Avoid Scams When Buying Property
Watch out for this real estate scam. The scam artist sells somebody else's property, collects the money, and then skips town. Here are some tips on how to avoid getting scammed when you buy property.
Releasing Escrow For Home Repairs
A buyer and seller agree to set aside money in escrow for the repairs needed per the home inspection. Now the seller won't release the funds. The buyer and seller should have some agreement of file that indicates what the escrow money was for.
Trespassing And Property Rights
A neighboring apartment building is taking advantage of one owner's yard and caused some damage. The homeowner has to check if he gave consent or if there is an easement on his property. But whether or not the neighbors have an easement to use theland, they should pay to repair any damage done.
Buyer’s Remorse – Get A Home Inspection Before You Close
Buyers of Federal Housing Administration-approved homes should be aware that the FHA home inspector performs an inspection of the property of behalf of the bank, not the buyer. In any purchase, a buyer should conduct his or her own inspection with a chosen inspector. This inspection is crucial for the buyer to making a rational decision about the purchase and avoid later regret.
Reverse Mortgages And Lender Liability
If your neighbor has a reverse mortgage, can she and her mortgage lender be held responsible for criminal activity at the home? With a reverse mortgage or hecm, the mortgage lender pays the homeowner over time and the the lender is repaid when the home is sold. But even though the mortgage lender holds a lien on the home, it couldn't be held responsible for the criminal activity. The only one liable is the homeowner. But before a neighbor files a lawsuit, he should contact his local police department.
Rollover Capital Gains Question
A 1031 exchange, or a Starker Trust, may apply in certain situations with investment properties. In this situation, a reader has two homes and vacant land that they want to transfer to a builder in exchange for doing work on on one of their homes. Unfortunately, a 1031 exchange will probably not work in this circumstance because they already own the property. However, they should talk to a tax professional for more options.
Difference Of Opinion With Your Lawyer
It isn't unusual for lawsuits, settlements and negotiations to take a very long time. If your attorney is unwilling to listen to you, you must find one that will. Sometimes an attorney and his or her client will disagree on tactics or settlement issues. But if there are fundamental differences of opinion, and you and the attorney cannot agree on how to proceed, then you need new counsel. However, just because you're losing the case, doesn't mean the attorney has done a poor job or does not have your best interests at heart.
Incorporating Rental Property
What are the advantages of putting rental property into a solely-owned corporation? Can incorporation somehow help pay down a mortgage faster? Owning a property in a corporation may protect you from certain liabilities.
Buying Your First Home
When you apply for a loan that exceeds 80 percent of the value of the home, you will have to pay private mortgage insurance (PMI). PMI protects the lender from the increased risk associated with low-down payment loans. So should you use your saved cash to put down on a home to avoid paying PMI?