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.
Installment Purchase Of A Home
An installment purchase of a home is a process by which you sign a contract to buy a home over time. The seller keeps the title to the home and when you fulfill the requirements under the contract, the seller is supposed to transfer the title to you. To protect yourself with an installment contract for a home, you need to make sure the contract has protections for you as the buyer.
Holding Title As Tenants By Entirety
Titles can be confusing especially in regards to ownership clauses. There are differences and benefits between tenants by the entirety, joint tenancy and tenancy in common. Some real estate attorneys feel that married couples have even better protection with tenancy by the entirety than with joint tenancy with rights of survivorship.
Ilyce Glink on WSB Radio – November 13, 2005
Ilyce starts the show by disclosing her longstanding desire to buy a big screen TV. Her husband Sam says just move closer to the TV, but it looks like Ilyce will be buying anyway. Ilyce offers holiday shopping tips for those who are in the market for a big screen TV. She also discusses all sorts of other personal finance, real estate, and consumer advice issues -- and answers questions from callers.
Capital Gains Tax Depends On Market Value
When you sell property that's an inheritance how much capital gains tax do you owe? It depends on the market value of the home when you inherited it and how long you own the home after the inheritance occurs. A typical capital gains tax rate is 15 percent. You may also want to consult with a real estate attorney to determine the cost basis and capital gains tax.
Slow Lenders May Not Be Enough To Cancel Contract
These home buyers wonder if they can cancel a contract with a builder because the builder's affiliated lender is moving too slow. The buyers will have to look at the details in their contract to determine if they can cancel it. Most contracts would require you to give the sellers written notice that you didn't get financing and tell them that you are terminating the deal.
Refinance Balloon Loan? Or Pay Off With Equity From Primary Residence?
Can you refinance a balloon loan on a second property and if you are worried that interest rates are going up and that he should refinance before the loan comes due. Ilyce Glink suggests waiting to refinance until the balloon loan is due. You could also pay off the balloon loan with equity from your primary residence.
Architectural Details
The devil is in the details. "Inside the Not So Big House" by author Sarah Susanka, explains that a key takeaway for new homebuyers is to think quality, not quantity. Susanka believes architectural details can transform your home into your dream home, and she shows you exactly how to do it.
IRS May Want Equity Forms For Quit Claim Deed Transfer
What do you have to do in terms of taxes if you gift your share of a property using a quit claim deed? It depends on how much equity you own in the property. If you have less than $11,000 in equity in a property you likely don't have to do anything. If you own more equity than that, then you may have to file forms with the IRS describing the value of your share of the property that you quit claimed. An accountant or estate planner should be able to help you determine the tax implications of signing a quit claim deed.
Renting Apartment Instead of Buying Condo
If you're debating over continuing to be a renter or buying a condominium, you need to assess your short and long-term goals. Short term - what do interest rates look like? How do you want to use your current resources - building equity or having the money to travel? Long-term goals include where you'll want to retire and if you want to have an asset like a condominium to help support you in retirement.
Sarah Susanka Interview
Sarah Susanka, author of the "Not So Big" books, talks about getting a good house for less money, and building the best home for your lifestyle.