real estate attorney: How Do You Find A Good Builder For A New Construction Home?
- 08/24/10 08:45 AM
Q: We had signed a contract with a national builder about three years ago but it fell through. Now we are in the market again and want a builder to build us a specific new home in this subdivision we like.
We’re worrying that the builder’s contract is one-sided. It requires us to use arbitration, which our side would probably never win on most discrepancies.
Most builders will not accept suggested changes. What would you do? How do we know if we can trust our builder?
A: When it comes to real estate, trust is kind of a loaded word. I … (1 comments)
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real estate attorney: Handling A Homeowners Associaton Dispute Over A Fence
- 03/04/10 05:40 AM
What's the best way to handle a dispute with your homeowner's assocation? Should you hire an attorney, or try to save on costs through mediation?
If your issue is a fence issue or dispute with the association, you should research the issues involved; determine the costs at stake and then get advice from an attorney. An attorney can help you figure out if mediation is a possibility, and inform you of your rights and options for dealing with the dispute.
Read the full article online at ThinkGlink.com
… (1 comments)
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real estate attorney: Title Insurance May Not Save You If You Bought The Wrong House
- 02/11/10 08:46 AM
We always say that you should make sure that you obtain a title insurance policy when you purchase a home. That protection is usually quite valuable.
However, if you do not use a real estate attorney and think you are buying one thing when you actually are buying another, you may be out of luck. When you are purchasing the most expensive thing in your life, you should probably hire a real estate attorney. And if you are not going to hire a real estate attorney, you should make sure you have a pretty good understanding of what you are buying … (2 comments)
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real estate attorney: Short Sale and Real Estate
- 02/10/10 09:13 AM
When it comes to buying any piece of real estate, you should always make sure to surround yourself with a competent real estate agent, real estate attorney and mortgage lender. Know the basics of real estate buying, especially if you're thinking of buying a short sale or foreclosed home.
The buyer of a short sale property might not only be responsible for unpaid real estate taxes, but might be required to pay off other liens that are attached to the property.
Take the time to dig through terms regarding liens with your real estate attorney and be sure everything is paid … (0 comments)
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real estate attorney: Should You Pay Spouse's Mortgage Debt After Their Death?
- 09/10/09 09:15 AM
Q: Am I responsible for my deceased husband’s mortgage debt? My name was not on my spouses mortgage debt when he died. Can the mortgage company hold me responsible for this debt?
A: My condolences on the loss of your spouse. It’s unlikely that the mortgage lender can hold you responsible for your spouse's debt after his death. Your deceased husband’s estate is responsible for the debt on the house. If his estate has assets to pay off the debt, the estate may have the obligation to settle those debts.
If you want to keep the house, you will have … (2 comments)
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real estate attorney: Seller Disclosure Problems May Not Be Worth Time, Money & Effort to Fix
- 08/27/09 04:56 AM
In most states, sellers are required to deliver a written disclosure to a buyer identifying all known major defects in a home. Some states have lengthy seller dislcosure forms for sellers to fill out while others may have a one page seller disclosure form.
Some states provide that if a buyer can prove that the seller lied on a seller disclosure form, the buyer not only can get damages from the seller to correct the item but can also recover any attorneys fees spent in going after the seller.
Seller disclosure cases often hinge on the buyer being able to prove … (0 comments)
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real estate attorney: Use A Real Estate Attorney Even When Selling By Owner (With Video!)
- 04/18/09 02:12 PM
An experienced real estate attorney can usually help out with any real estate transaction, but a real estate attorney might be especially useful if you are selling your own home. When completing a FSBO sale, a real estate attorney can help protect you and make sure everything is done right, according to the law. Don't get tripped up on contracts and the legal aspect if you've already made a successful FSBO sale. … (0 comments)
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real estate attorney: Home Loan: Refinance Or Pay Off Mortgage Loan To Remove Name
- 04/17/09 11:19 AM
When you buy a home with someone, regardless of what type of home it is, the only ways to remove yourself or the other party from the mortgage is to either refinance or to pay off the mortgage loan.
While you can ask the mortgage lender to remove one of the name's it's unlikely the lender will agree to do that without refinancing. Learn about what to consider when the property whose mortgage is in question is a manufactured or mobile home by reading the experience of one of my readers.
Question: I have a 30-year old daughter. About one year … (0 comments)
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real estate attorney: How To Sell A Property With Multiple Owners
- 03/15/09 03:50 PM
As you get older, in order to protect your property, you may want to transfer property titles to your children's names. When you transfer title to property before you die you may see your children fight about the property and whether to sell it.
If your children feel one of their siblings is getting a free ride or cheating, the property situation could get ugly. To sell the property your children may have to involve a real estate attorney who can help with a partition lawsuit or enable swapping property.
Here's the story of one Think Glink reader, also available on … (2 comments)
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real estate attorney: Home Inspection Problems May Lead To Seller Disclosure Lawsuit
- 02/28/09 05:39 AM
When you're buying a home you should have at least one home inspection that includes a look at the septic system. What's found during that home inspection depends on the caliber of the home inspector you hire.
If you discover problems with your septic system after the home inspection and after you've taken possession of the home, it may be a case of inadequate seller disclosure and you may be able to sue the seller for not telling you about the septic system problems.
It happened to one of my readers...
Question: Two years ago, I bought a home to remodel … (2 comments)
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real estate attorney: Did You Know A Homeowners Association Can Sue You For Dues?
- 02/24/09 02:26 PM
When you live in a community with a homeowners association you have to pay dues.
If you don't pay your homeowners association dues, the HOA may start charging you fines in addition to the dues. If you fail to pay the dues and fines in a timely manner, the homeowners association can take you to court.
It happened to one Think Glink reader:
Question: Can a homeowners association require you to pay all of your late dues and fees within 30 days and then take you to court if you don't? Thanks for your time.
Answer: It's entirely possible that your … (6 comments)
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real estate attorney: Short Sale Hurts Home Buying Ability
- 02/13/09 06:49 AM
In a tough real estate market, it might seem as though a short sale would make sense. A short sale is when you sell your home for less than what you owe your mortgage lender. Your mortgage lender agrees to write off the difference in a short sale. But a short sale still has a negative effect on your credit and can become an issue if you try to buy another home in the near future.
Question: My daughter in California owns a home that is worth less than her mortgage. Should she see if she can do a short … (5 comments)
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real estate attorney: How To Handle Missing Mortgage Payments
- 02/06/09 06:53 AM
Question: I'm a married father of two who finds himself in a very ugly financial position, like a lot of my fellow Michiganders.
I'm out of work, unable to pay my mortgage and starting to get notices from my primary lender and secondary (equity) lender. I am approaching three months of non-payment on each of my mortgage loans.
I worked in the advertising industry that relied solely on the auto industry. In the last three years I have been the unfortunate victim of three mass layoffs, each with a different agency. The first layoff, which lasted four months, dented us financially. … (0 comments)
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real estate attorney: When You Inherit an IRA, What Taxes Do You Have to Pay?
- 01/21/09 04:46 AM
The income tax you pay on an inherited IRA depends on how you receive the money. If you receive the money immediately upon the IRA owner's death then you'll be taxed at your regular income tax rate. If you roll the IRA money into an inherited IRA you have up to five years to withdraw the money and pay taxes at a marginal rate.
Question: My mom passed away and left some assets including her IRA valued at $78,000 to me and my two sisters. How much is the IRS likely to tax us? I've heard scary figures like 65 … (3 comments)
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real estate attorney: Fire Damage Jeopardizes Short Sale
- 10/04/08 05:59 AM
Summary: A ThinkGlink reader writes that fire damaged a home he bought in a short sale. While the home seller had insurance, the insurer had the seller make the repairs. The home buyer worries the repairs are substandard but there's no building code for the home's location. What can the seller do to get out of the contract? Ilyce suggests contacting a real estate attorney to figure out his options.
Q: We have a contract on a short sale home. We were supposed to close on July 30th, but the upstairs of the home caught fire. Amazingly, the owners had insurance … (0 comments)
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real estate attorney: Real Estate Contract: Who Makes the Offer?
- 09/11/08 04:22 AM
Q: Our real estate agent informed us that she has a buyer for our home at the full asking price. There is a stipulation that we must offer the house at the asking price to the buyer, not the other way around. Do you know anything about this practice and why it is used?
A: I think this sounds very curious. Is it possible that you have misunderstood the agent? Or, does this strange turn of events have to do with her representing both sides of the transaction?
Generally a buyer comes to a home, sees a home and decides to … (0 comments)
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real estate attorney: Monthly Payments On Mortgage Exceed Refinancing Terms
- 08/11/08 04:27 AM
Summary: A home owner says she tried to refinance her home and arrived to the closing to find her monthly payments on her new mortgage would exceed the original refinancing terms. She cancelled the refinancing because the monthly payments on the new mortgage would be too high. The lender now wants her to pay fees even though she did not go through with the refinancing to change her monthly payments on her mortgage. Does the home owner have to pay the fees?
Q: I was going to refinance my loan on my house. The day I was going to go to … (0 comments)
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real estate attorney: Lease Purchase
- 08/07/08 03:36 AM
Summary: If you're trying to sell your home in a tough housing market you might consider offering a lease purchase. In a lease purchase the seller rents the property to a tenant who may later buy it. The tenant puts down a non-refundable option fee which goes toward the purchase of the home. Learn about how lease purchases work and if it's the right choice for you.
Q: I am trying to sell my other house in Atlanta. It is paid off, so I have no mortgage hanging over my head. However, I do have a mortgage on my new property. … (0 comments)
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real estate attorney: Canceling an Easement
- 08/07/08 03:18 AM
Summary: A home owner asks about cancelling an easement that he has on his neighbor's property. The easement may be for utilities and will be affected when the neighbor builds a pool. Both parties must agree to cancel an easement.
Q: We have an easement on our property and our neighbor is putting in a pool which will encroach onto the easement. We are planning to sell our home within a year and would not like this to be an issue. Can we get the easement canceled so that there will not be any problems with the easement for future homeowners?
… (0 comments)
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Q: We had signed a contract with a national builder about three years ago but it fell through. Now we are in the market again and want a builder to build us a specific new home in this subdivision we like.
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