Buying a House Archives

Quit Claim Deeds For LLC

By GlinkAndTamkin| 2007-05-14T00:00:00-05:00 May 14th, 2007|

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.

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Buying Home That Is Behind on Back Taxes

Buying Home That Is Behind on Back Taxes

By Ilyce Glink| 2020-01-23T11:55:10-06:00 May 12th, 2007|

If homeowners don't pay your real estate taxes, the tax collector can seize your house and sell it for the back taxes that are owed. In most places, the taxes have to have been unpaid for at least a year or two and the homeowner has the right to catch up on the taxes by paying the interest that has accumulated plus any penalties or fees. The catch is, there is a period of time where the homeowner has the right to catch up with the back taxes payments and pay you back your investment plus interest.

Tide Has Turned Against Home Sellers

By Ilyce Glink| 2007-05-10T00:00:00-05:00 May 10th, 2007|

It takes buyers and sellers to make a real estate market work. But increasingly, it looks like buyers are sitting back and taking stock. The real question is when will buyers get in the game? For now, however, buyers seem to be sitting on the sidelines, waiting for something to motivate them to action.

Understanding The Buyer’s Agent’s Role

By Ilyce Glink| 2007-05-08T00:00:00-05:00 May 8th, 2007|

Understanding who represents your interests in a real estate deal is essential but often confusing. States have tried to get around the representation issue by coming up with laws that require buyers and sellers to sign documents acknowledging who represents who in the deal. Agency disclosure agreements require the buyer to sign off on a document in which the agent states that he or she represents the buyer because he or she is a buyer's agent.

Voided Contract Leads To Suit

By GlinkAndTamkin| 2007-05-06T00:00:00-05:00 May 6th, 2007|

A home buyer was in a contract to purchase a home but was denied financing by the mortgage company. The seller has refused to void the contract and has not returned the deposited money. What is stated in the contract will tell the buyer if the seller has any recourse against them for not securing financing.

Buying A Home For A Dollar

By GlinkAndTamkin| 2007-04-30T00:00:00-05:00 April 30th, 2007|

A daughter bought her mother's home for one dollar and is wondering what the tax burden will be if she sells the home. The daughter will have to pay taxes on the entire sales price of the home, either as income or capital gains tax. Selling a home versus gifting a home have different tax burdens.

Real Estate Agent Is Not Tax Advisor

By Ilyce Glink| 2007-04-29T00:00:00-05:00 April 29th, 2007|

When you sell a rental property you'll owe capital gains tax on the sale, even if you buy a primary residence in the same year. One alternative to reduce your tax burden is to do a 1031 tax free exchange, but that means you have to buy a second rental property. A 1031 exchange may not be used for a primary residence. You might expect your real estate agent to make you aware of these tax implications but agents help buy and sell homes, they are not tax advisors.

Buying A Home For Sale By Owner

By Ilyce Glink| 2017-08-17T10:45:20-05:00 April 25th, 2007|

A buyer has decided to buy a home that is for sale by owner (FSOB) and needs to let her agent know. It's important to thank the agent for all the time spent. If the deal falls through, you'll want that agent to still be on your side.

Second Homes In Mexico: An Ownerâ€™s Manual

By Ilyce Glink| 2007-04-17T00:00:00-05:00 April 17th, 2007|

Many Americans are buying second homes in Mexico. Developers are setting up second home developments in Mexico like an American condominium association. For Americans thinking of buying a primary or second residence in Mexico, here are some things to keep in mind before you sign the papers.

Consider Real Estate Market When Making Investment

By Ilyce Glink| 2007-04-16T00:00:00-05:00 April 16th, 2007|

When you're considering buying an investment property that is pre-construction you need to look at the deal carefully. Certain areas of the country are awash in real estate investment properties such as condominiums. What do you need to consider if you're buying investment property with hopes of flipping it?

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