Monthly Archives: July 2007
Paying Mortgage During Separation
Even if you are separated or divorced from your spouse, if both of you are on the mortgage, you are both responsible for paying the mortgage. You must make the payments on time, or both credit histories will suffer. You should consider selling the house, or refinance and work out a way to pay the mortgage on one income. It needs to be a joint effort to figure out how to pay the mortgage, even if you don’t stay married.
Buying Home With Significant Other
A man’s girlfriend is buying them a home with her cash but putting her boyfriend on the title. Putting the boyfriend on the title will trigger a lifetime gift tax exemption for the girlfriend. The boyfriend shouldn’t have any tax liability, but it is worth a discussion with a tax attorney to see if there is another way to put the boyfriend on the title.
Pay Off Mortgage Loan With Low Interest Rate?
When you have extra money is it better to pay off your mortgage or invest the money? It depends on the type of the mortgage loan and the interest rate on the mortgage loan. Paying off a mortgage may also depend on what stage of life you’re in – whether you’re still working or in retirement. In this case, Ilyce suggests waiting to pay off the mortgage loan because of its low interest rate.
Estate Planning Includes Determining Trustees
When parents want to bequest real estate to their children they may want to use a quit claim deed when a trust is the better option. When you set up a trust you have to figure out who will be the executor and who will be the beneficiaries. Learn about the benefits of placing a property in trust versus using a quit claim deed. And discover what role the executor plays in the transaction.
How To Calculate If A House Is Worth The Price
Properties that once cost $100,000 are selling for 10 to 12 times that sum. How do you determine the true value of a home? There are many reasons why properties that seem too good to be true are still on the market.
New Construction Condominium Floor Not Level
Home inspection can save you a big headache in the long run. In a new construction condo, the new owners have discovered that the floors are not level. They want to go back to the builder and have him fix the floors. Make sure a home inspector checks everything, like the floors. Some difference in the floor may be normal. The owners need to talk to a home inspector, the builder and a real estate attorney to find out what they can do to get their floors fixed.
New Construction Includes Landscaping
When you buy new construction you may expect the landscaping, including the grass, to be in order. Is landscaping complete when the yard has rocks and holes in it which prevent the grass from being mowed? It depends on the agreement that the home buyer comes to with the builder prior to moving in. If the builder committed a breach of contract by neglecting some landscaping the home buyer may be able to sue.
Canceling Condo Contract
Builders are facing cancellation of new construction contracts all over the country. Unless it is specified in the contract, there is no obligation on the part of the builder to return your deposit if you cancel the contract. As the buyer, you are obligated to fulfill the term of your real estate contract.
New Home Development Not What Was Promised
A homeowner, and many of his neighbors, feel the developer delivered a vastly different neighborhood than what was promised. Some states require developers to disclose their development plans in advance of having a buyer sign a contract for the purchase of a home. Some states also have consumer fraud statutes that may apply to your case. The homeowners should consult a real estate attorney to determine if they have cause to bring a case against the builder.
Brother Dies Without Will (Intestate)
A woman owns a home that was financed by her brother, who died intestate (without a will) and now she is worried she will lose her home. It’s important to hire a real estate lawyer who can help prove that she had a valid contract to purchase the property. Then she should be able to get the title transferred to her during probate.
