real estate law: Selling A Home As Tenants In Common
- 09/27/10 09:32 AM
Selling a home as tenants in common can be difficult. If the other tenant does not want to sell, you may be forced to take legal action. Q: My step-father and I own a house as tenants-in-common. The house has three liens: the first mortgage, a home-equity line for me, and a second mortgage my step-father took out to prop up his business. The house has been for sale for several months and my step-father has refused several offers that would have resulted in a loss on the initial investment, but would have (at least) covered all the mortgages, costs, commissions … (0 comments)
real estate law: Adding Name To Deed? Follow Condo Association Rules
- 09/09/10 05:27 AM
Clearing up a falsehood about adding a name to a deed: Q: I bought a condo in Chicago. I want to put a family member on the deed. I was told that Illinois law does not allow me to put a family member on the title to the condo unless the person is also on the loan. Is this true? A: No. You can add anybody you like to the title to your property subject to a couple of rules that generally apply everywhere. If you own a condominium, your condominium association may have rules that prohibit you from adding a … (0 comments)
real estate law: Easement Agreement May Not Solve Property Encroachment
- 08/18/10 04:23 AM
Q: I own a hillside/lakeside lot in South Carolina. Recently, I hired a contractor to build a retaining wall to stop erosion into the lake. Retaining walls in this area are common, necessary and large. The contractor I hired built a home adjacent to my property. He has finished my neighbor's home and my wall. I had a survey done for the contractor just prior to his building my wall, but when I had a final survey done after the work was complete, I noted that the wall has encroached 3.4' onto my neighbor's property. The encroachment is not located in … (0 comments)
real estate law: Phantom Income
- 11/15/09 01:04 PM
When an investment property is sold as a short sale, it generates what is known as "phantom income." When an owner sells a property through a short sale, the lender will send a 1099 for the difference between what was owed and the amount accepted on the loan.
The release of indebtedness by that lender – what you should have paid back the lender – is considered a “gift” from the lender to you. The IRS considers that amount to be taxable income. That’s why the amount that is forgiven is taxed. Some people refer to the release of … (3 comments)
real estate law: Make Rental Property Lucrative and Tax-Efficient
- 05/09/09 09:05 AM
When you own a primary residence and turn it into a rental property you will be unable to take the same tax deductions as you would if it were a primary residence. If you later decide to change the property ownership from yourself to an LLC - a limited liability company - that will also affect your taxes, on both a federal and local level. How can you make a rental property be a lucrative investment and also bring you tax benefits? How can you protect yourself from liability if someone gets hurt on the property while you have it rented … (1 comments)
real estate law: Seller Financing Risky If Buyer's Financing Uncertain
- 04/09/09 07:47 AM
Since the credit crisis, mortgage lenders have raised their requirements for issuing mortgage loans. With this in mind you as a seller may decide to extend financing to a home buyer. But what are the risks of seller financing? How can you ensure that the buyer who you provide seller financing to can make the mortgage payments? Learn more about assessing risk with seller financing in this real estate law story law story. Question: I am thinking of providing owner financing to a potential buyer of one of my homes. This would be a second home for my buyer and he … (0 comments)
real estate law: Partnership Agreement Ensures Estate Planning Wishes
- 03/30/09 06:21 AM
When you're buying a home with a partner but you're not married you may be concerned about protecting each of your interests in the property. A partnership agreement drawn up by a knowledgeable estate planning attorney can help. The partnership agreement will spell out who gets what in terms of estate planning in case one partner dies before the other. Question: My life partner and I are buying a house. He wants to put his daughter’s name on the deed instead of his own along with mine. If he predeceases me and I want to sell, could I sell without … (1 comments)
real estate law: Paying Extra Property Taxes Than Described At Closing
- 03/26/09 06:37 AM
When you're buying a home and attend the closing, you'll be given a set of documents that state how much your monthly mortgage payment will be as well as your property taxes and other home expenses. What if the amount of property taxes due is higher than the amount of property taxes that was quoted to you at closing? The first thing you should do about your property taxes is to truly understand how much they are and who is responsible for them: you or the seller. After you've figured out how much in property taxes you owe, you can contact the mortgage … (0 comments)
real estate law: 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)
Selling a home as tenants in common can be difficult. If the other tenant does not want to sell, you may be forced to take legal action. 
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