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Home Buyer Closing Costs Updated

By | June 30th, 2009|

Now more than ever, buyers need to be aware of buyer closing costs on the purchase of a home. Here's an updated detailed look at many of the closing costs you might have to pay as a buyer when you buy a home. If you are charged a closing cost that isn't on this list, please add it in the comments section.

Transferring Ownership Of Home Between Family Members

By | June 26th, 2009|

Transferring home ownership between family members can be problematic. Often, family members help each other out with a signature or by putting their name on the mortgage. However, you need to consider more than just a quit claim deed to transfer a title. Who is responsible for mortgage payments? Whose credit score will be affected by thy home loan? What happens if someone passes away? Who will inherit the property?

Seller Closing Costs Updated

By | June 24th, 2009|

Seller closing costs generally come as a surprise to home sellers, particularly when home sellers find out that they’ll have to pay anywhere between 2 to 7 percent of the sales price in fees and costs. Here's an updated list of closing costs you may incur when you sell a house.

Moving And Applying For A Mortgage Without A Job

By | June 18th, 2009|

If you are moving to another state, and looking for a new job, wait until you have found that new job before applying for a mortgage and buying a new home. In the current economic crisis, lenders are more cautious about approving mortgage loans. Lenders will require extensive documentation and will require confirmation from your employer of your status of employment. Make sure you talk to a mortgage lender or mortgage broker about your move and job prospects before buying a new home or applying for a mortgage. Or you may find you're unable to get to the closing table.

What Does Buying a Home in “As Is” Condition Really Mean?

By | June 4th, 2009|

When you buy a home in "as is" condition, you're buying it the way it stands. But for some home buyers, "as is" condition is a little confusing. They're not sure if it means they can go back and sue the sellers if something is wrong physically with the house, or if the house also comes with the furniture and fixtures the way they saw it when they made their offer. What does buying a home in "as is" condition really mean?

Capital Gains Tax Changes If Primary Residence Includes Rental Property

By | April 30th, 2009|

Renting out part of your primary residence will change how your capital gains tax is calculated when you later sell. If you didn't have a rental property as part of your primary residence, you could save taxes on up to $250,000 of profit from the sale, if you're single. When you have a rental property as part of your primary residence you have to consider what percentage of your property is considered the rental property and your capital gains tax will change. How you use a property affects what kinds of tax deductions you can take and also how much capital gains tax you pay upon sale. You should consult a tax preparer for more advice when you have a rental property as part of your primary residence.

Cancel House Contract Before Closing

By | March 20th, 2009|

If you decide to buy a house and change your mind just before closing can you get out of your home purchase contract? It depends on the contract and the reason that you want to cancel your home purchase. You may or may not be able to get your earnest money or down payment money back when you cancel a home purchase contract. To understand what to do it's advisable to contact a real estate attorney who can review your contract.

Purchasing For Sale By Owner Land Starts With Offer To Purchase Contract

By | March 17th, 2009|

When making a for-sale-by-owner real estate purchase, it's important to have a real estate attorney who can assist you in the process and put together an "offer to purchase" contract. An attorney can ensure that the proper information is included in an offer to purchase contract. The attorney will provide legal advice about the offer to purchase contract and navigate other concerns when purchasing real estate that is for sale by owner.

How To Sell Property With Multiple Owners

By | March 13th, 2009|

As you get older, in order to protect your property, you may want to transfer property titles to your children's names. When you transfer title to property before you die you may see your children fight about the property and whether to sell it. If your children feel one of their siblings is getting a free ride or cheating, the property situation could get ugly. To sell the property your children may have to involve a real estate attorney who can help with a partition lawsuit or enable swapping property.

Estate Must Make Mortgage Payments, Not Heirs Of Inheritance

By | March 13th, 2009|

When you inherit property with a mortgage, paying off that mortgage loan is the responsibility of the estate, not the heirs. If the estate lacks the money to pay off the mortgage and the bank decides to foreclose, it should not negatively affect the credit histories of the heirs. While the heirs could do a deed in lieu of foreclosure with the mortgage lender, that action would not affect the original mortgage loan whose non-payment triggered the foreclosure to begin with.

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