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Seller Disclosure And Hiring A Home Inspector

By | April 3rd, 2008|

Hiring a professional home inspector and conducting a final walk-through before closing on a house will protect you from surprises in case the seller fails to disclose problems with the house. Most states have seller disclosure laws, but hiring a home inspector will further protect the home buyer from any surprises. The home inspector will walk-through the entire home and make sure the seller has disclosed every bit of damage and give an estimate on repairs, so the buyer knows what to expect before closing the sale.

New Construction Condo Change Could Affect Earnest Money

By | March 27th, 2008|

When you buy a condo or a home as part of a new construction development the developer will provide you with a contract outlining the specifications of the property you're buying. What if your condo then does not meet those specifications? Can you break the contract and let the bank keep the earnest money? Does the lender have a right to sue the buyer in this case?

Taxes On Inherited Home Sale

By | March 27th, 2008|

If you inherit a home, you would pay tax on the difference between the value of the home at the time the owner died and the sales price of the home when you sold it. You know the sales price for the home, but you may or may not know the value of the home at the time the owner died. Generally, if the property is sold within a year of the time of death, that sales price is a good indication of the value of the home.

Rental Property As Tax Liability

By | March 24th, 2008|

Homes used as rental property are considered investment property by the IRS. As an investment property, you can either pay the taxes owed upon sale of the property, or defer the payment of real estate taxes due upon the sale. If you choose to defer the taxes you owe, you'd utilize Section 1031 of the Internal Revenue Code.

Warranty Deed To Remove Name From Deed

By | March 24th, 2008|

In simple terms, a quitclaim deed transfers any interest a person may have in the property without making any representations as to whether that person owns the home or not. A warranty deed performs the same task but gives the buyer (or person receiving the title) a representation that the person signing the deed and conveying a property has an interest in that property to convey. Most people use quitclaim deeds to transfer title between themselves. Sometimes, and for obscure title insurance purposes, it may be better to use a warranty deed.

Condominium Contract May Allow Builder To Keep Earnest Money

By | March 12th, 2008|

When you put earnest money down on a condominium with the intention of buying it you risk losing that money. Even if you can't sell your current condominium, that doesn't mean you'll be able to ignore the terms of the contract. It may mean that the builder will keep your earnest money even if you don't end up buying the condo.

Water Leak Appears On Day Of Closing

By | March 11th, 2008|

A home buyer finds a water leak in his new home that began before the purchased closed. If the contract provides that the seller must make repairs to the property for issues that are evident prior to the closing, then the sellers might be obligated to make the repair. Because the sellers didn't know about the issue, it couldn't have been disclosed and they likely have no obligation to make the repair under seller disclosure laws.

Brother Might Be Involved In Mortgage Rescue Fraud

By | March 10th, 2008|

Some companies claim that if a homeowner is facing trouble with their mortgage loan, the homeowner can transfer title to the home to the company and when they get back on their feet, the company will, for a small fee, transfer the title back to them. There's a common name for this scam: It's called "mortgage rescue fraud."

State Residency Requirements

By | March 9th, 2008|

State residency requirements require you to physically live in that state. You can't claim state residency unless you live there. Residency is made up of many elements, including where you spend most of your time, where your home is located, where you vote, where you have mail sent, where your children go to school, where you file your tax returns, where your car is registered.

Become Landlord Or Sell Home After Quit Claim Deed?

By | February 27th, 2008|

When you get a home via a quit claim deed and then have to move out of state for work you're faced with a decision. Should you sell the home you received through a quit claim deed or should you try to keep it as a rental property? The decision to be come a landlord or to sell a home depends on whether you have enough money to maintain the home or feel that you can find a good tenant. You should also take tax considerations into account.

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