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.
Losing My House to Creditors
Should I declare bankruptcy? I've got a ton of credit card debt and I'm worried that my creditors will put a lien against my house. I don't want to lose my house. What should I do?
Selling Land When You Can’t Find One Of The Owners
Here's the scenario. Your mother inherits some land when your father dies. She then becomes "friendly" with a neighbor who is about 25 years younger. She sells her new friend half the land without telling anybody. Now, years later, you and your mother are looking into selling the property, but the friendly neighbor moved away years ago and nobody knows where he is.
Closing Should Include Tax Bill Discussion
What can you do if you receive property tax bills that were the responsibility of a previous owner? The title company who provided title insurance at the closing should be responsible for the costs. The title company certifies that a title is free and clear of all tax obligations at closing. All costs, including taxes, should be determined at closing.
Husband Wants To Sell Deceased Wife’s Share Of Property
A husband wants to sell his deceased wife's portion of a camp she owned with her sisters. He feels that the sisters are unreasonably blocking the sale of the property. The sale of a family camp is not at all about real estate and certainly not about money. It's about finding a way to peacefully part with a large portion of the past. The husband needs a good real estate attorney who can help get everyone to the table, and who can mediate the legal and business concerns each owner will have. Having an outsider should help everyone focused on the sale of the property.
Three Escrows Of Real Estate
In real estate jargon, "escrow" is a confusing word. There are three separate and distinct uses for the word "escrow" in real estate and to those unfamiliar with the intricacies of real estate language, they can be fairly difficult to understand.
New Construction Contract Omits Vacant Lot Definition
A home buyer buys new construction expecting the next door lot to remain vacant per a verbal agreement with the developer. Later on, the home buyer learns that a developer plans to build on the vacant lot next to the new construction. One option is for the home buyer to buy the vacant lot next to the new construction. The home buyer wants to know his options and they're limited since the promise about the vacant lot was not in writing.
Gifting Real Estate With Minimum Gift Taxes
When you're giving property as a gift, do you're homework to minimize the gift taxes. If you want to give real estate as a gift and not pay high taxes to the IRS, you have to take a few important steps, and consulting an attorney will help you take them. Ilyce Glink walks you through the basics of gifting property with minimum gift taxes.
Negotiating A Temporary Easement With A Developer
A homeowner would like a guarantee that ranch-style homes would be built adjoining his property in exchange for granting a temporary easement to the developer. Talk to a real estate attorney before you negotiate with the developer. Bring all of the information relating to your property and to the neighbor's property to the meeting, including pictures of your home and the neighbor's lot. Be prepared to talk honestly with your attorney about your wishes and where you might be willing to compromise.
Pay Off Mortgage, Hold Title In Only Your Name
How can you get the name of a fellow home investor off a deed after you pay off the mortgage to a home? You may initially need a partner to buy a home, but what can you do if you pay off the mortgage and your partner disappears? You likely want the home's title to list only your name when you pay off the mortgage. To change this you'll need to go to court and file a partition lawsuit with the help of a knowledgeable attorney.