When a real estate agent uses a lockbox on a property - is the seller receiving subpar service? Many real estate agents use lockboxes on properties so that the seller or agent does not have to be present when a home buyer wants to tour a house. But others believe agents should try harder to attend the showings or send a representative to show how much value they're adding to their commissions.
Mortgage companies have made it difficult, if not impossible, to tell what's a true cost and what's a junk fee. Home buyers are being charged for things that should be included in the profit the lender is making. Lenders have tried to counter the closing cost discussion by introducing mortgages that are "zero closing cost."
Filling out a quit claim deed for a limited liability company is not difficult, but it must be done accurately. The best way to make sure your quit claim deed is filled out correctly is by consulting a real estate attorney. Another important aspect of filling out a quit claim deed, is checking with your title company to make sure the LLC is covered under your title insurance. Using a quit claim deed to convey a title to an LLC may cancel any coverage under the original title insurance policy.
If homeowners don't pay your real estate taxes, the tax collector can seize your house and sell it for the back taxes that are owed. In most places, the taxes have to have been unpaid for at least a year or two and the homeowner has the right to catch up on the taxes by paying the interest that has accumulated plus any penalties or fees. The catch is, there is a period of time where the homeowner has the right to catch up with the back taxes payments and pay you back your investment plus interest.
It takes buyers and sellers to make a real estate market work. But increasingly, it looks like buyers are sitting back and taking stock. The real question is when will buyers get in the game? For now, however, buyers seem to be sitting on the sidelines, waiting for something to motivate them to action.
Understanding who represents your interests in a real estate deal is essential but often confusing. States have tried to get around the representation issue by coming up with laws that require buyers and sellers to sign documents acknowledging who represents who in the deal. Agency disclosure agreements require the buyer to sign off on a document in which the agent states that he or she represents the buyer because he or she is a buyer's agent.
