8833 South Redwood Road
Suite C
West Jordan, UT 84088

Call For Free Consultation

(801) 676-5506

Call Us

Real Estate Lawyer Herriman Utah

Real Estate Lawyer Herriman Utah

When you are purchasing real estate, you should always hire an experienced Herriman Utah real estate lawyer who can act as your local counsel. The lawyer can assist you all the way. The lawyer can review your financing options and assist with the documentation.

Ordinarily a home buyer cannot obtain a loan which represents the full amount of the purchase price in any kind of transaction; the purchase of a home is no exception. A down payment is required as a manifestation of the good faith and serious intentions of the borrower and to provide a margin of safety, that is, of value of collateral over debt, for the lender.
The importance of this arrangement to an understanding of the market for homes in fee lies in the fact that, in general terms, credit multiplies the purchasing power of the down payment by a factor which is the reciprocal of the ratio of down payment to the total purchase price. If credit were extended in the full amount of the purchase price, purchasing power would be limited only by the amount which the prospective homeowner could borrow; where no credit is available, purchasing power is limited by the prospective owner’s own resources. If the down payment represents one-half of the purchase price and the other half can be borrowed, the purchasing power of the down payment is multiplied by two; if one-third, by three, etc.

In financing homes, the ratio of the mortgage amount to the purchase price is less frequently used as a criterion by which the mort gage amount is determined than the ratio of the mortgage amount to the appraised value of the home, referred to as the “loan-value ratio.” Most lenders, however, attempt to limit their appraisals to the purchase price, or less, and their loan to a certain percentage of that appraisal. The effect of increasing the loan-value ratio — especially as it approaches 100 percent — upon the purchasing power of the down payment is not generally appreciated. Increasing the loan value ratio from 50 to 75 percent, or from 60 to 80 percent, doubles the purchasing power of the down payment, as do increases from 80 to 90 percent or from 90 to 95 percent. Thus, increasing the loan-value ratio from 60 to 95 percent enlarges the purchasing power of the down payment eightfold. Successive increases in the loan-value ratio multiply the purchasing power of the down payment so greatly, in fact, that when the ratio goes beyond 80 or 90 percent the down payment requirement loses much of its effectiveness as a limitation upon the price which the purchaser can offer.

Generally, all lenders require that their borrowers pay back, by a specific date, the full amount of any principal borrowed and interest incurred during the period of the loan. This due date is referred to as the “maturity date.” The amount of principal and interest that is due on the maturity date will depend on how the loan was amortized. A loan can be fully or partially amortized or not amortized at all. A loan is an amortizing loan if the principal amount of the loan is reduced gradually as a result of periodic payments by the borrower to the lender.

Limitations imposed by mortgage terms

When the down payment is no longer a limitation on the amount of the loan, the amount which the borrower can reasonably be expected to repay determines its size. The prospective homeowner’s ability to repay mortgage debt ordinarily depends upon his future income; and while it is impossible to predict this with certainty, some assumptions as to its amount and stability must be made. Most families find it possible to provide for a minimum outlay on housing notwithstanding income instability, and it is this minimum that must be calculated as necessary to meet debt service and the other outlays occasioned by ownership.

For most people, a mortgage is their biggest and most important personal loan. Mortgages come in many different makes and styles. The most popular mortgage is the one that is amortized over 30 years, at which time it’s paid in full. However, 15-year mortgages offer some attractive advantages, including saving thousands of dollars in interest costs. The monthly payments on 15-year mortgages are higher, but counselors suggest getting the shortest term you can afford to save you money.

Mortgage loans come with either fixed or variable rates. Variable rates by definition vary or change over the life of the loan depending on how they are structured. Fixed rates are harder to qualify for but may be easier to maintain because the payments do not change.

For a $100,000 30-year mortgage at 8%, the borrower would pay $733.77 principal and interest per month. Loans that are repaid gradually over their life are called amortizing loans. The borrower’s money goes largely toward paying the interest in the early years of this loan, and most of the principal is not paid off until the later years.

The total interest paid on this loan would be $164,160. At the end of five years, the borrower would still owe $95,070 of the original $100,000 borrowed. That’s because in those early years, the bulk of each monthly payment goes to interest. It is not until sometime in the fifth year that the amount allocated toward principal repayment tops $100 per month. By around the 20th year of the loan payoff, more of the monthly payment goes toward repaying principal than paying interest. Once that happens, of course, the payoff goes much more rapidly, but by then the borrower has already paid more than $143,000 in interest.

The 15-year mortgage has an obvious advantage if the borrower can afford higher monthly payments. By paying the total loan sooner, the borrower needs less money for less time and pays less interest over the life of the loan. The disadvantage to the shorter 15-year loan is that the monthly payments are much higher than for a comparable 30-year loan and borrowers need to have a higher income to qualify for it.

For example, a $100,000 15-year mortgage at 8% interest would have a monthly payment of $955.65. Over the life of the loan, the borrower would pay only $72,017 in interest. By the end of the fifth year, the balance on this loan would be just under $79,000, but by the end of the 10th year, it would be down to $47,000. In those last five years, the payoff accelerates because the payments go almost entirely toward principal repayments, not on paying interest.

Another way to save thousands over the lifetime of a loan is to make additional principal payments. Let’s say you cannot afford the higher monthly payments of a 15-year mortgage. So you take a 30-year mortgage. At the same time, purchase an amortization chart or run one on some personal financial software such as Quicken. These charts show precisely how much money is going toward interest and principal for every payment. In this example, initial principal payments range around $70. So when you send in your monthly mortgage payment, add an extra $70 to it and note on the coupon or mortgage voucher that the additional money is to go toward the principal. You still have to pay the mortgage the next month, of course, but what you’ve done is effectively cut one payment off the life of the loan. Do that whenever you have additional money on hand and two things happen: the equity in your home builds faster, and the loan balance decreases. Some mortgagers require that these additional principal payments reflect the exact amount of the next month’s due; others allow borrowers to contribute as much to additional principal payments as they wish.
The equity that you have in your home is the value of the home less the outstanding mortgage balance. The equity begins as your down payment and grows depending on the interest rate and length of the loan. If the home appreciates, or increases in value, equity likewise increases. If you need additional funds for college tuition payments, a home equity line of credit loan is a popular choice. Home equity loans are a line of credit with an adjustable rate you may draw on over time, secured by the equity in a home. Home equity lines of credit and second mortgages are similar in that the interest on both loans is tax deductible. However, a home equity loan is in essence a second lien against your property and must be paid off in full if and when you sell your home. A home equity loan works best for people with good credit who do not need all the money at once. That way they won’t be paying interest on the money until it is actually withdrawn, and pay interest only on the outstanding balance.

In every transaction involving real estate it is usually appropriate to retain an experienced Herriman Utah real estate lawyer. The following matters should be referred to the lawyer:

A. Scope of Document Review. An experienced Herriman Utah real estate lawyer will review the purchase agreement before execution, if possible, to determine if any unusual provisions of state law may affect the agreement. If such review is not possible before execution, have it done as soon as possible thereafter.

B. Local Compliance. An experienced Herriman Utah real estate lawyer will determine if the buyer will be able to hold title to the property, will have to qualify to do business, or will face any tax problems under state law. Special problems may be encountered when the buyer is a trust (e.g., if the trustee is a foreign bank, it may have to qualify to do business in the state where the property is located). In any case, an ancillary trustee is required in some states. Note that even if the real estate lawyer believes that it is not necessary for the buyer to qualify to do business to take title in the state, the title insurance company may require it to do so before it will issue title insurance. If the real estate lawyer determines that qualification is not necessary, we should confirm that the title company agrees with the opinion.

C. Zoning Letters. An experienced Herriman Utah real estate lawyer will should obtain a letter from the appropriate local government authority stating that the property is in compliance with applicable zoning, environmental and other regulations. Written confirmation of such compliance may not always be available, but an effort should be made to obtain the best confirmation possible. Also, keep in mind that such written confirmation is probably not binding on the local agency.

D. Leases. Send to your Herriman Utah real estate lawyer will all documents received for review from seller, including lease forms, to determine whether there are any problems with the documents under the applicable state law and to determine whether the documents should address additional matters. Ordinarily, the real estate lawyer’s review of leases should be limited to matters that might receive unusual treatment under the applicable state law.

E. Taxes. An experienced Herriman Utah real estate lawyer will check state and local tax laws affecting the property. In particular, the real estate lawyer should confirm that the income from the property, when a tax-exempt entity will be the owner, will be exempt from state taxation.

F. Bulk Sales. An experienced Herriman Utah real estate lawyer will should determine whether there will be any bulk sales requirements or any sales taxes applicable to the transaction. Also, ask the real estate lawyer to determine whether documentary transfer taxes or conveyance taxes will be applicable to the transactions and, if so, the amounts.

G. Customary Procedures. An experienced Herriman Utah real estate lawyer will determine whether there are any customary procedures for sales of property in the particular state that are not considered in the purchase agreement.

H. Title Insurance. An experienced Herriman Utah real estate lawyer will review the status of title and provisions for title insurance.

Herriman Utah Real Estate Attorney Free Consultation

When you need help with a real estate case or lawsuit in Herriman Utah, please call Ascent Law LLC (801) 676-5506 for your Free Consultation. We can help you with boundary disputes, easements, title problems, title insurance, contractor litigation, real estate purchase contracts and much more. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Appointment A Personal Representative In A Utah Probate Case

Bankruptcy Lawyer Park City Utah

Make Money With Your Patent

SEC And Marijuana Business

Illegal Evictions Can Get You In Trouble

Is A House Considered Real Estate?

Ascent Law LLC St. George Utah Office

Ascent Law LLC Ogden Utah Office

Herriman, Utah

From Wikipedia, the free encyclopedia
Herriman, Utah
Unified Fire Authority Station 103, located on Main Street

Unified Fire Authority Station 103, located on Main Street
Location in Salt Lake County and the state of Utah.

Location in Salt Lake County and the state of Utah.
Coordinates: 40°30′24″N 112°1′51″WCoordinates40°30′24″N 112°1′51″W
Country United States
State Utah
County Salt Lake
Settled 1851
Incorporated 1999
Became a city April 19, 2001
Founded by Thomas Butterfield
Named for Henry Harriman

 • Type Mayor-Council
 • Mayor Lorin Palmer[2]

 • Total 21.63 sq mi (56.03 km2)
 • Land 21.63 sq mi (56.03 km2)
 • Water 0.00 sq mi (0.00 km2)

5,000 ft (1,524 m)

 • Total 55,144[1]
 • Density 2,549.42/sq mi (984.19/km2)
Time zone UTC-7 (Mountain)
 • Summer (DST) UTC-6 (Mountain)
ZIP code
Area code(s) 385, 801
FIPS code 49-34970[4]
GNIS feature ID 1428675[5]
Website http://www.herriman.org

Herriman (/ˈhɛrɪmən/ HERR-ih-mən) is a city in southwestern Salt Lake CountyUtah. The population was 55,144 as of the 2020 census.[1] Although Herriman was a town in 2000,[4] it has since been classified as a fourth-class city by state law.[6] The city has experienced rapid growth since incorporation in 1999, as its population was just 1,523 at the 2000 census.[7] It grew from being the 111th-largest incorporated place in Utah in 2000 to the 14th-largest in 2020.

Herriman, Utah

About Herriman, Utah

Bus Stops in Herriman, Utah to Ascent Law LLC

Bus Stop in Crown Rose Dr @ 14029 S Herriman, Utah to Ascent Law LLC

Bus Stop in 13400 S @ 5791 W Herriman, Utah to Ascent Law LLC

Map of Herriman, Utah

Driving Directions in Herriman, Utah to Ascent Law LLC

Driving Directions from Herriman High School to Herriman, Utah

Driving Directions from University of Utah Health Care: Summers Bradley K MD to Herriman, Utah

Driving Directions from The UPS Store to Herriman, Utah

Driving Directions from J L Sorenson Recreation Center to Herriman, Utah

Driving Directions from Mountain America Credit Union to Herriman, Utah

Driving Directions from Little Caesars Pizza to Herriman, Utah

Driving Directions from Subway to Herriman, Utah

Driving Directions from Fort Herriman Middle School to Herriman, Utah

Driving Directions from Riverton Hospital to Herriman, Utah

Driving Directions from Lowe's Home Improvement to Herriman, Utah

Driving Directions from Early Light Academy to Herriman, Utah

Driving Directions from Bobby Lawrence Karate - Herriman to Herriman, Utah

Reviews for Ascent Law LLC Herriman, Utah

Ascent Law LLC Reviews

John Logan

starstarstarstarstar (5)

We've gotten divorce and child custody work from Ascent Law since the beginning because of my ex. We love this divorce firm! Staff is gentle, friendly and skilled. Tanya knows her stuff. Nicole is good and Ryan is fun. Really, all the staff here are careful, kind and flexible. They always answer all my questions, explain what they're doing and provide great legal services. I personally think they are the best for divorce in Utah.

Ascent Law LLC Reviews

Jacqueline Hunting

starstarstarstarstar (5)

I have had an excellent experience with Ascent Law, Michael Reed is an absolutely incredible attorney. He is 100% honest and straight forward through the entire legal process of things, he also has a wonderful approach to helping better understand certain agreements, rights, and legal standing of matters, to where it was easy to know whats going on the entire process. I appreciate the competency, genuine effort put forth, and assistance I received from Ascent and attorney Michael Reed, and I will be calling these guys if ever I have the need again for their legal assistance! 5star review Wonderful attorneys!

Ascent Law LLC Reviews

Anthony Ziegler

starstarstarstarstar (5)

This review is well deserved for Ryan and Josh. New clients should know they are worth the 5 star rating we give them. We needed 2 sessions from them because of the complexity of the matter, but they are both very passionate about his helping others in need.  My sister needed bankruptcy and I needed divorce.  Sometimes they go hand in hand but a large shout out to this team - also Nicole is one of the sweetest people you ever did meet - she offered me warm cookies!

Ascent Law LLC Reviews

Thomas Parkin

starstarstarstarstar (5)

Mike Anderson and his colleagues & staff are knowledgeable, attentive and caring. In a difficult and complex case that eventually went to trial, Mike was the voice of reason and the confidence I needed. His courtroom abilities are amazing and I felt his defense of me was incredible. His quick thinking and expertise allowed for a positive result when I felt the World was crumbling. His compassion, after the case, has helped me return to a good life. I trust Mike and his staff. They are friendly and very good at what they do.

Ascent Law LLC Reviews

Yeran Merry

starstarstarstarstar (5)

I worked with Attorney Alex and Paralegal Ami in my divorce case. I got to know the team very well over the course of two years. I cannot think of a better team to have worked with. Ami and Alex are not only exceptional law professions who are very knowledgeable and thorough, they are also the best human beings who empathize with the emotions I was experiencing. Alex was conscious of my budget and worked efficiently to try to reduce unnecessary legal expenses. My case also involved some dealings with a foreign country that Alex and his team had previously dealt with.  They did an amazing job addressing cultural barriers in a very respectful manner and did not fall short in quality of work or in standards when dealing with some of these new challenges. Ami deserves a medal for being extremely professional, calming, and compassionate when it is needed most.  When you need family law attorneys, call this firm. I now feel I can move forward with grace and dignity.

Share this Article

About the Author

People who want a lot of Bull go to a Butcher. People who want results navigating a complex legal field go to a Lawyer that they can trust. That’s where I come in. I am Michael Anderson, an Attorney in the Salt Lake area focusing on the needs of the Average Joe wanting a better life for him and his family. I’m the Lawyer you can trust. I grew up in Utah and love it here. I am a Father to three, a Husband to one, and an Entrepreneur. I understand the feelings of joy each of those roles bring, and I understand the feeling of disappointment, fear, and regret when things go wrong. I attended the University of Utah where I received a B.A. degree in 2010 and a J.D. in 2014. I have focused my practice in Wills, Trusts, Real Estate, and Business Law. I love the thrill of helping clients secure their future, leaving a real legacy to their children. Unfortunately when problems arise with families. I also practice Family Law, with a focus on keeping relationships between the soon to be Ex’s civil for the benefit of their children and allowing both to walk away quickly with their heads held high. Before you worry too much about losing everything that you have worked for, before you permit yourself to be bullied by your soon to be ex, before you shed one more tear in silence, call me. I’m the Lawyer you can trust.