The Ask the Real Estate Lawyer column by Samuel Tamkin answers your questions about real estate and the law. These helpful articles by Ilyce Glink and real estate attorney Samuel Tamkin cover all sorts of topics, everything from buying a vacation home to selling investment property.
Property Tax On Home In Foreclosure
When a bank forecloses on a property the property owner remains responsible for the property taxes. Banks set up tax escrow accounts to pay property taxes, but when home owners fail to make mortgage payments the escrow money may be used to make mortgage payments. If there's no escrow account, the home owner has direct responsibility for paying property taxes.
Breach Of Contract Due To Pool Water Damage
What can you do when your earnest money gets held up due to a damaged pool? It's up to the seller to disclose water damage and if he doesn't the buyer may have to hire a real estate attorney to get his earnest money back from the seller. Learn about breach of contract and seller disclosure in this situation.
Selling Your Home Requires Proof Of Ownership
When you buy a property it's important to have your name on the title and mortgage, if you have one. If you buy a property with a family member and later decide to sell, but you have no clear documentation showing you're the owner, it could be a problem. Learn the legalities of determining a home's owner to enable selling a home.
Understanding Seller Disclosure Law
Most states have seller disclosure laws requiring the seller to disclose to buyers know material defects in the home. Seller disclosure laws give a buyer a fair chance at knowing what the seller knows about his or her home when it comes down to material defects in the home. Some states require a buyer to sue the seller for that failure to disclose within one year of the closing on the home.
How To Determine Your Property Line
If a neighbor is encroaching on your land or trying to claim some of your property as his own, you need to determine where your official property line lies. If you want to know what is the official boundary between your property and your neighbor's, you can hire a surveyor to survey the land and stake the corners of your land and mark the edge of your land that is at issue. You can also go to the tax assessor's office and compare the map of your property with the survey that you paid for.
Home Seller Needs Real Estate Attorney To Help With Selling Process
A home owner in Chicago has been offered to sell her home through a real estate consultant. Ilyce warns the seller that she should get several appraisals and hire a good real estate attorney. A real estate consultant may be trying to scam the home seller out of a commission, and a real estate attorney will help the home seller figure things out.
Fake Appraisal Constitutes Real Estate Fraud
When you sell your home an appraiser will conduct an appraisal to help the lender determine how much of a mortgage loan to grant to the home buyer. It's illegal for a home buyer to get a mortgage in excess of the home's sale price, especially if the mortgage loan is based on an inaccurate appraisal. When the home buyer wants the home seller to return some of the mortgage loan money it may become fraud. In a situation such as this it's critical for the home seller to contact an attorney.
Home Sale Falls Through
A home seller had a sale fall through and weren't told until after the closing date, resulting in many problems. If the buyer didn't notify the seller under the terms of the contract, the buyer may be in default under the contract. The contract may allow the seller to sue for damages caused by the sale following through.
Selling A Home Fails Due To Square Footage Inaccuracy
When you're selling your home, you'll need to tell prospective buyers how much square footage your home has. Careful buyers may do their own square footage calculation when they want to buy a home. There are many ways to calculate the square footage of a home you're selling.