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 Attorney Will Make Sure Agent’s Deal Is Legitimate
A real estate deal an agent presented to a seller looked unusual, but a good real estate attorney would make sure the deal is legitimate. Ilyce advises a reader who is selling their farm and was approached by his real estate agent with an unusual deal. A real estate attorney will examine the deal and make sure the real estate agent's offer is legitimate.
Difference Of Opinion With Your Lawyer
It isn't unusual for lawsuits, settlements and negotiations to take a very long time. If your attorney is unwilling to listen to you, you must find one that will. Sometimes an attorney and his or her client will disagree on tactics or settlement issues. But if there are fundamental differences of opinion, and you and the attorney cannot agree on how to proceed, then you need new counsel. However, just because you're losing the case, doesn't mean the attorney has done a poor job or does not have your best interests at heart.
Title Not Affected By Name Change After Divorce
When a woman gets divorced and marries for a second time her name may change. Does this name change affect the validity of a house title? No, a house title remains in effect regardless of which name you use. To ensure that a property be transferred to the correct heirs, it's important to go through estate planning including setting up a will.
Verbal Easement Affects Property Inheritance
When neighbors agree to property access through a verbal easement it may pose problems for future property owners. The terms of the easement may be unclear and may affect the use of the property. Easements may allow property access but don't change who owns the property. To fully understand a verbal easement it may require hiring an attorney.
Estate Planning: Joint Tenant Ownership Of Parent’s Home, Or Will Estate Later?
Should you add your name to your parent's house as a joint tenant or whether the home should be provided for in the will as part of your parent's estate planning? Ilyce explains what would happen if you became a joint tenant, such as whether the IRS would levy a gift tax, as the make estate planning decisions. Ilyce outlines several options as far as estate planning, joint tenant ownership, and whether you should purchase the home from your parent and apply for your own mortgage.
Property Tax Refund Depends On Local Laws
Can you get a refund of property taxes if you overpaid due to your home being misclassified by your locality? It depends on where you live and how long it's been between your overpayment and when you bring it to the county's attention. Even if you can't get a refund of property taxes it may be some solace that you know you'll pay the correct amount going forward.
Mortgage Transfer to Relatives Before Giving Home
If you give your home as a gift to relatives without checking to see if the mortgage loan is assumable, as the former homeowner, you are still responsible for the mortgage. The situation is worse if mortgage is still in your name but the deed is in the name of your relatives. As the former home owner, you are responsible for all the mortgage payments, and need to either refinance the mortgage in your relatives' names, or transfer ownership back to yourself.
Seller Disclosure Includes Structural Problems
When you're selling a condominium or another home, it's best to be totally honest in your seller disclosure. Seller disclosure includes structural problems, including any studies related to them. In determining whether to disclose a problem, you should think about whether the issue has been corrected. If it has been taken care of, usually there's no obligation to include it in seller disclosure. If the problem is a recurring problem even after many attempts to correct the problem, then seller disclosure may be required.
Mortgage Denied Due To Low Appraisal
Many, but not all, real estate contracts include a provision allowing some time for a buyer to obtain financing for the purchase of a home. If within the time allotted a buyer is unable to obtain financing and the seller is notified, the contract is terminated and the buyer receives a full return of any deposit. Usually, this right to terminate a contract if you are unable to obtain financing is called a mortgage contingency.