Letters of Intent for Residential Real Estate Transactions
Using letters of intent in buying and selling a home. Contents of letters of intent for residential real estate vs. formal real estate contracts.
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Protecting Yourself Before Buying That House
As a new home buyer, prepare yourself to make one of the most important decisions you will make over the course of your life. It is, for many people, the single biggest purchase they will ever make and a major investment in their future. However, while buying a house can be a great way to build wealth and to create a home for yourself and your family, there are also some serious risks in making such an important purchase. As such, there are several key things to think about and look out for when in the process of new home buying.
→ Read MoreReal Property Defined
Real property is generally defined as land and things permanently attached to the land. Things that are permanently attached to the land include homes, garages, and buildings, and may also be referred to as ‘improvements.’ Substances that are beneath the land (such as gas, oil, minerals) are also considered permanently attached. Other items that can be attached to the land but that aren’t necessarily permanent, such as mobile homes and tool sheds, are not considered to be real property.
→ Read MoreReal Estate Syndications
Real estate syndicates create, sell, and operate real estate investments. This type of industry was especially popular in the ’80s, due to the favorable tax shelter treatment offered in the IRC. They offer a veritable myriad of investment scenarios, such as raw land speculation, new construction, new property or rehabilitation. A syndicate may be in the form of a corporation, or full or limited partnerships, with the latter being the most common format. Real estate syndications are not used like they were in years past, given changes in the IRS guidelines and the downturn in the country’s real estate market.
→ Read MoreWhat to Do When Home Seller Does Not Move Out Because of Seller’s Remorse!
One of the best ways to prevent a holdover occupation of a home by the seller is to have language in the purchase agreement or any addendum to it placing safeguards to prevent this problem as well as penalizing language in the sale agreements to the seller if there is unauthorized occupation of the sold property post close.
→ Read MoreResponsible Party for Home Repairs Following a Home Purchase
Whose responsibility is it to have the repairs done and paid for on unexpected problems with air conditioning, stove, roof, water heater, furnace, following a newly purchased home: the seller, the buyer, the home inspector/contractor who inspected the property before close of escrow or a combination? Transfer disclosure statement requirements, signed by the seller and given to the buyer, make sure that the seller discloses to the buyer all matters known by the seller about the property, about its conditions that would affect its desirability by a willing buyer, or the amount of money that a willing buyer would pay for the property. If the home was a newly constructed home, the developer will be responsible for the repairs at his or her own costs. If the buyer can prove that the seller knew of a known problem with the home that was sold and does not disclose this before close of escrow, the seller is responsible for all costs of the repair that failed after the home was purchased.
→ Read MoreCommon Forms of Property Ownership
What are some of the common forms of property ownership?
→ Read MoreRisks of Property Ownership
What are the risks in owning real property?
→ Read MoreCutting Down a Tree Straddling Two Owners’ Properties
A property owner cannot without the consent of the other property owner unilaterally cut down a tree whose trunk straddles the property line between properties that are owned by two separate property owners. If one property owner cuts down the tree whose trunk straddles the property line of the neighbor, the neighbor who gave no consent for the tree’s removal would be entirely within his right to file a legal action for trespass and resulting damages against the property owner who removed the tree.
→ Read MoreLegal Remedies for Dealing With Noisy Neighbors
If you have a noisy neighbor, you’re not alone – and the situation is not hopeless. In fact, while this situation can be frustrating, the good news is that you have a number of possible options to pursue.If none of these options produce results, you can try a phone call to the police, but if even this fails to produce results, you may consider suing for nuisance in civil court.
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