Attorney William Bronchick: William Bronchick Best-Selling Author

WilliamBronchick : Too many investors go to closing and sign documents without ever reading them, taking the word of the “professionals” involved in the closing. This is a huge mistake unless that professional is your lawyer, and he or she has read and understood the loan documents. Don’t presume that the lawyer you are paying represents you. Many banks have lawyers that represent them and charge that fee to the borrower. Mortgage brokers and lenders are not by their nature dishonest but there are enough shady characters that try to slip things by on borrowers. In some cases, it is a mistake by the lender or a miscommunication between the mortgage broker and the lender, both of which result in the borrower getting a different loan than what was promised. The most common things that are incorrect on a loan are: Prepayment Penalty The most common “hidden” clause is a prepayment penalty that the lender does not disclose or that was supposed to be omitted. The only wa...

William Bronchick : The land trust is a very powerful tool for the savvy real estate investor, and there are many reasons to use land trusts in Colorado. A Colorado land trust is a revocable, living trust used specifically for holding title to real estate. Each property is titled in a separate trust, affording maximum privacy and protection.  Also known as an “Illinois Land Trust”, the title-holding land trust is recognized by statute in Florida, Georgia, Hawaii, Illinois, Indiana, Montana, North Dakota, South Dakota, and Virginia. Colorado does not have a land trust statute, but since a land trust is a basic revocable, living trust, it would be recognized under common law trust principles. Here are seven good reasons to use a Colorado land trust for titling property to real estate. Privacy In today’s information age, anyone with an internet connection can look up your ownership of real estate. Privacy is extremely important to most people who don’t wan...