Have real estate questions? Here, you’ll find helpful articles and other resources that cover issues related to real estate, buying, selling, financing, refinancing, credit and debt, insurance, second homes, vacation homes, real estate investment, new construction, and renovation.
Penalties For Backing Out Of Contract
What happens when you can't get financing after making an offer to buy a home? You may have second thoughts and want to back out of the contract. However, the sellers could sue you and keep your earnest money. Make sure you read your contract carefully and find any clauses about financing that could allow you to change your mind.
Research Overpayment Of Closing Costs
A homeowner purchases a vacation home in another state and has realized that some of the closing costs were paid by both the bank and the escrow company. Now the buyer is wondering if she was double billed, if it was an expensive lesson, or if she can get her money returned. Before the buyer accuses the lender of double-billing, she needs to make sure she understands the closing statement and fees and understands what she paid for at closing and what she paid for prior to closing.
Revocable Trust And Title Insurance
When you put a property in a revocable trust, you also need to be sure the title insurance policy coverage is changed. Title insurance assures the lender that you own the home free and clear, with no liens on it. When a home buyer sells the property, the subsequent buyer should buy his or her own title insurance.
Smart Year-End Money Moves
Are you and your money ready for the New Year? Here are some smart money moves that you can make that will save you big-time in April 2006.
Protect Home With Estate Planning
Estate planning is crucial to ensuring your family's safety upon the death of a family member. When you live in a home but your name is not on the home's title you risk losing that home if the people who are on the title decide to ask you to move out. When property is co-owned with family members, it's important to structure property ownership in a way that protects you in case they pass away.
Understand Purchase Contract Contingencies
In purchase contracts with contingencies, like financing contingencies, sellers will often insert a "kick-out" clause. The kick-out clause means the seller can accept your offer, but if a better or "cleaner" (meaning without contingencies) offer comes along, the buyer has a limited period of time (usually 24 to 48 hours) to withdraw or satisfy the contingency or the seller can cancel the contract and sell to the other buyer.
Estate Planning Helps With Real Estate Decisions
When your family owns several real estate investments, it's important to do thorough estate planning so that the wishes of those who own the properties are met. How can you balance a property that needs repairs with ensuring an elderly relative's medical costs are still met? An estate planner can help decipher the tax laws and help make good decisions for the property owner and the children who stand to inherit the home.
Student Loans Affect Preapproval For Mortgage
After you graduate from college, or drop below half-time enrollment, you will need to start repaying your college student loans. If you have a Federal (FEEL) or Direct Stafford Loan, you'll need to begin repaying your loans after 6 months. If you have a Federal Perkins Loan, you'll have to begin repaying your loan after 9 months. You may opt to begin repayment at any time. When applying for a mortgage, the lender will take student loans into account.