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Buying a House

Contract Importance: Rebate Part Of Buyer’s Agent Commission Was Oral Agreement

By | July 13th, 2007|

What happens if you make an oral agreement, instead of a written contract, where the agent would rebate part of the commission in the purchase of a condominium? If the agent does paying the rebate, then you don't have a written contract to back up your claim. Ilyce explains that oral agreements often don't hold up in real estate law, unlike written contracts, and suggests using a real estate service such as BuySide Realty.

How Mortgage Lenders Deal With Credits

By | July 10th, 2007|

A buyer is purchasing an apartment building and the seller has agreed to give him a credit for repairs. A lender might not like the idea of taking a credit in this purchase. An escrow account might be used to pay repair contractors directly.

How To Buy A Home When You Have A Poor Credit Rating

By | June 29th, 2007|

A prospective home buyer wants to purchase a home but has a poor credit score. The good news is that time will heal all credit history wounds. You can start cleaning up your credit by getting a copy of your credit history and score from each credit reporting bureau.

Condominium Contract: Lose Money In Escrow If Contract Is Broken?

By | June 25th, 2007|

Will you lose money in an escrow account, if you try to get out of a contract to purchase a preconstruction condominium? What will happen to the money held in escrow for the contract on the preconstruction condo. Ilyce and Sam explain what the possibilities are for getting the money in escrow back from the preconstruction condo contract.

Broker Gets Commission At Closing

By | June 23rd, 2007|

Real estate agents are often active real estate investors because they're in a position to see a great piece of property almost before anyone else. Agents will get their share of the commission at the closing, which is akin to a slight discount for the agent.

Buyer’s Responsibility To Change Utilities After Closing

By | June 16th, 2007|

When you buy a home you are responsible for having the utilities turned on in your name. Assuming the utilities will roll over or stay turned on can lead to damages if they get turned off in between occupants.

Home Buyer Real Estate Advice: Questions To Answer Before Buying A Home

By | June 15th, 2007|

Ilyce gives real estate advice and answers the questions every home buyer should ask before buying a home. Home buyers should ask themselves how long they plan to stay in the home, and how much time and effort they want to invest in the real estate the purchase. Ilyce also advises potential home buyers to know the seller and why he or she is selling, it could result being able to make a lower offer.

Home Inspector Failed To Find Damages

By | June 14th, 2007|

A home owner bought a house that has several problems. The home inspector did not include any of the issues in his report. Some home inspectors are better than others, but one thing is always clear in a home inspection, if the problem is not visible, home inspectors can't pry walls open to inspect the insides of a home. If the issues you have raised should have been uncovered by a competent inspection, you have a good claim against the inspector.

Buying Property With Married Friend

By | June 12th, 2007|

A woman bought property with a friend that is married but separated from his wife and wonders if the wife could have legal claim to the property. If there is a partnership agreement between the woman and her friend, she may have an interest in the partnership that controls the land. If the friend has a claim against the property for the money he paid, then his spouse may as well.

Buying Property After Graduation

By | June 11th, 2007|

A soon-to-be college graduate is planning on buying a condo with some of his student loan money for the down payment. Interest rates on student loans aren't that low, and the money will need to start being paid back six months after graduation. This grad needs to calculate his debt, income and expenses to determine if it's really the right time to buy a home.

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