When you build a new home it's critical to understand the property lines. What happens if the builder creates your driveway on property that's not yours? You have to figure out who made the mistake and that party may be liable to fix it. You need to look at surveys, easements and the contract you used to buy the property. Then you can contact a real estate attorney to resolve this property mistake.
Prepayment penalties are illegal in some states, but they are still legal under Federal law. Also, they are only illegal for certain types of loans. As far as owner financing goes, some states permit owners to charge a prepayment penalty, and others do not.If you payoff the loan early, the lender loses the money it would have made in the future. With that in mind, many lenders protect themselves from early prepayments on loans by forcing the homeowner to pay a penalty if he or she decides to pay off the loan before the end of the loan term. These penalties are known as "prepayment penalties."
A parent helps out a son with the down payment on a condominium. Learn why one should avoid making this an investment property and how to plan for the condominium in the estate.
When you pay off a refinanced mortgage you may be hit with several fees. There are a number of fees the mortgage lender charges when a homeowner pays off the mortgage, such as processing and faxing fees. Learn what the fees associated are with paying off a refinanced mortgage.
Does paying property tax on a family member's property give the tax payer ownership? Generally, the payment of real estate taxes alone is not sufficient to give the tax payer ownership rights to a property. In addition to paying property taxes, you likely should have lived in the home and paid for its upkeep.
Owners believe a new construction home has a furnace that is too small. Having the furnace checked out by a heating contractor will help assess if it is an adequate size for the new construction home. A home inspection on this new construction home would have ensured any problems were found up front.
How can you find the selling price for a home? In most cases, when a property is listed for sale through a real estate broker or salesperson, the sales information is entered into the multiple listing service (MLS) for future use. The sales price may also be found on the Internet or the county recorder of deeds.
It's generally not a good idea to get a mortgage loan with a prepayment penalty because even if your loan gets sold, the penalty remains in effect. Learn how prepayment penalties are calculated by mortgage lenders. Also be aware that prepayment penalties can kick in when you sell your home at closing.
Before you go to closing, ask about your title insurance protection, and be sure to protect your home with an owner's title insurance policy. Just because there is a title commitment does not guaranty that the seller can convey "good" title to a buyer. If the title company has done a good job searching the title to the property, you, as the buyer, will have a good understanding of the issues that will affect your title.
A father wonders if he can do a 1031 exchange and rent back the newly purchased investment property to his struggling son. Sam discusses the details of the 1031 exchange commonly known as Starker trusts, the IRS rules behind them and how they apply to investment property. One key point: a good real estate attorney will help you navigate the IRS tax rules about a 1031 exchange and how it applies to investment property.
