VOL. 41 | NO. 47 | Friday, November 24, 2017
The skinny on tall skinnies: What do you really own?
There is a Rusty Moore who is the principal broker at Parks in Green Hills, and we will deal with him another day.
Today, we will learn from Rusty Moore of Bankers Title, a man who just celebrated his 25th year with the company that he opened.
Almost all real estate loans involve title insurance, certainly any that are financed because the banks want to ensure they are loaning money for the purchase and consequently holding as collateral properties with clear title.
If banks require title insurance, everyone should have it. The lack of clear title will impair the landowners’ abilities to sell the properties in the future.
Moore spoke to a gathering of Realtors last week and was a fount of information. One item of interest is that most people use the term HPR incorrectly. HPR stands for horizontal property regime, and many use the term to refer to the tall skinnies as HPRs.
In fact, Moore says, the tall skinnies are PUDs, Planned Unit Developments or condominiums, either of which is allowable due to the Horizontal Property Regime Act that defined what builders can build.
Two buildings could look exactly alike one lot apart and be classified as two different buildings – one a condo and one a PUD. The difference is that the condo owners own the land and structure. From walls in and dirt up.
In a PUD, the homeowner owns the exterior walls and roof and is responsible for insuring that component. A PUD might have a yard, but a condominium has common area owned by all of the owners of the walls-in, ground-up buildings.
Moore also addressed the selling of estates noting that in many cases, an heirship affidavit could be required in order to transfer the property.
For example, if George and Weezie Jefferson bought a condo when they moved on up to the East Side and died leaving two children behind, those children would be forced to sign affidavits swearing they are the only heirs.
This Jefferson heirship affidavit would then be filed with the other documents when probating the estate.
Moore also noted that electronic notarizing of documents will be in effect soon in Tennessee, allowing documents to be notarized virtually. With this step in place, he says, closings can soon be done via an interface similar to Skype or Facetime.
Sale of the Week
“You know that they won’t deliver pizza there because it’s so dangerous.”
So said some Nashville natives years ago when I first inquired about the neighborhood on the “wrong” side of Charlotte about an arrow’s flight from Sylvan Park.
The streets sounded Sylvan Park-like, having been named for states such as Illinois, Kentucky and Indiana.
It was so undesirable that the Wilson Group renamed it after selling almost every home in Sylvan Park and needing new housing for their clients. They went with “Historic West Town” for a bit until the strangest phenomenon occurred.
Historic West Town became popular – Crazy Horse popular – and the denizens wanted its name to reflect its Native American heritage.
While many thought the term, “The Nations” was an ignorant title given to the community because its streets represented a number of states and that the union of those street would be a nation, hence the Nations. Yet Nations in plurality would reflect more of a continent or an alliance.
Finally, someone discovered that it was originally called The Nations because a group of warring tribes of Native Americans had signed a treaty there. The tribes were referred to as Nations, i.e.; the Cherokee Nation or the Chickasaw Nation. So “The Nations” it is.
In the days of treaty signing, the land was more than likely worth about what was paid for Manhattan – a few beads and some shiny things. Now some of the homes are selling for over 500,000 shiny things, if those things are dollars.
Stephanie Lowe, one of the stars of the Wilson Group, listed 807 and 809 45th Avenue North and sold them for $525,000 and $545,000, respectively.
When Lowe first brought these homes on the market at these prices, many thought she had gone too far. But she prevailed, bringing in her own buyer for the first transaction. Mike Post of Post and Company delivered the second buyer.
Lowe says the houses have three bedrooms, two full and two half bathrooms. The larger home has 3,249 square feet, a low $168 per square foot for this market. The smaller house, 2,772 square feet, sold for $189 per square foot.
Residents of The Nations are united in bringing development to an area that is attracting fine dining, interesting shopping and a positive vibe where peace won over violence so long ago.
Richard Courtney is a licensed real estate broker with Christianson, Patterson, Courtney and Associates and can be reached at firstname.lastname@example.org.