A building owner is thinking about building a commercial office and selling it with a lease to sell agreement. Rather than leasing it, holding onto the building could bring tax benefits for owning commercial property. Using a "lease with the option to buy" could also be an incentive to get additional buyers to consider purchasing it.
A young couple was on the way to owning their first condo. On the morning of the closing, the lender calls to say they will not be able to make the loan because the building is a condominium conversion. Ilyce and Sam give the reader advice on how to recover their many expenses and how to avoid this homebuyer nightmare.
A home buyer is determined to purchase a specific home that is in probate and foreclosure. With all of the real estate on the market, this home buyer shouldn't be so stuck on buying a foreclosure home with so many problems. However, the lender might be able to work with the home buyer and homeowner to allow for a short sale and release the balance of the debt that is owed.
A homeowner purchases a vacation home in another state and has realized that some of the closing costs were paid by both the bank and the escrow company. Now the buyer is wondering if she was double billed, if it was an expensive lesson, or if she can get her money returned. Before the buyer accuses the lender of double-billing, she needs to make sure she understands the closing statement and fees and understands what she paid for at closing and what she paid for prior to closing.
When you put a property in a revocable trust, you also need to be sure the title insurance policy coverage is changed. Title insurance assures the lender that you own the home free and clear, with no liens on it. When a home buyer sells the property, the subsequent buyer should buy his or her own title insurance.
Estate planning is crucial to ensuring your family's safety upon the death of a family member. When you live in a home but your name is not on the home's title you risk losing that home if the people who are on the title decide to ask you to move out. When property is co-owned with family members, it's important to structure property ownership in a way that protects you in case they pass away.
When your family owns several real estate investments, it's important to do thorough estate planning so that the wishes of those who own the properties are met. How can you balance a property that needs repairs with ensuring an elderly relative's medical costs are still met? An estate planner can help decipher the tax laws and help make good decisions for the property owner and the children who stand to inherit the home.
Real estate investors often use a 1031 exchange to sell one investment property and purchase another so that they may defer federal income taxes. If, after purchasing the rental or investment property, you decide to convert it into a primary residence after using a 1031 exchange, you must wait two years.
What happens when someone executes a quit claim deed to land he or she doesn't own? How long does the rightful property owner have to unravel the quit claim deed? It depends on where the land is located. Each state has its own statute of limitations for title issues such as this quit claim deed situation.
