During your home closing keep a copy of mortgage lender's good faith estimate handy. For home closing tips, check out today's Real Estate Minute. Whether you’re buying or selling, you must keep a paper trail of the transaction, or you could get into big trouble. To keep your mortgage lender honest during your closing, keep [...]
It's better to inherit property from your parents or family members rather than receiving it through a quit claim deed. The tax implications of receiving a property through a quit claim deed are much greater than inheriting a property. When estate planning, it's better to put the property in a will or trust, rather than transfer the property through a quit claim deed.
Everybody is looking for a quick sale of their property. If a homeowner can't sell using normal real estate channels, then maybe non-conventional sales can be effective. You can try to use a real estate broker to sell your property, but if you have tenants in the property, you might try to see if they are willing buyers of your home. If they are, you can sell them the home outright or you can decide if you want to sell it to them by other means. One way to entice a tenant to buy the home is to offer them a lease with an option to buy the home. Another way to sell the home to current tenant is to offer them seller financing. The financing can be either by using a mortgage or by selling them the home on an installment basis.
Seller closing costs generally come as a surprise to home sellers, particularly when home sellers find out that they’ll have to pay anywhere between 2 to 7 percent of the sales price in fees and costs. Here's an updated list of closing costs you may incur when you sell a house.
As you get older, in order to protect your property, you may want to transfer property titles to your children's names. When you transfer title to property before you die you may see your children fight about the property and whether to sell it. If your children feel one of their siblings is getting a free ride or cheating, the property situation could get ugly. To sell the property your children may have to involve a real estate attorney who can help with a partition lawsuit or enable swapping property.
When you're a real estate investor you may decide you want to create a limited liability company to hold your real estate assets and to protect you. When you use an LLC to hold your properties, you're limited in what kind of mortgage lender you can work with to get a mortgage. Mortgage lenders have to specialize in either residential or commercial real estate loans.
How can you divide a lot into smaller lots in order to sell? This can be a complicated process. First you need to determine the zoning classification for your property, along with any requirements or restrictions for your property. You may also have to pay attention to subdivision ordinances. To divide a lot you probably want to hire a surveyor and talk to the local building and zoning department. Also, another question about subdivision requirements and modular homes.