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.
First Time Home Buyer Gets Inadequate Seller Disclosure
When you're a first time home buyer one of the choices you need to make is what kind of real estate agent you want to work with. If a real estate agent represents both the buyers and the sellers that person is called a dual agent. In addition, the sellers are obligated to tell you about any unusual about the home as part of seller disclosure. If they omit something, such as a septic system that's off the property, you may have to contact a real estate attorney.
Commercial Real Estate Tenant Doesn’t Pay Rent
What can you do when you own commercial real estate and your tenant doesn't pay rent? How can you evict the commercial real estate tenant? Eviction laws vary by state and some attorneys specialize in evictions for commercial real estate.
Consult Attorney To Document Property Ownership
When elderly parents own a home and one of them passes away, it may put the home's ownership into question. How can the surviving parent and children ensure the home ownership is fair? Consult with an attorney to document the home ownership in a way that takes into account all family members.
New Construction: Pay Attention To Vacant Lots
When you're building a home next to a vacant lot you need to be aware of plans for the property next door. What can you do if the builder of new construction in your neighborhood follows different plans? It helps to talk with a real estate attorney to understand your recourse when you build a home and then plans for the vacant lot next door change.
Rental Property As Tax Liability
Homes used as rental property are considered investment property by the IRS. As an investment property, you can either pay the taxes owed upon sale of the property, or defer the payment of real estate taxes due upon the sale. If you choose to defer the taxes you owe, you'd utilize Section 1031 of the Internal Revenue Code.
Warranty Deed To Remove Name From Deed
In simple terms, a quitclaim deed transfers any interest a person may have in the property without making any representations as to whether that person owns the home or not. A warranty deed performs the same task but gives the buyer (or person receiving the title) a representation that the person signing the deed and conveying a property has an interest in that property to convey. Most people use quitclaim deeds to transfer title between themselves. Sometimes, and for obscure title insurance purposes, it may be better to use a warranty deed.
Become Landlord Or Sell Home After Quit Claim Deed?
When you get a home via a quit claim deed and then have to move out of state for work you're faced with a decision. Should you sell the home you received through a quit claim deed or should you try to keep it as a rental property? The decision to be come a landlord or to sell a home depends on whether you have enough money to maintain the home or feel that you can find a good tenant. You should also take tax considerations into account.