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Tax Deduction On Sale Of Primary Residence

By | September 22nd, 2007|

A homeowner is going to rent her house, but plans to sell it within the next two years. She should not have to pay any capital gains taxes, because when a person sells his or her home, and the person has used the property as their primary residence for at least 2 out of the last 5 years, he or she doesn't have to pay any tax to the federal government on the first $250,000 of profit (up to $500,000 if the owners are married).

Sellers’ Market Will Improve

By | September 21st, 2007|

The real estate market is operating in favor of buyers, so sellers have to be patient until the market improves. If you're a seller with property you're anxious to sell, waiting for the market to swing back will certainly pay off. But the caveat is that the market may come back stronger in some places than others.

How To Terminate Contract On New Construction Condo

By | September 20th, 2007|

A home buyer signed a contract to buy a new construction condominium two years ago and after several delays with the builder, he would like to get out of the deal. A real estate attorney can help walk you through new construction deals and prevent large losses later in a transaction. Under federal law, this buyer might have a right to terminate the contract if he didn't receive certain disclosures for the new construction condo.

Seller Financing Includes Deed Of Trust

By | September 19th, 2007|

A homeowner bought a seller financed home and the seller holds a deed of trust. She would like to transfer the seller financed home to her children, but the seller does not want to transfer the property to them. Ilyce surmises that the seller may be concerned about losing his interest on this investment property and discusses alternative ways of obtaining this property that started with seller financing.

Homeowners, Housing Market Face Rising Foreclosures

By | September 17th, 2007|

Homeowners everywhere are feeling the pain of the housing market and rise of foreclosures. According to the latest numbers from the Mortgage Bankers Association of America (MBA), the number of homeowners starting the foreclosure process hit a record high this spring. More homeowners cannot make their mortgage payments, and as the housing market continues its downward spiral, homeowners are forced to start the foreclosure process.

Investment Property Requires Large Down Payment

By | September 16th, 2007|

In the current real estate market, mortgage lenders are requiring investment property buyers to make a large down payment. To borrow the money for an investment property, buyers will need to have a large amount of cash up front. Even with excellent credit, it will be hard to finance investment property without a big down payment.

Understanding General Utility Easement

By | September 15th, 2007|

A homeowner recently bought a home and is having a problem with her neighbors and a general utility easement that runs through her property. A general utility easement generally specifies that the utility company has the right to use a certain portion of your line for certain specific uses. The homeowner will need to research the easement to determine if her deed should be corrected.

Homesteading Vacation Property

By | September 13th, 2007|

A homeowner moved into his vacation home and hopes to avoid capital gains tax when selling the property. If a vacation home has become your primary residence and you want to avoid capital gains, you should wait 24 months after the date you closed on the sale of the primary residence.

Discount Real Estate Brokerage Aids In For Sale By Owner Deals

By | September 12th, 2007|

Home sellers used to have to choose between a full service real estate brokerage and the help of a real estate agent or selling a home themselves, in a for sale by owner scenario. Discount real estate brokerages have emerged to fill the gap between for sale by owner sales and full service real estate agents. Learn what kind of services discount real estate brokerages offer and how they can help in a for sale by owner transaction.

Inheritance Property Conflict: Get A Real Estate Attorney

By | September 10th, 2007|

If you have been given property as an inheritance, and share it with others, hire a real estate attorney if there's a conflict. If you share the inheritance property with a family member, hiring a real estate attorney can be tricky. But if the siblings are having a conflict over the inheritance property, sometimes the real estate attorney may be the best, fair way to deal with the conflict.

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