When you sign a quit claim deed you're giving up your ownership rights to that property. If the person who has the remaining ownership rights dies, his or her heirs will inherit the property. Former spouses who sign quit claim deeds give up all rights to those properties. Learn about some possible inheritance scenarios after quit claim deed has been signed.
When you receive money from a canceled contract, it's usually treated as ordinary income for taxes. When a real estate contract goes bad, the money put into escrow is treated as income as opposed to capital gains. The escrow money will be taxed at a higher rate because the ordinary income tax rate is higher than the capital gains tax rate.
A parent asks about how to sell your own home. He has a home he wants to sell to his son at a very low cost and he wants to know his options. Knowing your goals will help you know how to sell your own home. Different tax implications and laws apply depending on how you sell your own home.
Can you can cancel a mortgage refinance loan after having signed the paperwork. It depends on how soon after having signed the refinance documents you change your mind and some lenders may charge fees for backing out. Some contracts list specific cases when it is OK to cancel a loan.
When you're selling your home with a real estate agent you will sign a listing agreement that makes your agent the exclusive representative for your property. If you're unhappy with your real estate agent it may be difficult to break the listing agreement. Ideally, you should never sign a listing agreement that lasts longer than 60 or 90 days.
When a homeowner signs a deed in lieu of foreclosure it gives up his rights to the home and releases him from paying the mortgage loan, but it doesn't automatically take care of the relationship with the PMI company. A PMI company may still want to get back the money it's losing due to the deed in lieu of foreclosure. PMI stands for private mortgage insurance, which you have to buy if you don't have enough down payment. Learn how a deed in lieu of foreclosure affects PMI.
A buyer says he's received a foreclosure notice on his home after signing a real estate contract and paying the seller on time. The buyer should see a real estate attorney to talk about this real estate contract and the foreclosure notice. The real estate attorney will help the buyer in dealing with the foreclosure notice and what the seller
It's possible to buy a home in a community with multiple homeowners associations. The neighborhood homeowners association may be a member of another homeowners association.