A new home owner notices a bad smell and wants to sue the seller for not disclosing it. The homeowner's ability to sue the seller for his or her failure to disclose a material problem with the home will generally depend on various factors: the state's seller disclosure laws, what the seller knew, and what the contract for purchase of the home stated. Seller disclosure laws generally require sellers to disclose material issues relating to the home.
Many, but not all, real estate contracts include a provision allowing some time for a buyer to obtain financing for the purchase of a home. If within the time allotted a buyer is unable to obtain financing and the seller is notified, the contract is terminated and the buyer receives a full return of any deposit. Usually, this right to terminate a contract if you are unable to obtain financing is called a mortgage contingency.
A woman and her husband want to purchase a home with her sister, with the sister paying the down payment and the wife and husband on the mortgage. Buying a home with family members can be a sticky situation, and there are many issues to think through should something not go as planned with either sister. A good real estate attorney can help create a partnership agreement between the sisters in regard to buying their home.
A co-owner refuses to sign refinance paperwork. Who is responsible for the payments? Who is the true owner of the house? What are the owner's options?
Why might a market value for a home be so much higher than a tax assessor's value? It depends on how the tax assessor calculates the home value. Learn about the nuances that tax assessors may consider when determining a home's value.
A home buyer bought a home from a builder she hadn't heard of and found many problems. The builder is now avoiding the buyer's calls to request repairs. The warranty has now expired for the builder to repair problems, and the buyer wonders if she has any recourse.
An investment property owner wants to sell their property to the tenants and offer seller financing. The seller financing will work like an installment purchase, or "lay-away" plan. The installment contract with the seller will include certain provisions that will pay "interest" on the amount owed by the buyers along with payments for all of the costs associated with the ownership of the home. When the time comes to transfer title to the home to the buyer, they will pay off whatever remains on the installment contract. The seller will use part of the cash they pay to payoff the current mortgage.
Why should I purchase title insurance when my house is paid for? Title insurance companies provide the service of searching the public records and furnishing a report called a title insurance commitment. The cost of title insurance varies greatly from state to state. Title insurance should not be thought of a a real insurance policy. Think of it as a cost of selling your home.
