Nicole Peck McPhee - Attorney At Law

nicolepeckmcphee@gmail.com | (802)-775-4845

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Real Estate:


Real Estate Practice:
  • Representation of both Residential and Commercial Purchasers, Sellers, Property Owners, Lenders, and Developers
  • Purchases and Sales Agreements, including contract negotiation and preparation
  • Representation of Purchasers, Owners, Lenders and Title Insurance Companies in mortgage financing
  • Lease Drafting and Negotiation
  • Conveyancing, Title Examination and Title insurance
  • Zoning, Permitting and Regulation Compliance. Commercicertifio

Purchaser Services:

As attorney for purchaser our primary functions are:
  • Help negotiate the purchase and sale agreement, when necessary
  • Draft the purchase and sale agreement when it is not being drafted by a real estate broker
  • Review the purchase and sale agreement when it has been drafted by another party
  • Review the commitment letter from the lender
  • Review the Warranty Deed from the seller's Attorney
  • Review the property transfer tax return
  • Conduct the title search
  • Determine if State and Local Permits are required
  • Prepare the title insurance commitment
  • Work to resolve any title problems
  • Attend the closing to explain closing documents to you
  • Record your deed and other documents
  • Issue the title insurance policies

Seller Services:

As attorney for Seller our primary functions are:
  • Help negotiate the purchase and sale agreement, when necessary
  • Draft the purchase and sale agreement when it is not being drafted by a real estate broker or another party
  • Review the purchase and sale agreement when it has been drafted by another party
  • Draft all documents that you are required to bring to and sign at closing
  • Work to resolve any title problems that you need to clear up before closing
  • Attend the closing to explain closing documents to you

Title Insurance:

This type of insurance protects against problems in the title to your property. It focuses on the past, not the future. It insures you that your interest in the property will be secure as of the time that interest was acquired. The Nicole Peck McPhee, P.C. is licensed by the State of Vermont to sell title insurance. As agents for First American Title Insurance, we can issue both a mortgage policy and an owner policy for your transaction. We can also prepare Short Form Title Policies and Title Insurance Commitments as may be required by your lender.

What Is Title Insurance?

Title insurance is protection against loss arising from problems connected to the title to your property.

Before you purchased your home, it may have gone through sevral ownership changes, and the land on which it stands went through many more. There may be a weak link at any point in that chain that could emerge to cause trouble. For example, someone along the way may have forged a signature in transferring title. Or there may be an unrecorded lien such as an estate tax lien. Or a previous owner may have lied about his/her marital status when signing the deed and his/her spouse still has a marital interest in the property. Title insurance covers the insured party for any claims and legal fees that arise out of such problems.

If you need a mortgage, you will be required to purchase lender title insurance which protects the lender but you pay the premium. A lender's policy does not protect the homeowner. In order for the homeowner to be protected they must buy an owner's policy of title insurance. Title insurance premiums are a single-payment made at closing.

With the exceptions noted on the chart below, title insurance only protects against losses from claims that arose prior to the date of the policy. Coverage ends on the day the policy is issued and extends backward in time for an indefinite period. This is in marked contrast to property or life insurance, which protect against losses resulting from events that occur after the policy is issued, for a specified period into the future.

With the exceptions noted on the chart below, the owner's protection lasts as long as the owner or any heirs have an interest in or any obligation with regard to the property. When they sell, however, the lender will require the purchaser to obtain a new policy. That protects the lender against any liens or other claims against the property that may have arisen since the date of the previous policy.

For example, if the contractor you failed to pay for remodeling your kitchen places a lien on your home, you are not protected by your title policy; the lien was placed after the date of the policy. You will probably be required to get the lien removed before you can sell the property. But in the event the lien hasn't been removed and a search has failed to uncover it, the new lender will be protected by a new policy.

Coverage under most owner's title policies increases by 10% a year for the first 5 years after issuance, to 150% of the initial amount. You can buy additional coverage as a rider to the policy.

The following chart shows the coverage of both the Eagle (expanded) owner policy and the standard Alta owner policy.

COVERAGEALTAEAGLE
Someone else owns an interest in your titleXX
Improperly executed documentsXX
Pre-policy forgery, fraud and duressXX
Defective recording of any documentXX
Undisclosed restrictive covenantsXX
A lien on your title because of a security deed, judgment, tax or special assessment, or a charge by a homeowner's associationXX
Unmarketable titleXX
Mechanics' liensX
Forced removal of a structure which encroaches onto another property or an easementX
Forced removal of structure which violates existing zoning law*X
Forced removal of a structure because of a violation of a restriction in Schedule BX
Inability to use land for single-family dwelling because of a violation of a zoning ordinance or restriction in Schedule BX
Pays rent for substitute land or facilitiesX
Rights under unrecorded leasesX
Plain languageX
Unrecorded easementsX
Building permit violations*X
Compliance with Subdivision Map Act, if any*X
Restrictive covenant violationsX
Map, if any, not consistent with legal descriptionX
Covenant violation resulting in reversionX
Enhanced marketabilityX
Violations of building setbacksX
Discriminatory covenantsX
Actual vehicular and pedestrian access based on a legal rightX
Boundary walls and fence encroachment*X
Post-policy forgeryX
Post-policy encroachmentX
Post-policy damage from minerals or water extractionX
Post-policy Living Trust coverage for trusteeX
Post-policy Living Trust coverage for beneficiaryX
Post-policy automatic increase in valueX
Post-policy adverse possessionX
Post-policy cloud on titleX
Post-policy prescriptive easementX
Insurance coverage foreverX



DISCLAIMER: Any information and/or materials contained on this website has been prepared to provide accurate information relating to the subject matter but, neither Nicole Peck McPhee, Esq., nor the law firm of Nicole Peck McPhee, P.C, are rendering legal, tax, accounting, or other professional advice. If such advice is required, you should engage the law firm. This website and any material contained therein does not create an attorney-client relationship or protect any confidential information that you may convey to Nicole Peck McPhee, Esq. or Nicole Peck McPhee, P.C. via their e-mail addresses until a written engagement is signed between Nicole Peck McPhee, P.C., Nicole Peck McPhee, Esq. and you, as the client.

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McPhee Law - 405 Curtis Brook Rd, Rutland, VT 05701
Phone (802)-775-4845 - Fax (802)-773-4935