Tax Deductions for Real Property Owners

Deductions for mortgage interest and home equity interest may be deducted using Schedule A if you have sufficient itemized deductions to use Schedule A, Form 1040. Real estate taxes may also be deductible for real property that is used for rental activities, using Schedule E, Form 1040. Real estate taxes may be deductible for property used for commercial purposes on Schedule C, Form 1040.

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Legality of a Unrecorded Notarized Quitclaim Deed

A quitclaim deed, which is a legal document used when one person wishes to surrender interest in shared property, should be filed with the local recorder’s office. However, even if it is not recorded at the time of signing, or not filed at all, the quitclaim deed is still legal. Recording a deed and filing the document is highly recommended and provides certain protections for the buyer, but it isn’t required to make the quitclaim legal.

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Death of a Spouse Before Completing Real Estate Sale

If both members of the couple signed the real estate contract, then the contract would still be enforceable against the survivor, even after his or her spouse passed away. The house would (in almost all cases) pass to the survivor without having to go through probate since real estate is normally owned by married couples as a joint tenancy with right of survivorship—so when one passes, the other instantly, by law, gets the home. If, however, only one of the couple had actually signed the contract, then it’s not clear that it could be enforced against the survivor—contracts are only enforceable against those who are parties or signatories to them.

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Refusing to Close Real Estate Deal

When you enter into a purchase and sale agreement in a real estate transaction, that agreement is a binding contract. If one of the parties to a purchase and sale agreement or other agreement to buy/sell real estate refuses to close on the transaction according to the terms in the contract, the other party may seek damages for breach.

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Property Taxation of Your Home

When you own a piece of land, whether that land has been improved or not, you are typically required to pay taxes on the value of the land. Taxes on raw land are generally less than taxes on properties that have a home or other buildings on them because the amount taxed is dependent upon the value of the property and improvements. Tax law is set by local government and the amount you must pay varies both depending on your state rules and on what your land and home are worth.

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Beware of Timeshare Resale Scams

If you are thinking about selling your timeshare, there are several things you can do to protect yourself from scams and make a successful sale. First and foremost, do not go into selling your timeshare with the expectation that you will recoup the amount you paid for it, or even make a profit, especially if you have owned it for five years or less or it is in an obscure location.

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What is a Quitclaim Deed?

A quitclaim deed is a real estate document that legally transfers interest in property from one person (the grantor) to another (the grantee). A quitclaim deed is considered a fast, simple way to do a property transfer; and as such, quitclaim deeds do not include any warranties on the property.

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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.

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