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.
Real Estate Gift Must Include Willing Receiver
Giving the gift of real estate or investment property requires a willing giver and a willing taker. A person cannot gift property if the person they are giving to declines the real estate gift. If the receiver accepts the gift, he or she is responsible for all taxes, fees and payments associated with the property.
Sub-Dividing Lot Before Sale
A homeowner wants to retain part of their lot before selling the home to a family member. Talk to the local zoning department of your municipality to find out about minimum acreage requirements and any other restrictions. The sub-division should definitely be included in the real estate contract, and a real estate attorney should be consulted before any deal is finalized.
Real Estate Attorney Best For Help With Real Estate Fraud
What should you do if you believe you are a victim of real estate fraud. Ilyce and Sam advice her to consult with a real estate attorney who can untangle the mess caused by the real estate fraud. Besides getting a good real estate attorney, Ilyce and Sam suggest filing a complaint with the real estate company who perpetrated the real estate fraud.
Condo Closing Incurs Extra Fees
Who pays closing costs? A couple asks for real estate advice after incurring costs in a closing that they believe they should not have had to pay. The closing attorney charged an extra fee and the closing was delayed by four months. Who is responsible for these additional costs?
Pay Off Mortgage In Full
Homeowners receive a monthly statement from their lender indicating what they owe on their loan, and how much interest they're paying. They think that if they pay the balance due, they will pay off the loan. But the payoff is usually more than what is indicated on the statement. The lender's monthly statement does not typically include interest owed from the last payment date. You will need to order a "demand letter" or a "payoff letter" from your lender to calculate the exact amount needed to pay off the loan in full.
Real Estate Agent, Attorney Can Help Buy Property
While you can look at real estate without a real estate agent, it's usually helpful to have one. You can work with either a buyer's agent or a seller's agent. And when you're ready to finalize your real estate purchase you should hire a real estate attorney as well. Learn about the benefits of hiring real estate professionals.
Role of Real Estate Attorneys
Buyers should strongly consider using a qualified, experienced real estate attorney whenever buying property. It may be single largest transaction of your life. Why take the risk that something might go wrong? While you may not need the attorney in most cases, you never know when a deal is going to go bad.