 What should i do? Need expert suggestions please? |
| I want to buy a new house, but I still have to sell my old house. I'm afraid that I won't be able to sell the old house soon enough and I would have to worry about paying monthly for both ... |
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 I have a tenant that won't pay? |
| I have a tenant that has hired a lawyer and stated that she will not be paying me my rent for October & November, plus she wants her full security deposit back. Reasons behind this behavior: We&... |
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 How can you get a bank loan for a house when you don't even have nearly as much for collateral? |
| I was looking at a book about real estate investing and it says you can take a small amount of money (Example:$10,000.00 and have the bank give you a $70,000.00 loan added to your $10,000.00 and you ... |
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 No credit - wanting to buy a home? |
My boyfriend and I want to buy a home that is not over $200,000 with maybe like $5000 at the most down, both of our credit is horrible right now, being repaired from stupid things in the past.
<... |
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 What should I be looking for when buying my first house? |
| I currently live in a 2 bdrm apartment with my bf, we don't have any pets or kids. I want to know from other homeowners what i should be looking for in my first house purchase.... |
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 How much house can I afford if...? |
How much house can I afford if...
Okay so let's say I live in a 600,000 dollar house that I am planning on selling. I also make 200,000 a year. How much house can I afford? Just a ... |
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 How much would these houses cost in the UK? |
http://homes.point2.com/
and my fav
http://homes.point2.com/... |
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 Renters inadvertantly set fire to my house. Are they entitled to the remainder of that month's rent? |
| The house is in Columbus OH. The house burnt on the 10th of the month. The renters are now asking for their security deposit and the pro-rated rent. Isn't this something that should be ... |
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 If you rent out your house are you responsible for what goes on in it? |
Additional Details
if you rent to drug dealers or gansters can the law seize your home?... |
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 My boyfriend and I want to get a townhouse. My credit is 567 but his is 785. HELP!? |
| We know that he won't qualify for the mortgage with his income along, but my credit score is TERRIBLE. Our income together would qualify for the mortgage, but how can we show proof of my income ... |
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 Can I sell my house with a mortgage still on it? |
| Hello, here is the deal, I owe money on my mortgage, but I want to move to another city. I have a guy who loves the house, but he wants to do the owner financing. I figured I could sell it to him ... |
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 Mom passed no will I live in the house 3 siblings. Who gets the house? ? |
will I have to move and how much notice do they have to give me if they want me out. I can currently paying all the utilities on the house and am in the process of changing them into my name.
A... |
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 Same people are coming to look at my house for the 3rd time? |
Sounds like good news to me? How many times do you look at a home before you decided that you want it? I think I only looked twice on both of my previous homes.
Additional Details
LOL-... |
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 Can you change the status of your current mortgage? |
| Can you change your current home to an investment property and move into another home that is the primary residence?... |
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 Landlord wants to charge rent past the end of the lease. Is this legal? (VA)? |
| My fiance and I currently live in Fairfax County, Virginia in a rented apartment. Our lease ends on May 17. We will be moving to Portland, Oregon in mid-April. Because we're moving before ... |
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 Are tax returns required when renting an apartment? |
| I live in Texas and in the process of locating an apartment (my first). My current employer pays me in cash and I was wondering if presenting tax returns are generally a requisite during the ... |
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JEAN B | Parents would like to sell me their house below market value with monthly payments no interest is this legal.? |
I have 3 Siblings and have been living in the family home for 20 years. All of the upkeep have been provided by me my parents has agree to sell me the house for only $20,000. I have been searching hi/lo for some type of contract agreement for the 3 of us to sign. Is there any such agreement? I would like to protect myself from the other Siblings in case something happens to my parents. My parents lives in another home. For some reason both parent thought by giving me the home as a gift would not be fair to their other children, but since I have maintained the home for so many years my parents agree to do it this way because frankly the other 3 children can not afford it. Thanks. |
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Sharon T
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There are tax issues here as well as legal ones. Consult a good attorney and a tax advisor. Together they can structure a proper agreement. It may not be on the terms you mentioned but it will be legal and protect all parties. |
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dink2925
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The deal may run afoul of the Internal Revenue Service. They could say the difference between the $20,000 selling price and the actual value of the house was a gift. If that amount is greater than $12,000 there could be a gift tax levied on it by the IRS. Additionally, a no-interest loan will definitely get their attention and they could conclude that a portion of what you are paying your parents is interest and charge them taxes on it. |
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godged
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I didn't read the other responses, so I apologize if I'm being redundant.
Tread cautiously here, you could be setting yourself up for some serious tax implications if title is not conveyed correctly. You are going to want to talk to an RE attorney on this. |
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Bob C
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Unless, there is an expressed reason on title why they can't do it, anyone can sell a home for as much or as little as they want.
However, if there is a lien on the property, you might not get a clear title.
My advice would be to use a Real Estate agent as a disinterested third party to complete the transaction. You don't have to pay the agent a lot of money. It is typical in a situation such as this to pay 1%. You will also need to pay recording and transfer fees. Your agent can give you an estimate of fees.
The small amount of money you pay now will be worth it if your siblings decide to initiate legal action against you later. |
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mememe
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its all legal ..if the house is payed off its there decision to sell the house how they feel.. and they can do owner financing(meaning you pay what yall agree too ) but to cover both of your butts . go to a lawyer explain the situation and have him draw up papers stating all you have agreed on........... now another way is if your good with wording you and your parents can draw up papers on your own taking them to a notary to sign them and make them legal but a lawyer is probably your safer bet |
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es
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You know, you should see a real estate lawyer to draft an iron clad contract and make sure that title passes properly. It is definitely worth it to pay a little now rather than have some kind of huge fight with your siblings later on. Don't be penny wise and pound foolish. Get it done right, and don't go to office max for an off the rack contract. You want to buy new title insurance, have your deed recorded, and do it correctly. Also, you want to set up a mortgage agreement, if you have to pay over a certain amount of time--and you want to be sure that your parents give you the appropriate tax paperwork so you can claim any interest on your taxes. You want a HUD-1 record of the sale, too. |
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JEFF COGA
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For a simple answer, you set up a land contract with a purchase agreement between your parents and yourself. Now you have a legal document to purchase the property and make payments.
Now for the legal issue with your sibling, I recommend to consult an attorney but it shouldn't be an issue since you have a legal purchase agreement. |
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drewxjacobs
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Your parents can sell you their home for whatever price the three of you can agree on. You could obtain your own financing and then the house would be in your name legally or your parents can carry the note and you can have paperwork drawn up accordingly. |
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thrill88
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Sure it's legal. I would visit a lawyer and have him draw up some papers stating the agreement and that should be all you need to do. |
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