Contracts are probably involved in every major purchase, investment opportunity and legal action you take. When it comes to real estate contracts, they are sometimes referred to as a purchase and sale agreement, contract for sale, purchase contract, agreement to purchase or agreement for sale. Always read contracts thoroughly and make sure you understand everything. You might want to have a lawyer look over any contracts before you sign them. Learn more here about contracts and how to protect yourself.
How To Hire A Great Agent
Buyers and sellers alike always want to know how to hire a great real estate agent. In a tight real estate market, it can hard to find a right agent that will give you the time you need. You want to hire an agent who is extremely knowledgeable about the housing stock in your neighborhood.
New Construction Contractor Backs Out Of Deal
A home buyer has been working with a contractor to build a new home. After the plans are set, the contractor decides to pull out of the area. The buyer is stuck finding a new contractor at considerable cost. Sam and Ilyce explain their legal recourse and what would be the best strategy to get their house built.
Real Estate Contract Describes Remedy For Mistakes
Real estate contracts spell out the terms for when either the buyer or seller does not meet his obligations. If there's a breach of contract, both parties should review the contract to understand the remedy for the mistake. When a dispute arises relating to a real estate contract, either party has the right to go to court and sue the defaulting party.
Timeshare Seized For Late Payment
Timeshare properties are rather unique and the association may have greater powers to enforce their rights to collect unpaid bills that you otherwise might be used to. Your timeshare documents should indicate what your responsibilities are in paying bills.
The Basics About Easements
Why do we have easements? Easements can be necessary to distribute water and other utilities to the many lots within a development. In some cases, cable companies have easements to bury cable to service a community. In other cases, easements allow the public to walk through private land to reach a public beach. A community can have an easement to walk along your property to reach a boat house on a body of water. Generally, you should never build anything on easement land that could prevent the user of the easement from making use of the easement.
Seller Refuses To Vacate Property
A home buyer purchased a home and agreed to let the seller's stay in the home for fourteen days. But now the home buyers cannot get the sellers to move. Having a good attorney to represent them at the closing could have helped this home buyer avoid this problem.
Seller Sued For Missing Fixtures
A home seller is being sued by their buyer for missing fixtures in a bathroom. The buyer claims they had a verbal contract but the written contract contains nothing regarding the fixtures. A written contract usually is considered binding over a verbal contract but litigation is difficult, time-consuming, expensive and can be heartbreaking. If at all possible, you should try to resolve the conflict outside of court.
New Construction Contract Omits Vacant Lot Definition
A home buyer buys new construction expecting the next door lot to remain vacant per a verbal agreement with the developer. Later on, the home buyer learns that a developer plans to build on the vacant lot next to the new construction. One option is for the home buyer to buy the vacant lot next to the new construction. The home buyer wants to know his options and they're limited since the promise about the vacant lot was not in writing.
Home Sale Exempt From Capital Gains Tax
A homeowner sells their home using an installment contract and wonders if they need to pay capital gains taxes on the balloon payment. The profits from the sale were below the threshold for capital gains tax, so they will not have to pay taxes on that amount. However, the homeowners may have to pay tax on the interest paid if the home was sold via an installment contract.