A home owner has just found out that she doesn't really own the property, but her father-in-law's name is on the title. He bought the property under a 1031 exchange and might face stiff tax penalties if he transfers the title to his son and wife. To defer taxes with a 1031 exchange, the owner must replace that property with a replacement investment property within a certain time period, usually 180 days from the sale of the original property.
A rental property owner is ready to sell but the current tenants will not allow the landlord access to the home to show potential buyers. Many leases specifically allow a landlord access to a rental property to re-rent or sell it. Forcing tenants to give access to the rental property is a double-edged sword.
During the purchase of a house, the buyer had the home inspected by a professional home inspector. The home inspector pointed out a few minor repairs that were needed, but the buyer purchased the home anyway. Now the homeowner has discovered more serious structural damages, and is wondering what recourse he has against the seller. They may not have a case against the seller unless the seller breached his or her representations and warranties relating to the condition of the property under the purchase and sale agreement for the home or the seller failed to disclose matters that the seller was required to disclose under any seller disclosure law.
When you buy rental or investment property you want to protect yourself from lawsuits. If you set up a limited liability corporation (LLC) for each of your properties will that protect your assets from lawsuits? Not necessarily. Learn how a lawyer might still be able to successfully sue you as a landlord even if you have set up LLCs to hold your rental properties.
To convey part of your property interest to another person, your deed must specifically state that you are conveying to a person a certain percentage ownership in the property. In some cases, the clearest way to convey title would be to convey title to yourself and to your partner and indicate that each of you are owners at to a 50 percent interest in the property.
An LLC is a distinct type of entity that is neither a partnership nor a corporation. Instead, and LLC is a company structure that allows owners to have limited liability in case the company has difficulties. Unlike a corporation, an LLC does not have shareholders, but rather it has members.
Filling out a quit claim deed for a limited liability company is not difficult, but it must be done accurately. The best way to make sure your quit claim deed is filled out correctly is by consulting a real estate attorney. Another important aspect of filling out a quit claim deed, is checking with your title company to make sure the LLC is covered under your title insurance. Using a quit claim deed to convey a title to an LLC may cancel any coverage under the original title insurance policy.
When you buy a home, it's good to understand whether the professionals involved in your home purchase can receive referral fees. The Real Estate Settlement Procedures Act prevents giving lawyers, real estate brokers and mortgage lenders referral fees. Learn how to stay clear of any illegal activity and follow real estate law when it comes to fees.
It can be difficult to find the original value of real estate property. Finding a copy of the original deed or other related documents can help you determine the original sales price and value of a piece of real estate. Ilyce and Sam tell you where to look if you're trying to find the original sales price and value of real estate property.
