Buying a home is often the biggest single purchase you’ll ever make. But it isn’t just choosing a home to buy that’s complicated. You’ve got to think through neighborhood issues, size issues, and cost issues. Buying a home can also include legal issues, construction or building concerns, and have serious tax implications. Financing your home purchase is another big topic of interest for most home buyers. From this topic page, you’ll be able to find articles and videos that help you understand how to balance what you want in a home with what you can afford to spend. You’ll also be able to refine your search about buying a home by using the topic cloud on the right navigation.
Buying Home With Significant Other
By Ilyce Glink| 2007-07-24T00:00:00-05:00 July 24th, 2007|
A man's girlfriend is buying them a home with her cash but putting her boyfriend on the title. Putting the boyfriend on the title will trigger a lifetime gift tax exemption for the girlfriend. The boyfriend shouldn't have any tax liability, but it is worth a discussion with a tax attorney to see if there is another way to put the boyfriend on the title.
New Construction Includes Landscaping
By Ilyce Glink| 2007-07-19T00:00:00-05:00 July 19th, 2007|
When you buy new construction you may expect the landscaping, including the grass, to be in order. Is landscaping complete when the yard has rocks and holes in it which prevent the grass from being mowed? It depends on the agreement that the home buyer comes to with the builder prior to moving in. If the builder committed a breach of contract by neglecting some landscaping the home buyer may be able to sue.
How Mortgage Lenders Deal With Credits
By GlinkAndTamkin| 2007-07-10T00:00:00-05:00 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.
Condominium Contract: Lose Money In Escrow If Contract Is Broken?
By GlinkAndTamkin| 2017-06-13T11:08:16-05:00 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.
Home Buyer Real Estate Advice: Questions To Answer Before Buying A Home
By Ilyce Glink| 2007-06-15T00:00:00-05:00 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.
Buying Property With Married Friend
By Ilyce Glink| 2007-06-12T00:00:00-05:00 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.
About the Buyer’s Market
By Ilyce Glink| 2007-06-09T00:00:00-05:00 June 9th, 2007|
An economist, an investor, and a home builder talk about the current state of the real estate market. Homes are still selling, though the real estate market has slowed. When $1 trillion in adjustable rate mortgages resets in the next year will determine whether the real estate market slowdown bottoms out this year, next year or at some indeterminate time in the future.
Water In Basement Of New Construction Home
By Ilyce Glink| 2007-05-24T00:00:00-05:00 May 24th, 2007|
A home buyer bought a new construction home that now has water in the basement, and the builder says he isn't responsible. The contracts should say if the builder has to take responsibility for major problems after the warranty has expired on the new construction home. For construction issues, the builder's warranty may only be for one year.
Voided Contract Leads To Suit
By GlinkAndTamkin| 2007-05-06T00:00:00-05:00 May 6th, 2007|
A home buyer was in a contract to purchase a home but was denied financing by the mortgage company. The seller has refused to void the contract and has not returned the deposited money. What is stated in the contract will tell the buyer if the seller has any recourse against them for not securing financing.
Buying A Home For A Dollar
By GlinkAndTamkin| 2007-04-30T00:00:00-05:00 April 30th, 2007|
A daughter bought her mother's home for one dollar and is wondering what the tax burden will be if she sells the home. The daughter will have to pay taxes on the entire sales price of the home, either as income or capital gains tax. Selling a home versus gifting a home have different tax burdens.