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.
Refinance Or Sue To Get Name Off Mortgage
When you buy property with a partner and you're not married and you haven't signed a partnership agreement, it can be difficult to undo the transaction. To get your name off of a mortgage for a property that you no longer own or live in you need to have the other person refinance the mortgage or sell the home. If the other person refuses to refinance or sell, you may need to go to court to force a sale of the property.
Inheritance Property Sold To Investor, Other Heirs Want Property Back
What should you do if you inherit a portion of a home, but another heir sold his portion of inheritance property to an investor. The other two heirs want to keep the inheritance property and wants to get it back from the investor. Ilyce helps explain how to proceed with this inheritance property, and how to best protect your interests from the investor.
Divorce Could Lead to Eviction from Rental Property
After a divorce is completed, can a spouse be evicted from his home? It depends on where the spouse lives and who owns the property. If the home used to be the primary residence of the married couple and the spouse who lives in the home did not win the home in the divorce settlement he can be evicted. If it's a regular rental property, eviction depends on the terms of the lease. And if there's no lease, it's likely the spouse is living there on a month-to-month basis, which means the landlord must give only 30 days notice for eviction.
Closing Canceled at Last Moment
A young couple was on the way to owning their first condo. On the morning of the closing, the lender calls to say they will not be able to make the loan because the building is a condominium conversion. Ilyce and Sam give the reader advice on how to recover their many expenses and how to avoid this homebuyer nightmare.
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.
Title Unclear After Quit Claim Deed Fraud
What happens when someone executes a quit claim deed to land he or she doesn't own? How long does the rightful property owner have to unravel the quit claim deed? It depends on where the land is located. Each state has its own statute of limitations for title issues such as this quit claim deed situation.
New IRS Rule For 1031 Exchange
Some real estate investors use a 1031 exchange to purchase a residence and defer federal income taxes, but the IRS rules for this type of transaction can be tricky. The IRS recently changed the 1031 law to include a 5 year ownership requirement. When using a 1031 exchange, plan ahead and consult a good accountant.
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.