A lease option is an arrangement between you and a seller to exercise the option to buy a house after you have rented it for a specific period. A portion of your rent would be applied toward the purchase if the option is applied. This is referred to as rent credit, which most institutional lenders will accept as part of the down payment if rental payments exceed the market rent and if a valid lease-purchase agreement is in effect, a copy of which must be attached to the loan application. Read any lease option arrangement carefully for details on transferring the option and other important concerns. For information on lease options, contact your real estate agent (some even specialize in such transactions) or read up on lease options at the public library or on the internet. If you have a real estate attorney, ask if he or she has any prepared information you can review.

    When  my husband and I arrived at an automobile dealership to pick up our car, we were  told the keys had been locked in it.  We went to the service department and found a mechanic working feverishly to unlock the driver side door. As I  watched from the passenger side, I instinctively tried the door handle and discovered that it was unlocked.  ‘Hey,’ I announced to the technician,  ‘it’s open!’  His reply: ‘I know.  I already got that  side.’ 

    This  was at the Ford dealership in Canton, MS

    IDIOT SIGHTING:
    We had to have the garage door repaired. The Sears repairman told us that one of our problems was that we did not have a ‘large’ enough motor on the  opener. I thought for a minute, and said that we had the largest one Sears made at that time, a 1/2 horsepower. He shook his head and said, ‘Lady, you need a  1/4 horsepower.’ I responded that 1/2 was larger than 1/4. He said, ‘NO, it’s  not.’ Four is larger than two.’       

    We  haven’t used Sears repair since.

    IDIOT  SIGHTING:

    ;My  daughter and I went through the McDonald’s take-out window and I gave the clerk  a $5 bill. Our total was $4.25, so I also handed her a quarter..   She said, ‘you  gave me too much money.’ I said, ‘Yes I know,  but this way you can just give me a dollar bill back.  She sighed and went  to get the manager, who asked me to repeat my request. I did so, and he handed me  back the quarter, and said ‘We’re sorry but we could not do that kind of  thing.’ The clerk then proceeded to give me back $1 and 75 cents in  change. 
    
    Do  not confuse the clerks at McD’s.  (Obviously the management isn’t too much better!!!)

    IDIOT  SIGHTING  :
    I live in a semi rural area. We recently had a new neighbor call the local  township administrative office to request the removal of the DEER CROSSING sign on our road. The reason: ‘Too many deer are being hit by cars out here! I don’t  think this is a good place for  them to be crossing anymore.’

    From Kingman , KS

    IDIOT  SIGHTING IN FOOD SERVICE  :
    My daughter went to a local Taco Bell and ordered a taco. She asked the  person behind
    the counter for ‘minimal lettuce.’   He said he was sorry,  but they only had iceburg lettuce..
    — From Kansas City 

    IDIOT  SIGHTING:
    I was at the airport, checking in at the gate when an airport employee  asked, ‘Has anyone put anything in your baggage without your knowledge?’ To  which I replied, ‘If it was without my knowledge, how would I know?’ He smiled  knowingly and nodded,    ‘That’s why we ask.’

    Happened in Birmingham ,   Ala. 

     IDIOT  SIGHTING  :
    The stoplight on the corner buzzes when it’s safe to cross the street. I was  crossing with an intellectually challenged coworker of mine.. She asked if I knew what the buzzer was for. I explained that it signals blind people when the light  is red. Appalled, she responded, ‘What on earth are blind people doing  driving?!’

    She  was a probation officer inWichita , KS 

    
    IDIOT SIGHTING :
    At a good-bye luncheon for an old and dear coworker who was leaving the  company due to ‘downsizing,’ our manager commented cheerfully, ‘This is fun. We  should do this more often.’ Not another word was spoken. We all just looked at  each other with that deer-in-the-headlights stare..

    This was a lunch at   Texas Instruments. 

      
    IDIOT SIGHTING : 
    I work with an individual who plugged her power strip back into itself and  for the sake of her life, couldn’t understand why her system would not turn on.

    A deputy with the Dallas   County Sheriffs office, no  less. 

    How would you pronounce this child’s name?     “Le-a” 

    Leah??                NO
    Lee – A??            NOPE
    Lay – a??             NO
    Lei??                   Guess Again.

    This child attends a school in Kansas City , Mo. Her mother is irate because everyone is getting her name wrong. It’s pronounced “Ledasha”, When the Mother was asked about the pronunciation of the name, she said, “the dash don’t be silent.” 

    SO, if you see something come across your desk like this please remember to pronounce the dash. If dey axe you why, tell dem de dash don’t be silent.                             

    STAY ALERT!

    They walk among  us …. and they  VOTE and REPRODUCE!

    
     [email supplied]

Before deciding which house to buy, think about your lifestyle, your current and anticipated housing needs, and your budget. It’s a good idea to create a prioritized list of features you want in your next home – you’ll soon discover finding the right house involves striking a balance between your “must-haves” and your “nice-to-haves.” To start, consider your lifestyle. If you love to cook, you’ll want a well-equipped kitchen. If you’re into gardening, you’ll want a yard. If you’re planning your office at home, you may want a room for a separate library or work space. If you have several cars, you may require a larger garage. Use this list as your search guide. Next, think about what you might need in the future. As you consider your housing needs, it’s important to consider how long you may live in your home. If you’re newly married, you might not be concerned with a school district right now, but you could be in a few years. If you have aging parents, you may want to look at homes that offer living arrangements for them as well as you. It’s important to think about your new home’s location just as carefully as you do about a house’s features. Location is a huge part of any move. In addition to considering the distance to work, you need to evaluate the availability of shopping, police and fire protection, medical facilities, school and day-care, traffic and parking, trash and garbage collection, even recreational facilities. Perhaps the most important decision is deciding on the type of home you want. Do you want a condominium or a co-op? A town house or a detached single-family home? Do you want brick, stone, stucco, wood, vinyl siding, or something else? Do you prefer a new home or an older one? Through all of this, make sure to talk to your real estate professional about where you want to live. While more buyers now use the Internet to gain access to listings, or available properties for sale, it is still a good idea to use an agent. The agent brings value to the entire process: he or she is available to analyze data, answer questions, share their professional expertise, and handle all the paperwork and legwork that is involved in the real estate transaction. CENTURY 21 professionals have the expertise to help their clients narrow down their choices by sharing market trends and local information.

Before deciding which house to buy, think about your lifestyle, your current and anticipated housing needs, and your budget. It’s a good idea to create a prioritized list of features you want in your next home – you’ll soon discover finding the right house involves striking a balance between your “must-haves” and your “nice-to-haves.” To start, consider your lifestyle. If you love to cook, you’ll want a well-equipped kitchen. If you’re into gardening, you’ll want a yard. If you’re planning your office at home, you may want a room for a separate library or work space. If you have several cars, you may require a larger garage. Use this list as your search guide. Next, think about what you might need in the future. As you consider your housing needs, it’s important to consider how long you may live in your home. If you’re newly married, you might not be concerned with a school district right now, but you could be in a few years. If you have aging parents, you may want to look at homes that offer living arrangements for them as well as you. It’s important to think about your new home’s location just as carefully as you do about a house’s features. Location is a huge part of any move. In addition to considering the distance to work, you need to evaluate the availability of shopping, police and fire protection, medical facilities, school and day-care, traffic and parking, trash and garbage collection, even recreational facilities. Perhaps the most important decision is deciding on the type of home you want. Do you want a condominium or a co-op? A town house or a detached single-family home? Do you want brick, stone, stucco, wood, vinyl siding, or something else? Do you prefer a new home or an older one? Through all of this, make sure to talk to your real estate professional about where you want to live. While more buyers now use the Internet to gain access to listings, or available properties for sale, it is still a good idea to use an agent. The agent brings value to the entire process: he or she is available to analyze data, answer questions, share their professional expertise, and handle all the paperwork and legwork that is involved in the real estate transaction. CENTURY 21 professionals have the expertise to help their clients narrow down their choices by sharing market trends and local information.

Before deciding which house to buy, think about your lifestyle, your current and anticipated housing needs, and your budget. It’s a good idea to create a prioritized list of features you want in your next home – you’ll soon discover finding the right house involves striking a balance between your “must-haves” and your “nice-to-haves.” To start, consider your lifestyle. If you love to cook, you’ll want a well-equipped kitchen. If you’re into gardening, you’ll want a yard. If you’re planning your office at home, you may want a room for a separate library or work space. If you have several cars, you may require a larger garage. Use this list as your search guide. Next, think about what you might need in the future. As you consider your housing needs, it’s important to consider how long you may live in your home. If you’re newly married, you might not be concerned with a school district right now, but you could be in a few years. If you have aging parents, you may want to look at homes that offer living arrangements for them as well as you. It’s important to think about your new home’s location just as carefully as you do about a house’s features. Location is a huge part of any move. In addition to considering the distance to work, you need to evaluate the availability of shopping, police and fire protection, medical facilities, school and day-care, traffic and parking, trash and garbage collection, even recreational facilities. Perhaps the most important decision is deciding on the type of home you want. Do you want a condominium or a co-op? A town house or a detached single-family home? Do you want brick, stone, stucco, wood, vinyl siding, or something else? Do you prefer a new home or an older one? Through all of this, make sure to talk to your real estate professional about where you want to live. While more buyers now use the Internet to gain access to listings, or available properties for sale, it is still a good idea to use an agent. The agent brings value to the entire process: he or she is available to analyze data, answer questions, share their professional expertise, and handle all the paperwork and legwork that is involved in the real estate transaction. CENTURY 21 professionals have the expertise to help their clients narrow down their choices by sharing market trends and local information.

Beginning February 1, the Federal Housing Administration will provide mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days.

*** BEGIN QUOTE ***
“FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” said FHA Commissioner David H. Stevens. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”

The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:

* All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
* In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
* The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.
*** END QUOTE ***

To read more, see HUD Press Release No. 10-011 HERE.

[SOURCES: REALTOR Magazine Online; HUD]

Abstract of Title -A condensed history or summary of all transactions affecting a particular tract of land.

Access - The right to enter and leave a tract of land from public access. Can include the right to enter and leave over the lands of others – easements and right-of-ways sometimes deeded and/or established by use.

--

 Mack Meeks CENTURY 21 Mid-State Realty L.L.C. 1810 Sharp Springs Road, Winchester, TN 37398 Office: 931-967-4321 Fax: 931-967-9378 Cell: 931-808-8661 www.mackmeeks.com mackmeeks@century 21.com
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			  =-O 
 Referral Fee to Retired Agent?
QUESTION: I am a broker and was wondering if I can pay a referral fee to a retired real estate agent for sending me a client to show property to. How can I compensate him? 
ANSWER: It will depend upon whether the agent’s license was active when the property came under contract. An agent is deemed to earn their commission or referral fee when the contract is signed. Therefore, even if their license is inactive or in retirement when the property closes, they could still get their commission. HOWEVER, if the agent’s license was not active when the property went under contract, then that agent CANNOT be paid a commission or referral fee. Furthermore, whether the agent is entitled to a commission or referral fee will depend upon the terms of their independent contractor’s agreement. 
[SOURCE: TAR's Legal & Ethics Hot Line Attorneys]
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