Seaport Real Estate Services Blog

What is title insurance and should I buy it?

What is title insurance?

Traditional insurance policies protect insureds against future losses. For example, a car insurance policy will protect the driver from future accidents, and a health insurance policy will protect an insured from future health problems. However, title insurance is different because it protects insureds against claims for past occurrences.

Who does title insurance protect?

Two different types of title insurance exist. A real estate owner can choose to purchase title insurance, and lenders can elect to do so. Lenders will require title insurance by mortgagors to secure their security interest in the property. Furthermore, a property owner will purchase title insurance to protect their investment in their property.

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How to increase your chances of getting an offer accepted

Communicating with your client.

Your client needs to be made aware that offers are getting bid up. They should not look at properties at the top of their price range. Search for homes 20% less.

-         Make sure that all the fields are filled in and logical.

-         Cash offers carry more weight.

-         Place yourself in the shoes of the listing agent and seller.

Communication with the listing agent.

Use the phone and have conversations with the listing agent backed by texts, a bomb-bomb video, and then email. Get the agent extremely comfortable with you.

Ask the agent if there is anything important to the seller. I.e., closing date, leaving furniture, etc.

Ask the agent if there is a board form with which they are most…

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Preparing for a home inspection

How to prepare for your home inspection

So, you’ve listed your home, found a buyer, and accepted a purchase price. The sale of your house is almost a done deal, but it’s not quite time to pack the moving boxes yet – you still have to make it through the home inspection.

In a typical real estate transaction, the home inspection occurs after the buyer has signed a purchase agreement and before the final closing date. Most home buyers choose to make the closing contingent on the results of the home inspection, meaning that they can back out of the sale if the inspector finds something that is not to their liking and the seller is unwilling to repair it or lower the purchase price to account for it. As a seller, you will want the home inspection to…

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New London County Multi Family Market Rent/Bedroom

The vacancy rate in the New London Submarket has remained stable over the past year, but at 2.6%, is somewhat below the long-term average. While developers have been active in recent years, nothing has been delivered over the past 12 months. But construction has started back up, and about 340 units are underway, which will substantially expand the existing inventory. Rents have increased by an impressive 7.9% over the past year, which significantly exceeds the average annual growth of 4.0% over the past decade. Investors have been active in the New London Submarket over the past three years. The market price, which is an estimated price of all properties in the submarket, has risen dramatically over that time period and now stands at $152,994/unit.

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5 things we recommend you do in the Fall to increase curb appeal

When starting a home search, many buyers often judge a home by looking at the photos online. Or their realtor may suggest doing a drive-by before setting up an appointment to check out the area and location. That's why curb appeal is so important. It is the first impression made upon potential buyers. 

Here are 5 things we recommend you do in the Fall to increase curb appeal. 

1. Fall Cleanup - Over the summer, the weeds, sure enough, took their toll on your garden beds, and summer plants have flowered and died and dropped their share of vegetation on the mulch. Cleaning the garden beds, weeding all those pesky unwanted plants, and then putting a fresh layer of mulch will make your garden beds stand out and pop.

2. Power…

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Comments on the recent turmoil in financial markets

Volatility Appears to Be the ‘New’ New Normal  

Over the past few weeks, we have been witnessing a significant change in the financial landscape in the United States. During this time, we have seen the stock market come down from its recently achieved historic highs. As the price of stocks has decreased, the value of investors' portfolios, and 401K accounts, have been impacted.  

• Whether this is a short-term or a long-term phenomenon remains to be seen.

• The reality is that the rapid run-up in market valuations since the election in 2016 occurred much faster than is normal, and therefore the likelihood of a correction has been anticipated for some time.  

• What had not been anticipated, or widely understood is the swiftness…

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Real Estate Redefined Podcast

You may have heard the term mill rates being thrown around when talking about taxes in certain towns. Tim Bray and Andrew O'Reilly provide insight on the importance of mill rates and why knowing them can help you determine where you want and can live. 

Did you know that you can have your taxes appealed every year? Listen to learn more - available EVERYWHERE you get your podcasts or click here. 

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2022 Connecticut Real Estate Mill Rates by Town

Real Estate Taxes in Connecticut can vary greatly depending on the municipality and districts within them.  The graphic above illustrates the base rates for each town. Additional rates are applied to specific locations where services are provided.  These services can include public water, sewer, trash removal,  police services, or a firehouse.  A town or district with a lower Mill rate may not offer these services.  Your real estate agent will be able to help you to determine the services offered and their importance to you when purchasing real estate. The average property tax rate in CT for 2022 is $31.29 with the highest being Hartford at $74.29 and the lowest being Salisbury at $11. 

How to Calculate Connecticut Property Taxes

The…

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2022 Rhode Island Commercial Mill Rates by Town

Commercial Real Estate Taxes in Rhode Island vary greatly by town and are typically correlated to the services which each town provides.  A town with a lower Mill rate may not offer services such as public water and sewer, perhaps waste disposal, or a firehouse. Your real estate agent will be able to help you to determine the services offered and their importance to you when purchasing real estate. The average commercial property tax rate in Rhode Island for 2022 is 20.41 with the highest being Central Falls at 42.33 and the lowest being Little Compton at 6.04.  Please note that Property taxes can have a substantial impact on the cash flow of a property making it more or less appealing to a lender, investor, or potential owner occupant.  Contact a…

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2022 Rhode Island Residential Mill Rates by Town

Real Estate Taxes in Rhode Island vary greatly by town and are typically correlated to the services which each town provides to its residents. A town with a lower Mill rate may not offer services such as public water and sewer, perhaps waste disposal, or a firehouse. Your real estate agent will be able to help you to determine the services offered and their importance to you when purchasing real estate. The average property tax rate in Rhode Island for 2022 is 16.93 with the highest being Providence at 24.56 and the lowest being Little Compton at 6.04. 

How to Calculate Rhode Island Property Taxes

The formula to calculate Rhode Island Property Taxes is (Assessed Value x Property Tax Rate)/1000= Rhode Island Property Tax. Take the Assessed…

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