carefully when it comes to foreclosures—they might not be quite the bargain you expect. Here are some important facts you need to know before venturing out into the foreclosure market:

- Homeowners faced with foreclosure are understandably stressed and resentful, which can often lead to neglecting routine maintenance on a home. Sometimes, even deliberate damage is done. Assessing the home's condition, therefore, is a must.

- Foreclosure properties have often been vacant for an extended period of time. Look for problems caused by damp conditions, such as mold.

- Get a thorough home inspection before bidding on the property. Once the damage/disrepair of the home is assessed, factor this in when bidding on the home.

- Contact a real estate professional—like me, a Member of the Top 5 in Real Estate Network®—who is well steeped in the community and can provide information about pre-foreclosure properties, that is, homes that have been scheduled for foreclosure but have not yet gone to auction or been sold off. These homes need to be sold quickly as owners are trying to avoid foreclosure and its impact on their credit.

-Last but not least, go to www.hud.gov for information on how to buy homes acquired by the U.S Department of Housing and Urban Development as a result of foreclosure action on an FHA-insured mortgage. The site also has information on special programs and opportunities for teachers, law enforcement officers and others.

While buying a foreclosure property takes patience and research, the results can be well worth your time and effort. For more information, please e-mail me, and please pass this on to anyone you know who might be interested in exploring a foreclosure purchase.

Construction Increases Nationwide!

The construction industry seems to be looking up. According to Realtor Magazine, January new home construction was up 2.8 percent to 591,000 from 575,000 in December. The building industry hopes that this is an indication that recovery has started.

Want to build a new home in the Tulsa, OK area? Contact Bruce Gardner of Gardner Construction at 918-481-1377 or gcc1946@aol.com.

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

Home Buyer's Tax Credit

It's almost tax time again. With so many home buyers wanting to claim the tax credit this tax season, what papers are required? According to Realtor Magazine, the Internal Revenue Service is still requiring that taxpayers fill out Form 5405, however they have changed the requirements for the HUD-1 settlement document signatures. In areas, on the settlement statement, where it is uncommon for both the buyer and seller to sign, the IRS is not requiring both signatures as long as the document meets all local laws.

For repeat home buyers claiming the credit, proof must be given that they have lived in the previous home for 5 consecutive years out of the last 8 years.

If you live in the Tulsa, OK area, get more information on the home buyer tax credit and find out if you are eligible, contact Karen Heston of BOK Mortgage at 918-230-9432 or visit her website here.

To buy a home in the Tulsa, OK area before the tax credit expires, contact Darryl Baskin of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.

Shopping for a Condo? Ask These 4 Questions before You Buy

Shopping for a Condo? Ask These 4 Questions before You Buy

Condominium homes have always been, and will likely always be, an efficient and economical route to becoming a first-time homeowner. They can offer the comfort, prestige, and even luxury appointments that apartment living may lack, often at a cost that is not much different than rent. With the current first-time home buyer tax credit and the deadline for the move-up tax credit fast approaching, I advise you move fast on any condo purchase you may be considering.

With my experience as Member of the Top 5 in Real Estate Network®, I am well aware that not all condominiums are the same, however, so make sure you ask the following four questions before you buy:

What will you own? Read the bylaws and be sure you understand what you will be responsible for and what belongs to the condo association. Will you own the boat dock at the back of your unit? Can you elect to build a spa on your patio? Generally, unit owners own and are responsible for the interior of their condos, while costs for outside maintenance including common areas and sewer lines are the association's responsibility.

Who lives there? Are the majority of residents owners or renters? Owners generally take more interest in proper maintenance and are more willing than renters to serve on the association board and enforce complex rules and regulations–including the regular collection of homeowner dues.

How effective is the homeowner's association? Do they have legal counsel, reasonable funds and a capable, caring volunteer board? One way to judge is to check with residents about restrictions, oversight and timeliness of repairs and upgrades. Another is to take a hard look at the grounds and be wary of signs of neglect.

What about special assessments? The association should have the power to special assess for needed, one-time large expenditures. Otherwise, things that need to be done may never get done at all, leaving the complex vulnerable to disrepair and lowered property values.

Don't miss this great opportunity to become a homeowner or to downsize by buying a condo (remember, the move-up tax credit does not require you to move to a larger or more expensive home). Please e-mail me for more tips on buying a condo and forward this information to any family and friends who may be in the market as well.

Celebrating the 2010 Chinese New Year in Tulsa, OK

The Chinese American Association of Tulsa presented an entertaining program to fellow Tulsans at the TCC Vantrease Performing Arts Center located on the 81st street Tulsa Community College campus Saturday night. Performers were from local Chinese churches, martial arts, cultural, and other organizations. The event was open to the public and offered a unique opportunity to experience the Chinese culture in our own backyard.