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.
Should Seller Have Disclosed Water Damage In House?
Most states have seller disclosure laws. These laws require a seller to disclose to a buyer known material defects in the home. The first issue is to determine whether the seller knew of the leak and should have disclosed it.
Breach Of Contract Puts Earnest Money At Risk
What are your options when you're selling a home and the buyer puts down earnest money and later delays the closing? Can the seller keep the buyer's earnest money if the buyer has not met his or her contract obligations by delaying closing? Yes, but getting the earnest money requires keeping a good paper trail!
Paying Points When Refinancing
When taking out a first mortgage or refinancing, you may want to consider paying "points." A "point" is one percent of the loan amount, typically paid in cash to the lender as a fee. There are several different kinds of points. There are "discount points," where every point you pay lowers your interest rate by a certain amount. The lender may charge you a point or two as a flat fee as well.
Real Estate Deals Need To Protect Family Members
Sometimes the relationship between parent and child is not enough to save a real estate transaction. Even between family members, you need to have a signed ownership agreement that documents the ownership arrangement. Threatening to withhold inheritance from the child may help this mother get back the proceeds from a mobile home sale.
Refinancing Changes Names On Mortgage Loan
When you sign a quit claim deed you give up your rights to ownership in a property. If you're on the mortgage for that property you're still liable for mortgage payments. If you're on a mortgage and someone else agrees to make payments and then doesn't it will affect your credit score.
Hire Real Estate Attorney When Buying Or Selling
When should you hire a real estate attorney? States do not require real estate attorneys to participate in buying or selling transactions so it's up to you. It's a good idea to hire a real estate attorney when you're not familiar with the nuances of a buying or selling contract for real estate.
Real Estate Agent Promises To Find Job For Buyer
Be careful if a real estate agent promises to find you or your spouse a job in order to secure a home sale. If a real estate agent promises to find you a job, makes the sale and the job falls through or never existed, you may want to complain to the National Association of Realtors. A situation like this could lead to mortgage fraud, if inaccurate income is shown on a mortgage application.
Selling Commercial Real Estate And Tax Deduction
When you want to sell commercial real estate to a non-profit such as a church, the group may not be able to pay you full property value. What can the non-profit do to make the commercial real estate sale worth it for the seller? The group may be able to offer the seller a tax deduction in exchange for a cash contribution in addition to the property. It's important to involve an attorney in the transaction.
Canceling New Construction Real Estate Contract
Can I cancel a real estate contract? A reader that wants to walk away from a real estate deal because there are too many issues with the house, builder, and real estate agent. However, you usually can't just terminate a contract. The buyer must determine if the problems are enough to truly prevent occupancy.