Abstract Thoughts

Question:Impossible Contest, Round 2

2012-01-25T12:01:00.000-08:00

CONTEST

PRIZE:

"A Living Trust"

prepared by DARMAR Law

CONTEST:

Be the first to correctly answer the "impossible question". Each "first correct answer" gains entry into the drawing for the prize. A new question will be posted approximately every six weeks. Contest ends November 1, 2012.

QUESTION:

The answer can be discovered by applying the following clues:

1. There are doctrines in real estate law but this is not.
2. It has claimed you cannot protect your grandchildren.
3. When applied it can defeat the intent of the maker.
4. It has been used to avoid taxes.
5. It has a relationship to the previous Question:Impossible (see here).
6. The blanks below contain a clue and have space for the correct answer.

_________ ___ _______________ _______

CLICK HERE TO SUBMIT RESPONSE

_________________________________

RULES:

Answer must be sent to newsletter@capitaltitle.net.
The correct answer will be determined by DARMAR Law (the provider of the prize) in its sole discretion.
DARMAR Law will randomly draw from all valid entries between November 1, 2011 and November 1, 2012.
All valid entries wil be determined by DARMAR Law in its sole discretion.
The randomly drawn entrant will be provided the contest prize.

Fine Print

Theprize to be awarded to the eligible winner is not transferable, redeemable forcash or exchangeable for any other prize. All prizes must be redeemedfrom DARMAR Law within ninety (90) days of the contest end date If a winnercannot be contacted or is disqualified for any reason, DARMAR Law reserves theright to determine an alternate winner or not to award the prize, in its solediscretion. Odds of winning depend upon the number of valid entrants. DARMARLaw will waive or interpret these rules and resolve any disputes, conflictingclaims or ambiguities concerning the rules or the Contest in its solediscretion and DARMAR Law’s decisions concerning such disputes shall befinal. By participating in the Contest, each participant and winnerwaives any and all claims of liability against the DARMAR Law and/or CapitalTitle Insurance Agency, its affiliates, parent agencies, employees and agents,for any loss which may occur from the conduct of, or participation in, theContest, or from the use of any prize. Further, participants agree to exclusivevenue and jurisdiction of any contest claim or dispute in Oakland CountyCircuit court, State of Michigan. In order to receive a prize, participants must sign an official waiver formprovided by the DARMAR Law. Void where prohibited.

It's the "Lease" We Can Do

2012-01-19T13:55:00.000-08:00

It's the "Lease" We Can Do

Did you know Capital Title offers tools to help lease transactions go smoothly for both the landlord and the tenant? Many people don't realize that when a property is leased, there are state regulations that must be complied with for the protection of both parties.

Lease Protection Plan

Capital Title Insurance Agency is the first title and settlement agent to develop a formalized lease closing program. We have three options available in our program:

Settlement Services

Fast and Professional closing where all parties receive a complete and fully executed closing package.
Capital Title takes away the concerns with the security deposit. We will hold the deposit in accordance with state regulation.

Title Insurance

Minimize fraud by ensuring the landlord is the rightful owner of the property.
Title search on the property will show if property is currently in foreclosure.
If tenant is evicted due to a foreclosure, costs associated with moving may be reimbursed to tenant once loss has occurred.

Home Warranty

Can assist landlord in handling certain repairs on the property for the tenant.
Allows 24/7 access to vendors to deal with problems that may occur with the house.

For more information on taking advantage of our Lease Protection Plan, please contact one of our branches.

Happy New Year from Capital Title

2011-12-30T11:59:00.000-08:00

On January 23, the Chinese New Year kicks off year 4709 - the year of the dragon. The Hindu calendar will be ringing in the year 5113 and in September, the Jewish calendar will turn to the year 5773. And if you've been to Port Austin lately, they're still stuck in 1955. For the rest of us though, tomorrow night our very own Gregorian calendar brings us 2012.

Regardless of what calendar you follow (or if you're from Port Austin) I would like to wish everyone a safe and happy Gregorian calendar New Year. Thank you for all your support in 2011, 4708, 5112, 5772 & 1955; it has been much appreciated by us here at Capital Title. We are grateful to be associated with an organization as great as Real Estate One.

Image Source: supakitmod / FreeDigitalPhotos.net

Quotable: Steve Jobs

2011-12-29T06:08:00.000-08:00

Be a yardstick of quality.

Some people aren't used to an environment

where excellence is expected.

- Steve Jobs

Holiday Wishes

2011-12-23T14:09:00.000-08:00

Word Search and Trivia Contest: Purchasing A Home

2011-12-22T14:11:00.000-08:00

UPDATE: The answer to the trivia question

"In 2006, America's highest median home

price was in this city." is . . .

San Francisco

And the winner is Michelle C,

who works in Capital Title's Troy branch.

Congratulations Michelle!

Stay tuned for more chances to win prizes.

(Six people out of 13 who submitted answers to the trivia question guessed San Francisco. Montecito, CA, although not found in the puzzle, was also an acceptable answer based on information found here. Newport Beach, CA, another common answer, was the city with the highest median home price for 2005.)

________________________________________

Word Search Puzzle

Click on the "Word Search" box below to view and print the puzzle.

Trivia Question
At the bottom of the puzzle is a trivia question.

The answer is a word or phrase hidden in the puzzle,

but not in the word list.

Question: In 2006, America's highest
median home price was in this city.

Contest
Win a $50 American Express gift card!
Qualify for up to 3 entries in a drawing.

ENTRY 1
Answer the trivia question listed above.

Submit your answer to: newsletter@capitaltitle.net.
Deadline for entry is Wednesday, December 21.

ENTRY 2
Subscribe to Abstract Thoughts in one of the three ways indicated in the right margin:
1) follow by email, 2) by Google Connect, or 3) with RSS Reader.
AND post a comment below letting us know you are a new subscriber.

ENTRY 3
Like us on Facebook. Follow the link at the bottom of the page.
AND post a separate comment below indicating you are a new "Friend" on Facebook.

Winner will be selected using Random.org.

Happy Hanukkah

2011-12-20T10:17:00.000-08:00

Question:Impossible Round 1 ANSWER

2011-11-29T12:22:00.001-08:00

CONTEST

Earlier this month we posted our first round of Question:Impossible. The first to correctly answer the "impossible question" gains entry into the drawing for A Living Trust prepared by DARMAR Law. (Contest details can be found here.)

Round 1 Question

What type of interest did Tom Jones Receive in the attached deed? Hint: the correct answer is a one word response. (Click here to view deed.)

Answer

Springing Interest

Springing Interest: (aka Springing Executor Interest) A future right to title to real property created by a deed or will. The interest in property will take effect in the future, at a specific time or when a specific even occurs. Springing Interest is a specific type of interest often referred to as Future Interest, Executory Interest or Remainder Interest. It is closely related to Shifting Interest. More details on these types of interest and why Springing Interest was the answer can be found here.

Example: "I give title to my son John Doe for his lifetime, and on his death, title to my grandson Tom Jones."

Winner

Karl Golicz
Manager, Capital Title Troy Branch

Karl submitted no fewer than a dozen answers.

His persistence and research paid off. Congratulations Karl!

Watch closely for the next Question:Impossible

and your chance to win a Living Trust.

You can sign up for notifications of contest and other articles

on the right side of this page in one of three ways:

1) Follow by Email

2) Follow by Google Connect

3) Follow with RSS Reader

A Season of Gratitude

2011-11-23T07:40:00.001-08:00

We are grateful for

Our Customers

agents ~ lenders ~ sellers ~ buyers

Our Staff

You make it happen.

Green Bean Casserole

It's tradition!

Happy Thanksgiving!

Communication Tool: In Other Words

2011-11-18T11:06:00.000-08:00

 Say What You Want To Communicate

In as Few Words As Possible

In Other Words . . .

Avoid Wordy Phrases

Avoid wordy phrases that can be replaced by one word.

Wordy Phrase	Replacement
give consideration to	consider
is representative of	represents
put emphasis on	emphasize
all of a sudden	suddenly
a great deal of	much

3 Reasons to Close on a Tuesday

2011-11-17T09:24:00.001-08:00

3 Reasons to Close on a Tuesday

Have you heard about Capital Title's newest program, Celebration Tuesdays? Here are a few reasons why scheduling your closing at a participating branch on a Tuesday in November and December would benefit your client:

Relaxed Atmosphere. Tuesdays are traditionally a light closing day for title companies and lenders.
Refreshments. Most branches are providing a light lunch or snack during the promotion.
Prizes. Each side of a qualifying transaction is entered in a drawing for one of two $100 Lowe's gift card.

After our first two Celebration Tuesdays we have had 4 winners of a $100 Lowe's gift card - 2 winners each week. The names are pulled the night before so that the gift cards can be given to the customer at the closing. The event even brought a tear to the eye of one seller who was surprised and grateful for the gift card and walked away with a wonderful impression of the entire Real Estate One family of companies.

In a world of tough transactions and difficult closings, it certainly was a "feel good" moment to have a customer walk away with a smile and a tear of gratitude that we made a difference today.

Contact your branch to schedule your Tuesday Closing!

2011-11-15T11:13:00.001-08:00

October 2011 Michigan Real Estate Market Update

The Market Report is a monthly recap of the sales, listings and supply for many counties in Michigan.

October's Report is now available at our sister-blog, Let's Talk Michigan Real Estate.

Question:Impossible Contest, Round 1

2011-11-08T10:24:00.000-08:00

CONTEST

_______________________________________________

***ROUND 1 OF THIS CONTEST HAS ENDED.

ANSWER AND WINNER CAN BE FOUND HERE.***

______________________________________________

PRIZE:

"A Living Trust"

prepared by DARMAR Law

CONTEST:

RULES:

Answer must be sent to newsletter@capitaltitle.net.
The correct answer will be determined by DARMAR Law (the provider of the prize) in its sole discretion.
DARMAR Law will randomly draw from all valid entries between November 1, 2011 and November 1, 2012.
All valid entries wil be determined by DARMAR Law in its sole discretion.
The randomly drawn entrant will be provided the contest prize.

_________________________________

QUESTION:

What type of interest did Tom Jones receive in the attached deed? (Hint: the correct answer is one word response)

CLICK HERE VIEW DEED

CLICK HERE TO SUBMIT RESPONSE

_________________________________

Fine Print

Celebration Tuesdays!

2011-11-07T15:00:00.000-08:00

Introducing . . .

CELEBRATION TUESDAYS!

Let us help bring the celebration back to the closing table.

Schedule your closings on Tuesdays in November and December

in one of our 14 eligible closing locations*, and we'll enter your client

for a chance to win a $100 Lowes gift card.

Refreshments will also be provided.

The majority of closings are concentrated on just a few key days of any given month.

We thought we would create some incentive for your client

to close on a typically slower and less hectic day.

*Eligible Closing Locations

Ann Arbor

Birmingham

Bloomfield Hills

Clarkston

Clinton Township

Dearborn

Grosse Pointe

Novi

Rochester

Royal Oak

Southfield

Traverse City (Randolph St)

Troy

West Bloomfield

Promotion Details: Celebration Tuesdays promotion begins with closings on November 8th and will go until December 27th. No need to enter your clients name, they will be automatically entered upon completion of the closing at one of the locations listed. Two $100 Lowes gift cards will be awarded each Tuesday.

On a (Tootsie) Roll

2011-10-31T13:11:00.000-07:00

Did you know that Halloween is the
2nd most commercially successful holiday?
(Christmas being the first)

Halloween is the largest candy-purchasing holiday in the U.S.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Today we pay tribute to one of the most beloved candies since 1896 when Leo Hirshfield, an Austrian immigrant, produced a candy in a small store in New York City. He ended up naming the candy after his five-year-old daughter Clara, whose nickname was "Tootsie."

Tootsie Roll Industries is located in Chicago IL and
produces 64 million Tootsie Rolls a day.

Leo’s recipe required the incorporation of the previous day’s Tootsie Rolls into each newly cooked confection, a graining process that Tootsie continues to this day. As such, there’s (theoretically) a bit of Leo’s very first Tootsie Roll in every one of the Tootsie Rolls that Tootsie produces each day.

Tootsie produces these other childhood (or grown-up) favorites:

Andes Candies

Charleston Chew

Double Bubble

Junior Mints

Nik-L-Nip (wax bottles)

Razzles (First it's candy, then it's gum!)

Sugar Daddy / Sugar Babies

All of their products are completely nut free, and most are gluten-free.

 How many licks does it take

to get to the center of a Tootsie Pop?

For most, the urge to take a bite into the chewy center is too hard to resist.
Scientific studies remain inconclusive.

Since 1970, Tootsie has received more than 20,000 letters from children around the world who believe they have solved the mystery behind how many licks it takes to get to the center of a Tootsie Pop.

Not only do they respond to every letter,
they also send out a certificate called "The Clean Stick Award"
(A printable version is available online here.)

The Tootsie website also has factory tour videos,
classic commercials, and even recipes.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

90% of parents admit to sneaking goodies

from their kids' Halloween stash.

Admit it! We promise not to tell.

Adjusting To a New Normal

2011-09-28T09:52:00.000-07:00

Adjusting To a New Normal

The past five years have been the most challenging time frame in my 22 years in real estate services industries. Looking back to 2005, bank-owned properties were a tiny percentage of the business, leases were just as rare and the terms “short-sale” and “buy-side” didn’t even exist. Those items went from being less than 5% of our market to dominating the landscape in less than 30 months with “distressed” sellers peaking at about 85% of the marketplace. Not to mention that both lenders and title underwriters dramatically tightened their requirements in reaction to the tremendous fraud and defalcations that were exposed, those that survived bankruptcy anyway.

Did anyone adjust smoothly to such rapid and unprecedented change in such a short amount of time? Was that even possible? Especially when the old rules were stricken as reactionary and new rules were put in place … then modified … then modified again. (By the way, I don’t think they’re done modifying them.)

Let The Healing Begin

We are now in the fifth year of what has become the first national housing recession. While there have been some signs of stabilization in the market, we are by no means on our way out of this mess just yet. But after a few years of continual declines, stabilization is a good thing, right? Let’s face it, the healing can’t begin until the bleeding has stopped.

While our market is still chaotic, I think we better understand the chaos. Doesn’t mean we have to like it, but the dust seems to have settled a bit. We all now have experience in dealing with these once foreign transactions and have learned (& continue to learn) how to work within those demands. I’m often jealous of people newer to our industries because they have less to unlearn and nothing to compare to.

Where's My Cheese?

The lesson here is simple – the cheese has been moved. Spencer Johnson wrote the best selling business book “Who Moved My Cheese” back in 1998 and it became required reading by most in the business world. I don’t think it’s a bad idea to bring that book to the forefront once again. I still hear too often, “when things get back to normal…” I quickly interject with, “This is our new normal, so accept it.” Distressed sales are not going anywhere and tighter guidelines by lenders & title underwriters are here to stay as well. Expectations by all, must realign accordingly.

The New Normal

Many of the efforts to streamline the entire real estate transaction process were abused which led to fraud, inflated values and a staggering market correction. Transactions take longer now because there’s more “I’s to dot and T’s to cross” than before. In fact, the process is more similar to how it was 22 years ago when I started in the industry. In many ways, the cheese has been moved back to where it once was in regards to timelines, requirements and margins. So is our “new” normal just the “old” normal, and the decade of ’95 – ’05 the exception? Maybe we have gotten back to normal after all and just haven’t realized it.

About Us

2011-09-27T10:49:00.001-07:00

Welcome to AbstractThoughts, the official blog of Capital Title Insurance Agency,headquartered in Southfield, MI.

The contributors to AbstractThoughts are part of the team of Title Experts at Capital Title. We have been serving theindustry’s title and escrow needs since 1975 and are one of the largesttitle agencies in Michigan. It is Capital Title’s mission to be the numberone title company in quality and service.

In the real estate world, the term abstract refers to a summary of public records relating to theownership to a particular piece of land. Title insurance can also be difficult tounderstand. It is the mission of AbstractThoughts to:

simplify title insurance for buyers and sellers, and
provide valuable information for industry colleagues.

If you have a question about Abstract Thoughts

or concerning title insurance in general,
please contact us at: newsletter@capitaltitle.net.

Michigan Market Update

2011-09-27T10:49:00.000-07:00

Michigan Market Update

August 2011 Michigan Real Estate Market Update

August brought us another month of good numbers in terms of homes sales and home values in Michigan. They both continue their (seasonally adjusted) upward trend in most all markets and price ranges. Click here for more details and cool charts.

Quarterly Reports by County and 2011 Market Outlook

Market reports covering the number of sales, listings, and the month's supply for many counties in Michigan can be found here.

Why Do I Need Title Insurance?

2011-09-26T10:23:00.000-07:00

Why Do I Need Title Insurance?

"Title Insurance . . . Why do I need that anyway?"

It's a question professionals in the title industry often hear.

When you purchase property, can you be sure the seller really owns it? How many mortgages does the seller have? Legal processes like divorce, probate, and trusts often affect real estate. A title company researches the property and ensures that all debts have been satisfied.

A title insurance policy protects against claims of ownership and liens. It assures you of a legal defense, paying court costs and related fees. Also, if the claim proves valid, you will be reimbursed for your actual loss up to the face amount of the policy.

Capital Title offers quality title insurance,

and we’re ready to serve you.

For more information on the benefits of title insurance visit Home Closing 101, a website provided by the American Land Title Association (ALTA).

Comedy Break: Bowling

2011-09-26T07:14:00.000-07:00

Comedy Break

Life gets busy.
And the busier we get, the more we need to intentionally pause.

It helps us refresh and re-focus.
So here's your 5 minute comedy break.

Jim Gaffigan - King Baby - "Bowling"

Quotable: Enjoy Life

2011-09-22T06:05:00.000-07:00

If you can't learn to enjoy your life

when you have problems

you may never enjoy it,

because we'll always have problems.

- Joyce Meyer

I'll Take "Law and Order" for 200, Alex

2011-09-13T12:59:00.001-07:00

I'll Take "Law and Order" for 200, Alex

Here are some of the "categories" you will find here at Abstract Thoughts. Click on each topic to find related articles.

TITLE CURRENTS Industry News and Information

LAW and ORDER Simplifying Industry Law

SPOTLIGHT . . . on people

CLOSING TIME Tips For a Smooth Closing

HEALTHY DISTRACTIONS Fun Stuff

LEARNING CURVE Personal and Professional Development

THE WAY I SEE IT Opinion and Editorials

Which topic are you most looking forward to learning more about?

(No need to phrase your comment in the form of a question.)

Spotlight: Don Rump

2011-08-01T09:11:00.000-07:00

DON RUMP
_____________________________________________________________________

Position: Senior Vice President / Attorney for Title Operations

Phone: 248 208 4916

Email: drump@capitaltitle.net

Don joined the Capital Title team in June 2011. He has almost 30 years of experience in title, claims, escrow and litigation, and is State Underwriting Counsel. Don oversees the Title Department, which includes Exam and Abstracting.

theme song
If You Like Pina Coladas
at Starbucks

Whatever my wife has me picking up for her.

my vacay
Wherever they have little grass huts on posts built over the water.
peeps
5 children, 4 cats, 2 dogs
accomplishment
That my wife actually married me.
title insurance love
It's like taking a test where you know all the answers.
vision
To quickly produce an accurate, great product and not be noticed.
bring it
Experience, positive attitude and decisive.
walk or run
sit
chocolate or vanilla
twist
cat or dog
Sad if I had to make a choice.
city or country
City that feels like you are in the country.
pancakes or waffles
As many as possible.

Hot Wired: Tips For Getting Your Funds Wired

2011-08-01T09:08:00.000-07:00

Hot Wired: Tips For Getting Your Funds Wired

Ken Zak, Capital Title's Accounting Manager, has some tips for wiring funds.

# 1: Know who the money is going to

To wire money into an institution, a beneficiary needs to be named. Think of this as the Pay To The Order Of line on a check. It must be paid according to the HUD form; it can't be a third party.

# 2: Contact bank for wiring instructions

Do not rely on the routing number at the bottom of your check. Not all bank accounts accept wire transfers. An estimated 50% of returned wires are due to invalid ABA routing numbers.

Any other questions concerning wiring funds?

You may reach our Accounting Department at 800-851-8329.