A man wants to leave home for his disabled son and grandson, but there are six people on the home's title. An estate planning attorney will be able to help sort out the title and other assets the man hopes to leave for his family. An estate plan will assure the man's assets are left to his son and grandson as he planned.
A homeowner paid off her home mortgage but doesn't know if a lien was removed from the title. Once the lender receives payment, it then needs to prepare a release deed or release of lien to clear the title to the property. Unfortunately, some lenders have become overwhelmed by the refinance boom and have failed to keep up with the documentation of release deeds or release of lien letters.
The IRS doesn't have hard and fast rules on how long you have to keep a purchased property as income-producing and thus are able to use a 1031 exchange. Some say the safe route is holding the property for two years and others say you can change your mind and make a home your primary residence and use a 1031 exchange.
PMI is purchased by your lender to protect it from a loss in case the lender has to foreclose on your home and the sales price is insufficient to pay off the debt. PMI is generally required on all loans in which the loan amount exceeds eighty percent of the value of the home. There are lenders in the marketplace that will give a borrower a loan without PMI even if the loan to value exceeds 80 percent.
When a neighbor grants an easement and then sells the property, it may mean the remaining neighbor has to renegotiate use of the easement. To figure out exact use of an easement you should review the easement documentation so you understand your rights.
To avoid paying capital gains taxes, you are permitted to sell one property in exchange for another in a 1031 exchange. A 1031 Exchange or Starker Trust exchange or "like-kind" exchange are all terms used to describe the sale of one investment property for another. When you undertake a 1031 Exchange you generally need a third party to act as an intermediary in the transaction and as the trustee for the money received from the sale of the property.
Can a partner transfer the deed to their home and avoid paying off a student loan bill. There are legal and ethical angles to this proposition, but each person is responsible for his or her own debts and to the extent any of us has assets that can be used to pay these debts, we must use all or some of the assets for that purpose. Creditors have a legal right to pursue your partner for his debts when and if he stops paying his obligations. They do not have a right to pursue you, as long as you are not married to your partner.
A homeowner is concerned about her boyfriend's debt. They own a home together, but he is facing large medical bills. Because they are not married, the co-owner is not responsible for the debt but their equity in the home may be at risk.
A new homeowner has discovered that their furnace does not work and that the seller was aware of the problem. Most states have what are called seller disclosure laws that require that the seller disclose to a buyer known material defects in the home. The homeowner's may be able to sue the seller for a new furnace.
A homeowner would like a guarantee that ranch-style homes would be built adjoining his property in exchange for granting a temporary easement to the developer. Talk to a real estate attorney before you negotiate with the developer. Bring all of the information relating to your property and to the neighbor's property to the meeting, including pictures of your home and the neighbor's lot. Be prepared to talk honestly with your attorney about your wishes and where you might be willing to compromise.
