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Credit scoring’s chief purpose when it was developed by Fair, Isaac & Company back in the ‘80’s was to enable lenders to measure your financial behavior so that they could give you a thumbs-up or thumbs-down when it came to borrowing money. Now, Fair Isaac’s three digit scores can govern not only whether you’ll get a mortgage, car loan or credit card, but how high of an interest rate you will pay on said mortgage, car loan or credit card.  It can determine your ability to rent an apartment, sign up for a cell phone, get a decent rate on your car insurance - even influence your prospective employer when you apply for a job.

For years, the companies that sold credit scores and the companies that bought them insisted on keeping their models top secret.  The companies argued that if the consumer knew what went into their scores, they might learn how to beat the system.  In other words, they might figure out how to unfairly manipulate a score that was designed to neutrally predict their behavior.  Thanks to pressure from consumer advocates, regulators and lawmakers, the mystery surrounding these scores was removed.

But wait – it is still a mystery to many, many consumers.  Here are some frequently asked questions about that all-important Fico score.

How was my credit report created?  Until you or a lender request a copy of your credit report, it does not really exist.    When a request is made, your credit report is compiled by the credit reporting agency based on the information stored in that agency’s file.  This information is supplied by lenders, by you and by court records.

Tens of thousands of credit grantors – retailers, credit card issuers, banks, finance companies, credit unions, etc – send updates to each of the credit reporting agencies, usually once a month.  Your credit report reveals many aspects of your borrowing activities.  The ability to quickly, fairly and consistently consider all of this information is what makes credit scoring so useful.

What is a credit score?  A credit score is a number that summarizes your credit risk, based on a snapshot of your credit report at a particular point in time.  A credit score helps lenders evaluate your credit report and estimate your credit risk.

The most widely used credit scores are FICO scores, the credit scores created by Fair Isaac Corporation.  Lenders can buy FICO scores from all three major credit reporting agencies.  Fair Isaac develops FICO scores based solely on information in consumer credit reports maintained at the credit reporting agencies

How does my FICO score help me?  FICO scores give lenders a fast, objective estimate of your credit risk.  People can get loans faster.  FICO scores can be delivered almost instantaneously, helping lenders speed up loan approvals.  This means that when you apply for credit, you’ll get an answer more quickly.  Even a mortgage application can be approved in hours instead of weeks for borrowers who score above a lender’s “score cutoff”.  FICO scores also allow retail stores, internet sites and other lenders to make ‘instant credit’ decisions.

Credit decisions are fairer and more objective because lenders can focus only on the facts related to credit risk, rather than their personal opinions or biases.  Factors like your gender, race, religion, nationality and marital status are not considered by FICO scores.

How fast does my fico score change?  Your FICO score is based on a snapshot of the information in your credit report at a given point in time.  Therefore, your FICO score can change whenever your credit report changes.  Your score does not usually change a lot from one month to the next.

While a bankruptcy or late payments can lower your FICO score quickly, improving your FICO score takes time.  If you are actively working to improve your FICO score, you should check it quarterly or even monthly to review changes.

What is in my credit report?  Your credit report contains information that you have supplied to the lender.  Personal information will include your name, address, Social Security Number, date of birth and employment information.  This information is used to identify you and is not used in calculating your FICO score.  Other elements of your credit report include:

Accounts:  These are your credit accounts.  Most lenders report on each account you have established with them.  They generally report the type of account, the date you opened the account, your credit limit or loan amount, the account balance and your payment history.

Inquiries:  Whenever you apply for a loan, you give your lender permission to ask for a copy of your credit report.  The inquiries section contains a list of lenders who accessed you credit report within the last two years.

Negative Items:  Lenders report delinquency information when you have missed even a single payment.  Credit reporting agencies also collect information on overdue debt from collection agencies, and public records from state and county courts.  Public records include: bankruptcies, foreclosures, tax liens, garnishments, legal suits and judgments.

What constitutes a ‘good’ FICO score?  FICO scores range from 300 to 850.  The higher the score, the lower the risk.  While many lenders use FICO scores to help them make lending decisions, each lender has its own strategy.  There is no single “cutoff score” used by all lenders.  For example, one auto lender may offer lower interest rates to people with FICO scores above, say, 680;  another lender may use 720, and so on.  Generally speaking, a score above 700 is considered to be a ‘good’ score.

On a National Level:

2% of the population scores up to 499

5%  scores between 500 and 549

8% scores between 550 and 599

12% scores between 600 and 649

15% scores between 650 and 699

18%  scores between 700 and 749

27% scores between 750 and 799

13% scores 800 and above

Some government-funded mortgage programs (such as the FHA) require a lower FICO score so that home ownership is within reach of potential buyers who have lower FICO scores than the conventional mortgage companies and banks require.

How can I raise my FICO score?    Here are the five factors that influence your FICO score.  It is important to note, though, that raising your FICO score is a lot like getting in shape.  It takes time and there is no quick fix.

1. Payment History.  What is your track record?  Approximately 35% of your FICO score is based on this category. The first thing any lender would want to know is whether you have paid past credit accounts on time.  This is also one of the most important factors in a FICO score.

1. Late payments are not an automatic “score killer”.  An overall good credit picture can outweigh one or two instances of, for example, late credit card payments.  Payment information on many types of accounts are considered. These will include credit cards (such as Visa, MasterCard, American Express and Discover), retail accounts (credit from stores where you do business, such as department store credit cards), installment loans (loans where you make regular payments, such as car loans), finance company accounts and mortgage loans.

1. Public record and collection items. Reports of events such as bankruptcies, foreclosures, suits, wage attachments, liens and judgments are considered quite serious.  Older items and items with small amounts will count less than more recent items or those with larger amounts.  Bankruptcies will stay on your credit report for 7-10 years, depending on the type.

1. Details on late or missed payments, etc.  The FICO score considers how late they were, how much was owed, how recently they occurred and how many there are.  A 60-day late payment is not as significant as a 90-day late payment.  But, a 60-day late payment made just one month ago will affect a score more than a 90-day late payment from 5 years ago.

1. How many accounts show no late payments.  A good track record on most of your credit accounts will increase your FICO score.

Part of the science of scoring is determining how much debt is too much for a give credit profile.  Your FICO score takes into account:

·        The amount owed on all accounts. 

·        The amount owed on all accounts, and on different types of accounts

·        Whether you are showing a balance on certain types of accounts. In some cases, having a very small balance without missing a payment shows that you have managed credit responsibly, and this may make you look slightly better than carrying no balance at all.  On the other hand, closing unused credit accounts that show zero balances and that are in good standing will not raise your FICO score.

·        How many accounts have balances. A large number can indicate higher risk of over-extension.

·        How much of the total credit line is being used on credit cards and other “revolving credit” accounts. Someone closer to “maxing out” on many credit cards may have trouble making payments in the future.

·        How much of installment loan accounts is still owed, compared with the original loan amounts. For example, if you borrowed $10,000 to buy a car and you have paid back $2000, you owe (including interest) more than 80% of the original loan.  Paying down installment loans is a good sign that you are able and willing to manage and repay debt

15% of your FICO score is based on the length of your credit history.

·        How long your credit accounts have been established, in general.  Your FICO score considers the age of your oldest account, the age of your newest account and an average age of all your accounts.

·        How long specific credit accounts have been established

·        How long it has been since you used certain accounts.

10 % is based on how much new credit you have.

New credit can hurt your credit score. Opening several credit accounts in a short period of time represents greater risk. Multiple credit requests also represent greater credit risk.  However, FICO scores do a good job of distinguishing between a search for many new credit accounts and rate shopping for the best mortgage or auto loan.  Your FICO score takes into account:

·        How many new accounts you have.

·        How long it has been since you opened a new account.

·        How many recent requests for credit you have made.

·        Length of time since credit report inquiries were made by lenders.

·        Whether you have a good recent credit history, following past payment problems. Re-establishing credit and making payments on time after a period of late payment behavior will help to raise a FICO score over time.

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10 % is based on the type of credit you have.

The score will consider your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans.  It is not necessary to have one of each, and it is certainly not a good idea to open credit accounts you don’t intend to use.  Your FICO score takes into account:

·        What kinds of credit accounts you have

·        How many of each you have.  For different credit profiles, how many is too many will vary depending on your overall credit picture.

What if I am turned down for credit? If you have been turned down for credit, The Equal Credit Opportunity Act gives you the right to obtain the reasons why within 30 days.  You are also entitled to a free copy of your credit within 60 days, which you can request from the reporting agencies

How long does negative information stay on my credit report?  While most negative information remains on your credit report for a maximum of 7 years, some information remains longer. (Some states, such as New York and California, have different requirements.)

·        Credit Accounts:  Negative information remains for 7 years from the initial missed payment that led to the delinquency.

·        Active positive information can remain indefinitely

·        Collection Accounts:  A collection account remains fro 7 years from the initial missed payment that led to the collection.

·        Public Records:  Chapter 7, 11 and 12 bankruptcies remain for 10 years from the date filed.  Completed Chapter 13 bankruptcies remain for 7 years from the date paid, and 10 years if not completed.

·        Tax Liens remain for 7 years from the date filed if paid and remain indefinitely if not paid.

·        All judgments remain for 7 years from the date filed.

·        Inquiries remain for 2 years.

Why should I check my FICO score?  Mistakes on your credit report can be made. If your credit report contains errors, it is often because the report is incomplete, or contains information about someone else.  This typically happens because:

·        You applied for credit under different names

·        Someone made a clerical error in reading or entering name or address information from a hand-written application.

·        You gave an inaccurate Social Security Number, or the number was misread by the lender

·        Loan or credit card information was inadvertently applied to the wrong account.

·        Information from a relative with the same name has mistakenly been added to your credit report.

By regularly checking your credit report from each of the reporting agencies you can detect any signs of identity theft.  If your credit report shows activity that you have not authorized, take action immediately. 

·        Notify the lender and close any accounts that have been opened fraudulently.

·        File a report with your local police.

·        Place a fraud alert on your credit report.

·        File a complaint with the Federal Trade Commission

If you would like more information about obtaining your credit report or need help navigating your credit report, please feel free to contact me and I can direct you to some excellent web sites.

NEW YEARS RESOLUTIONS…We all make them…We all break them.  The top resolution that we make, believe it or not, is not loosing weight or exercise.  Studies have shown that the top resolution, year in and year out, is to GET ORGANIZED.

Aside from the fact that everything we do revolves around our organizational skills, or lack thereof, our financial, mental and physical well-being are greatly affected, as well.  In order to make 2010 the year we finally achieve our goal, we need to identify our reasons for wanting to get organized. Start by imagining how much stress would be avoided if this was the year you finally got organized.

One of the biggest components of successful organization consists of record keeping.  When I sit down with Sellers and compile data concerning the repairs or replacements that have been made to major components of the house, they frequently have nothing more than a general idea of the age of the roof, or the year when the bathroom was added, or even the new heater in the basement.  The Seller will often be years off in his or her estimates of time and price.  How much simpler life would be if a journal had been maintained and entries had been made every time a significant expense had been incurred?  START ONE NOW and take a few minutes to jot down expenses as they occur.  It gets easier as you go along.

Even though each family or household must work out its own system, some general guidelines can be helpful.  Ask yourself a few basic questions:

·         Who may need access to necessary information about your family household assets and obligations?

·         Do you have a list somewhere of people who are important contacts, such as your tax counselors, attorneys, bankers, insurance agents, employers, creditors and debtors?

·         Are you sure titles to property and possessions are held in the best way for all concerned?  You may need to meet with an estate attorney for professional assistance.

·          

A good record system will provide a bird’s-eye view of what happens to property after you die or when a member of your household dies.  Other changes can alter plans too…for example, divorce, illness, loss of a job, retirement.

What happens if your home is burglarized or there is a fire and all of your records are destroyed?  What do you do when you lose track of really important papers?  What can be replaced, and how do you go about replacing it?  Which ones cannot be replaced, and what do you do about those?

Every family household has some important records.  Each of us should have a birth certificate or an acceptable substitute.  It is important that you keep it in a safe place, preferably a safe deposit box.

If you have lost or misplaced birth certificates, the best time to apply for replacements is NOW….before there is a pressing need.

Other important documents to be kept in your safe deposit box include marriage certificates, divorce or other legal papers regarding dissolution of marriage, adoption papers, citizenship records, military service papers and any other document that is either government or court recorded.

If you do not have a safe deposit box, then now is the time to consider getting one.  The yearly rental fee, at your bank or savings and loan company, is quite inexpensive.  A guideline as to what goes in and what stays out of your safe deposit box might be:  Put it in if you can’t replace it or if it would be costly to replace. 

Keeping Tax Records

How long should you keep your tax records?  The Internal Revenue Service has 3 years in which to audit Federal Income Tax Returns.  In unusual cases, the Government has 6 years to collect the tax or to start legal proceedings.  There are NO time limits if you filed a fraudulent return or if you failed to file any return.

But, don’t keep everything for tax purposes.  You can lighten that filing cabinet load by discarding certain checks and bills once they have served their purpose.   For example, you can throw away weekly or monthly salary statements after you check them against your annual W-2 Form.  Save cancelled checks that relate directly to an entry on your tax return.  It’s a good idea to keep your medical bills for 3 years to back up your cancelled checks.

The IRS generally keeps records for 6 years.  If you find that you need a copy of your Tax Return you can obtain a copy by writing to the IRS center to which your return was sent.

Household Inventory Records

Among your important papers keep a household inventory.  If there is a fire or burglary in your home, this record will help you remember what has to be replaced and how much each item is worth.  An inventory should also show the cost to replace it.  Include the model number, brand name, dealer’s name, and a general description.  Having pictures of the rooms and household possessions will make identification or replacement easier.  Go from room to room…making a list of everything.  Don’t forget to include the garage, basement and attic.  Put a price next to everything.  Add everything up to determine what the total replacement cost would be.  Review your insurance policy at this point to determine if your policy needs to be increased.  Even a person who is renting a property needs to know the value of his or her possessions and have insurance in place to cover replacement in the event of loss.

More storage boxes and bigger and better filing cabinets are not the answer to implementing successful family/household records.  They just give us an excuse to hold onto MORE clutter. Go through the paperwork and shred any unnecessary paperwork.

The Dreaded To-Do Lists

Over-stuffed file cabinets aren’t the only things that clutter up our lives.  What about the 101 things that we have to do that we carry around in our brain?  Writing things down and checking them off as we complete the task is a great antidote to that helpless feeling that can cloud our overloaded brains.  We just can’t remember it all!  Juggling all of those schedules in our mind just can’t work.  Keep a “To Do” list and consult it regularly.  Maintain just one calendar instead of having one for the office and one for personal. 

Our personal lives can become cluttered, also.  I know it is almost a cliché, but we just don’t spend enough time on ourselves.  Especially at this hectic time of year, there is not enough time to relax, to reflect, to meditate.  Everyone knows an automobile can’t run without fuel in the tank and regular, overall maintenance.   But none of us allocate enough time to recharge our own batteries.  BE GOOD TO YOURSELF.  Do something you enjoy on a regular basis.  Schedule it on your “To Do” list.

In closing, start keeping better records and let someone in your life know where your records are.  Remember, this is the perfect time to consult with the professionals who can help you achieve your goals of peace of mind:  Accountants, Attorneys, Estate Planners, Real Estate Brokers.   ENJOY 2010….A NEW YEAR…A NEW DECADE!   

The hustle and bustle is over.  Packages are unwrapped. Everyone is stuffed from that wonderful dinner.  Time to just sit back and relax.   BUT, what about those year end financial and legal decisions that need to be made BEFORE January 1, 2010 rolls around?  Some decisions must be made by the end of the year.  We procrastinators have run out of time!

Take the time to go through your checkbook.  Make a record of any payments that have been made that cover transactions that will affect your income tax return.  Although we don’t mind paying our fair share of taxes to Uncle Sam, no one likes to miss a deduction that can legitimately reduce that ‘fair share’.

Did you purchase or sell a home in 2009?  Certain expenses connected with the sale or purchase of a home can help to reduce your tax liability.

Were you planning to give a gift to a family member in 2009?  The gift tax exemption is $12,000 per recipient.  You and your spouse are permitted to EACH give this tax exempt gift.  Talk to your financial planner or Attorney if you plan to use this as part of your estate planning.

What about your life insurance policy?  If you have not reviewed this with your insurance agent in some time, make an appointment and discuss any changes that may have occurred…death of a spouse….children all grown…financial needs have changed.

Long-term care and disability insurance are also areas that need investigation.  No one likes to think about these issues but the younger you are when such insurance is put in place, often times the lower the premiums are.  Again, this can be part of your estate planning.

How can we not think about health insurance?  As a Senior Citizen, I have to review my current Medicare Part D Plan and make a decision to keep my existing plan or switch to a new, better one.  If I don’t make a decision by December 31, 2009, I will simply continue with my existing plan.  Is my current plan the best one???  I have no idea!  CVS Pharmacy has a program that is supposed to examine  your current plan and let you know if that plan is the best one.  Having gotten nowhere with their computer-generated analysis, I went in person to the store and they will let me know this week.

Health Insurance Reform is such a ‘hot topic’ these days.  Again, I would suggest that you discuss, in person, the various options available to you, with your Human Resource Department at your place of employment, or with a qualified Health Insurance Provider..

If you are one of the legions of people who have no health insurance, we in Phoenixville are fortunate to have THE CLINIC which provides medical attention to uninsured patients in the area.

We talked in a previous column about Credit Scores and how to improve them.  I will be addressing this topic again in January.

I hate to admit that I am one of those people who does not have those important documents covering sickness and death.  2010, however, is the year that I finally bite the bullet and put in place these so important documents:

·        Living Will

·        Power of Attorney

·        Durable Power of Attorney

·        Medical Power of Attorney

What about refinancing your existing mortgage?  With the incredibly low interest rates that are available today, consumers with good credit can reduce their monthly payments by hundreds of dollars.  Consolidating outstanding debt at the same time by borrowing additional funds is not always the best route to take.  In fact, with home values being lower at the present time, even refinancing can be difficult because of the loan-to-value ratio factor.

In closing, get those financial records out.  Put them in order.  Make last minute donations in the year 2009.  Pay your January 2010 mortgage payment in 2009 to take advantage of the additional interest paid. 

See you in 2010!  Happy New Year!   

SURVEYS  IN PENNSYLVANIA:  Most Buyers relocating to Pennsylvania are surprised to learn that surveys are not commonly performed in residential real estate transactions.  In neighboring states, surveys are often required by law.  In Pennsylvania, no such law exists.  What risks does the consumer face when purchasing a property without a survey?  Such risks can be numerous and I have listed just a few:

·         The lot description may not close  (the line around the perimeter of the lot does not begin and end at the same place)

·         The lot is smaller than represented.

·         The lot was created by an illegal subdivision.

·         The lot encroaches on an adjoining property

·         The adjoining property encroaches on the lot.

·         There are easements giving others the right to use part or all of the lot.

·         There are easements that go with the lot that are not perfected.

·         There are driveways, paths or other non-recorded rights of way on the lot.

·         The lot abuts open ground and ownership of said ground is unclear.

A Seller may have unknowingly encroached on his/her neighbor’s land with a shed, a tree, a carport, etc. and you may assume that your ground encompasses a larger area that your actual legal description defines.

A few years ago, I sold a home in a subdivision in Montgomery County.  The owners were original owners and had lived there for over thirty-five years.  This ½ acre lot was an irregularly-shaped one and the owners had installed a fence across the back of their property, but nothing down either side.  Enter the new owners!  Wishing to install a shed to the left side of their garage, they went to the township to obtain a permit.  Surprise!  Surprise!  The legal description which was recorded at the township by the Builder, some thirty five years ago, showed that they did not own enough land on the left side of their property to install this shed.  It took over two years for these new owners to effect a “new subdivision” of their property and the adjoining property to the left.  The visual lines that everyone had been abiding by for over thirty-five years were, indeed, the correct lines but when the builder changed the property lines he neglected to record the new legal description with the township.  Fortunately, everyone ended up with the exact same amount of land but it took the new owners a few years to accomplish this.

The odds of a problem are greater when the lot contains improvements such as additions, swimming pools, tennis courts, sheds, outbuildings, and detached garage.  Even though you may have the right to pursue the seller if you suffer a loss as the result of some of these problems, you may incur thousands of dollars in legal fees and litigation costs.  Even if you obtain a judgment against the seller, there is no guarantee that you will be able to collect on that judgment!

Many people assume that their title insurance policy will protect them from risks of this type.  IT DOES NOT.  To avoid liability for such problems, virtually every title policy issued in Pennsylvania includes an exception commonly referred to as the SURVEY EXCEPTION.  That exception states that discrepancies or conflicts in boundary lines, easements, encroachments or area content which a current survey would disclose, are not insured.  Basically, this means that if there are any title defects which a survey show (and those defects later are the cause of a title claim), the buyer will not have title coverage for such issues.  Lenders cover this risk by requiring you to purchase Endorsement 300.  This does not protect YOU, but rather the Lender.

There is an another endorsement, Endorsement 301, which you can purchase for an additional fee, which removes the Survey Exception from the owner’s title policy.  However, a survey must be performed and that will require additional time before settlement can be completed.

HISTORICAL ROLE OF THE LAND SURVEYOR:  Land surveyors have mapped much of the history of humanity’s use of the Earth.  A Babylonian boundary stone inscribed with the king’s decree and the name of the surveyor still endures today after three thousand years!  Today’s  Professional Land Surveyor is called upon to perform his/her unique role knowing that future generations may rely on the quality of his/her work for centuries to come.

TYPES OF SURVEYS:  The most common type of  survey we encounter in the real estate world is the Boundary Survey.

A survey for the expressed purpose of establishing or re-establishing the corners and boundary lines of a given parcel of land may be an original survey or a retracement survey.  An original survey is a subdivision of land into smaller tracts, such as the original surveys for subdividing the lands of William Penn.  Even before any subdivision of a tract land can be done, its corners and boundaries must be established by a retracement survey.  

A Retracement survey is a boundary survey which re-establishes the corners and boundary lines of a parcel of  land that has previously been surveyed, perhaps years and years before.  Often the surveyor must include a historical analysis of property configurations in the general area.  Such research may include searching public records in neighboring townships, all the way up to records in Harrisburg!  The details of the survey are shown on a survey map or on a series of maps.  Copies of maps stamped with the surveyor’s seal and usually accompanied by a written legal description are then prepared for the client’s needs.  The Professional Land Surveyor maintains the original map tracings and other record research, as he/she may be required at a later date to represent his/her finds in a Court of Law.

WHEN IS A SURVEY ADVISABLE?

·         BEFORE title in land is transferred.  A survey assures the location of property boundaries and the accuracy and wording of legal descriptions.

·         BEFORE land is subdivide by deed, will, or by the Court.

·         BEFORE land is developed by the construction of buildings, roads, fences, etc.

·         BEFORE an easement of right-of-way is created across the land.

·         BEFORE a boundary dispute arises or when you believe someone is encroaching upon your land.

METHODS OF LAND SURVEYING

To a large degree, the extent of urbanization and relative worth of the land determine the method of surveying that will be most appropriate.  The equipment used varies with the need and nature of a survey.

Compass And Chain - Surveying with a magnetic compass and surveyor’s chain was the method employed in most of the original subdivisions in the Commonwealth of Pennsylvania.

Transit And Tape - Angles are measured with a transit or theodolite and distances measured with a surveyor’s steel tape giving an accuracy required for modern boundary or land title surveys.

Electronic Measuring - Electronic Distance Measuring equipment using light beams coupled with theodolites, enable the surveyor to measure precise angles and distances with greater ease and accuracy.  This also allows measurements across swamps, valleys and other terrain impractical or impossible to measure using steel tapes.  Electronic angle sensing on theodolites and electronic data recording are other recent additions to modern surveying equipment

Satellite Positioning - Sophisticated electronic equipment using orbiting satellites to determine both horizontal and vertical placement on the face of the earth is a relatively new innovation.  This is usually limited to large control surveys and governmental projects, but its use, in time, will become more prevalent by many Professional Land Surveyors.

COST OF A LAND SURVEY:

The cost of a land survey depends on many things, including the type of survey needed and the method used.  Some variables which affect the cost of a land survey are:

·         Required accuracy and purpose of the survey

·         Complexity of legal records;  the number of deeds that need to be researched are often complicated by vague, incomplete and contradictory legal descriptions.  Deeds for abutting properties must also be researched and unrecorded deeds and agreements must be resolved.

·         Size and shape;  an irregular shape has more corners and a longer boundary than a square containing the same area

·         Terrain and accessibility;  a flat, open field is easier to survey than mountain woodland.  Streams, cliffs and dense vegetation complicate the surveying process.

·         Time of year;  summer foliage restricts sighting distances whereas deep winter snow hinders travel and conceals property corners.

·         Title Insurance requirements;  title insurance companies need considerable documentation and verification of field evidence.

·         Monumentation;  the objects utilized to mark the corners and boundaries.

Because of the many variables, it is best to consult with the Professional Land Surveyor at the job site to determine an estimate or cost for the survey.

I had a replacement survey done on my home two years ago and the cost of this survey was under $1000.00.  I was surprised to learn that one corner of my property was not in the spot that I had always assumed it to be in.  Fortunately, it did not impact my use of my property in any way!

If you have any questions about property lines on your home, the best time to investigate these potential issues is before you list your home for sale!

How does lead affect me and my family?  Many homes built before 1978 have paint that contains high levels of lead (called lead-based paint).  Lead from paint, paint chips, and dust can pose serious health hazards if not taken care of properly.  Lead-based paint is more common and was used more extensively in homes built before 1950.  

Federal law actually requires that individuals receive certain information before renting, buying, or even renovating pre-1978 housing.  This free pamphlet, Protect Your Family From Lead In Your Home, is published by the Environmental Protection Agency (EPA) and contains a wealth of information.  The federal government banned lead-based paint from housing in 1978.

Lead-based paint is usually not a hazard if it is in good condition, and it is not on a friction surface, like a window.   Common areas of concern are:

·        windows and window sills

·        doors and door frames

·        stairs, railings and banisters

·        porches

There are simple steps to take that can easily give you peace of mind.

CHECKING  FOR LEAD when you purchase a home is an option on the Agreement of Sale. There is a Lead Warning Statement that the  buyer has to read and sign.  This statement notifies the purchaser of a property built prior to 1978 that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning.  It goes on to say that lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced  intelligence quotient, behavioral problems, and impaired memory.  Lead poisoning also poses a particular risk to pregnant women.  If the seller of a home built prior to 1978 has any information on risk assessments or inspections concerning lead-based paint, he or she must inform the buyer of this information.  This same statement goes on to say "A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase".

Even though the buyer has the right to have the home tested within 10 days of the Agreement of Sale, in the 30 years that I have been listing and selling homes in Phoenixville, I have only had one