Adverse possession is the legal term given to a person who takes real estate to be his own without the consent of the rightful owner. Some states do require the person who is claiming ownership to property that he or she knows might not be theirs or is not theirs, to pay the real estate taxes on that land. While adverse possession is hard to prove in urban areas, it can happen.
What should you do when a neighbor encroaches on your land, especially if it is an investment property? Learn from a trial lawyer what he advises for cases of adverse possession. Understanding how to handle adverse possession will help you protect your real estate investment.
Are you applying for a mortgage? Mortgage lenders use a variety of ratios including the front-end, back-end and loan-to-value ratios to determine if you can afford the mortgage. Learn how these ratios are used to assess your ability to pay back a mortgage.
A homeowner is thinking of getting a second mortgage to finance the tearing down and rebuilding of her home. This will put her initial mortgage at risk of being called due. The homeowner should talk with several local mortgage companies to determine what options this homeowner may exercise.
To remove someone from a mortgage loan, you have to refinance. To refinance a mortgage loan you have to show that you can make payments, through the form of holding a job. You can't refinance a mortgage loan without a job, even if both parties want to speed up the refinance process. In addition, if you want to sell the home you need to have permission of the other person whose name is on the mortgage.
A prospective home buyer is considering purchasing a home with the help of his brother-in-law, who wants to be on the title as a fractional owner. This purchase should be treated as a partnership and both should discuss the expectations and best- and worst-case scenarios. They also need to determine how much of the purchased home each of them will own.
A buyer recently bought a home that now has water in the basement. His home inspector has mentioned poor gutters and a grade problem. Since these problems were revealed during the inspection, and the buyer did not request to have them fixed, the purchasers are most likely responsible for the damages.
A living trust many be the best way to pass on property that you have inherited. If you don't have a trust or will documenting how you want things passed on, the laws of your state will prevail.
What happens when you quit claim a property to a friend who makes you promises to take care of a property and your interests in it and then renegs? You've given up your property rights because of the quit claim deed. It may be time to hire an attorney.
