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.
Seller Disclosure: Damage After Home Inspection And Closing
What is the seller's responsibility as far as seller disclosure once the home inspection and closing are over? Does seller disclosure still apply, if hail damages the home after the buyer has the home inspection and closing. Months after the home inspection and closing the buyer is still trying to get the seller to file an insurance claim.
Capital Gains Taxes And Selling Real Estate
Homeowners will get a tax break in the form of capital gains if they sell real estate 2 years after its purchase date. The capital gains tax law allows homeowners to take the first $250,000 for a single homeowner or $500,000 for a married couple tax free, if they've lived there for 24 months before selling real estate. The capital gains tax break is worth it to the homeowner if they can live in the home for 2 years before putting the real estate up for sale.
High Cost Loan Act
According to one report, U.S. borrowers lose more than $9 billion each year because of predatory lenders. But new legislation could help stop many homeowners from losing their homes.
The Real Estate Investor’s Tax Guide, 4th Ed.
The Real Estate Investor's Guide by Vernon Hoven helps real estate professionals and property owners understand the complicated area of real estate in...
How To Solve Rotten Neighbor Problems
Rotten neighbors can really bring you down. Read some advice about rotten neighbor problems, including picking up a copy of Neighbor Law by attorney Cora Jordan. You can likely talk to your neighbors before you have a serious dispute.
Second Thoughts On Timeshare
Timeshares are a horrendous business for consumers as there is typically is no ability to resell or even abandon the property (without causing huge problems for your credit history). Consult a real estate attorney to find out about your options for getting out of timeshares.
Report Bad Builders To Local Authorities
After buying a newly built home, a couple discovers many problems and has a missing builder. The local county commissioner will be a big help in getting the builder to make the repairs. If the builder is doing any new construction in the county, and if the commission finds a pattern of problems with the builder's homes, have the commissioner's office yank his building permits. That should put him in serious enough financial trouble to get his attention.
Seller Disclosure Includes Pipes That May Cause Water Damage
What can you do if you buy a home and later discover something was omitted from seller disclosure? If the seller or the home inspector fail to mention that your home has polybutylene plastic water supply lines and crimped fittings you may be able to collect money as part of a class action lawsuit. The polybutylene pipes should have come to light during the home inspection or as part of seller disclosure.