When you buy a home you and a home inspector should do a final walkthrough before closing. While you may have had another home inspection along the way, the preclosing home inspection is important because by that point the sellers should have moved out of the home. You'll look for different things depending on whether you're buying new construction or an existing home.
Can a quit claim deed be used to remove a cosigner on a mortgage? No, quit claim deeds affect property ownership interest only. Quit claim deeds will not take away responsibility for mortgage loan debt.
When you buy property at a reduced cost, will you risk lowering the market value of the property? A home owner asks about buying a property for less than what it's worth and selling his own property for a lower price. It's a good idea to work with an attorney to complete a property swap.
What steps can we take with the economy to improve the real estate market? Keeping people employed, changing refinancing rules and encouraging people to stay in their homes and avoid foreclosure are some possibilities to improve the real estate market. If you have suggestions for how to improve the real estate market, send Ilyce an email.
How does the recording of a quit claim deed affect an inheritance? An Ohio family may own a West Virginia property received by an unrecorded quit claim deed. If the quit claim deed is valid, title of the inherited property may have transferred when the deed was delivered. If the quit claim deed is invalid, the probate court for the former owner of the property would decide who the new rightful owner of the property is.
A home buyer says he recently bought a home and the builder has not followed through on a home inspection or repair requests. The buyer is experiencing buyer's remorse because of the builder's bad behavior. The builder may be going under due to the economic climate and unable to provide the warranty that was in the contracts.
What's the best way to transfer title to a home? Options include using a warranty deed or a quit claim deed and it depends on where you live. It's important to consider estate planning needs when adding a name to the title. A warranty deed may provide added benefit by ensuring that title insurance protections continue on the property.
Mortgage companies often issue loans contingent upon how the home will be used -- will it be a primary residence or a second home? Do you need to notify your mortgage company if you decides to change the status of a second home? In some cases mortgage loan documents contain a time limit for notifying mortgage companies about home status changes.
A home buyer asks about completing a home sale contract after discovering floor damage from an in floor heating system that was removed. Ilyce says it's great that the home buyer has a good home inspector and that completing the home sale contract depends on how badly the buyer wants the home, even with the home repairs. Learn how a home repair can delay a home sale.
