Sellers of real property will have certain information regarding the sale reported to the Internal Revenue Service. This required reporting is a consequence of the Tax Reform Act of 1986; it is intended to encourage taxpayer compliance and aid in audit and enforcement efforts by the I.R.S. To help you better understand this subject, the Land Title Association has answered some of the questions most...
Buying or selling a home (or other piece of real property) usually involves the transfer of large sums of money. It is imperative that the transfer of these funds and related documents from one party to another be handled in a neutral, secure and knowledgeable manner. For the protection of buyer, seller and lender, the escrow process was developed. As a buyer or seller, you want to be certain all...
With the housing bubble burst and the subprime mortgage crisis, millions of homeowners found themselves unable to make their mortgage payments. Many found themselves owing more on the house than the home was worth. Many just walked away from their homes. As a result of these complicated issues, millions of homes were foreclosed. While this isn’t the only reason for which homes are foreclosed, it has...
An increase in foreclosure rates will inevitably bring with it an increase in short sales. But what is a short sale? A short sale happens when you sell your house for less than your remaining mortgage balance, the proceeds of which go to the lender and in return the lender forgives the remaining balance. Selling your home as a short sale is one way to avoid foreclosure. As a general rule, lenders lose...
Title Insurance. It’s a term we hear and see frequently - we see reference to it in the Sunday real estate section, in advertisements and in conversations with real estate brokers. If you’ve purchased a home before, you’re probably familiar with the benefits and procedures of title insurance. But if this is your first home, you may wonder, “Why do I need another insurance policy? It’s just one...
Your First Step Toward Buying a Home When preparing to buy a home, the first thing many homebuyers do is look at the real estate ads in newspapers, magazines and listings on the Internet. Some potential buyers read how-to articles like this one. The next thing you should do - before you call on an ad, before you talk to a REALTOR®, before you shop for interest rates - is look at your...
The home inspection process: What to expect and how to prepare Buying a home can be a complex and overwhelming process, and one of the most critical steps in this process is the home inspection. A home inspection is a thorough evaluation of a property’s condition to identify any potential issues or defects that could impact the safety or value of the property. In this blog post, we’ll discuss what to...
Downsizing to a smaller home can be a major life decision, but it can also come with a variety of benefits. As people get older, they may start to consider downsizing in order to reduce costs, simplify their lives, and increase their mobility. Here are just a few of the benefits of downsizing to a smaller home: Lower costs One of the biggest benefits of downsizing is the potential for lower costs. A...
Buying a house is exciting, but it can feel like it takes forever to get from the offer to the closing table. On average, it takes 30 – 45 days to get to the closing table, and that’s in a perfect situation. Sometimes you may close faster or slower, but keep 30 – 45 days in mind when signing a sales contract. The Process to Close on a House The house closing process is complex. Not only must you...
Your mortgage isn’t a ‘sure thing’ until you sign the closing papers. Until that point, anything can happen, which is why it’s so important to keep your financial and employment situation status quo. If you’re thinking about buying a home or are in the middle of the process, here are five things that could make you lose your loan approval. Changing Jobs When lenders approve you for a mortgage,...
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