Is buying and selling property without an attorney or agent possible? When purchasing real estate, you're better off having an attorney who knows the process, state requirements and what documentation is needed. Most real estate attorneys charge just a flat fee to assist you with the purchase or sale of a home from beginning to end.
When you're in retirement you want a consistent, stable flow of income such as from a certificate of deposit. What should you do if your CD's rate of return can't match the income you need? You could move the money into a Roth IRA. But changing over to a Roth IRA may cause funds to be taxed at a higher amount than what would otherwise be paid on a year to year basis. Another alternative is a reverse mortgage.
Even if you're not legally required to buy title insurance, not buying title insurance is a mistake. Get title insurance and give yourself peace of mind. You might be very sorry if you don't get title insurance if there were errors in the conveyance documents or unknown issues that could cause a problem on your title.
When an elderly parent wants to pass along a property to a child, a trust may be the better choice in order to avoid probate and an increased cost basis. Some families think about using a quit claim deed, which allows the owner to sign over all ownership and financial interests in a property. Using a quit claim deed means the recipient receives the property at the original cost basis which could lead to high capital gains taxes upon sale.
If you've got refinancing questions and want some great refinancing advice, you've come to the right place. In this article, Ilyce Glink assists a reader who wants to refinance an FHA loan and get a conventional mortgage to avoid PMI (private mortgage insurance). The reader's husband was laid off and his credit took a hit because of it, causing refinancing to be a problem.
Can home equity loans be used to buy rental property? You can't write off the interest you pay on the home equity loan as a rental property expense. Once a loan is tied directly to the rental property, you can write off the interest and any costs associated with getting the property.
