When you live in a community with a homeowners association you're responsible for assessments, as is anyone who lives in the community. Sometimes homeowners association by-laws exclude developers from paying assessments on land they own. But once the developer finishes his work with the community that exclusion may go away. What are the options for the members of a homeowners association that has a developer's son as a resident member?
There is a concept in law that is called adverse possession. Adverse possession allows one party to become the owner of someone else's property if they use the property in an open manner and contrary to the rightful owner's rights. If the neighbor pays real estate taxes, uses the land and keeps it as his own for a certain period of time -- as many as 21 years in some states, less in others -- that person is allowed to keep the land forever as his own.
When you sell an investment property for less than what you bought it for you're selling it for a loss. You may be able to claim the investment property loss on your taxes as a tax deduction when you file your income tax but it depends on whether you work in real estate. To fully understand what kind of tax deduction you can take when you sell an investment property at a loss consult an accountant.
If a house is owned by an LLC (limited liability company), the owner is that company. In owning a house, an LLC would be no different than a corporation owning the home. Just like a person, an LLC or a corporation can hold title to a house and other sorts of real estate.
When you're selling your home, you'll need to tell prospective buyers how much square footage your home has. Careful buyers may do their own square footage calculation when they want to buy a home. There are many ways to calculate the square footage of a home you're selling.
Many homeowners pay money into escrow for their taxes and home owner's insurance. When the borrower pays off the loan in full, the borrower is entitled to a refund of all money held by the lender for both the real estate taxes and insurance premiums. Generally, Federal regulations require lenders to return the funds within a month or two.
A mortgage lender wants to make sure that real estate taxes are always paid. If the real estate tax bill for your home isn't paid, the house could be sold to someone who agreed to pay the taxes owed and you and the lender could be left out in the cold. You could lose your home and the lender could lose its interest in the home. In some circumstances, however, lenders will waive the requirement of a tax escrow. The lender must feel assured that you will pay the property taxes, and in some states you must fulfill certain requirements.
Does pregnancy factor into a mortgage lender's considerations when making loan decisions? Such a question would be inappropriate for a mortgage lender to ask when applying for a loan. Your mortgage loan application should only require questions that affect your credit.
Is a general or special warranty deed better for selling property? When selling a residential property, the type of warranty deed you use, or title, isn't so important. A special warranty deed is usually used for commercial real estate sales. During the home sale process, a title company will run a title search and discover any problems with the deed or title. Usually a general warranty deed is used when selling a residential property.
A seller's potential buyer had a loan approval letter from the bank, that was later declined before the closing of the sale. The seller probably doesn't have any recourse for the sale falling out due to financing. When a lender approves a borrower for the purchase of a home, the lender will generally issue a commitment letter or an approval letter that specifically states the terms of the loan and certain conditions that need to be met by the closing date.
