April 2018

Home sellers relinquish control after a sale

If you sell your home, the new owners can paint the house pink, tear out the stone wall your grandfather built, and cut down the maple tree you carved your initials in. Once you sell your home, there’s pretty much nothing you can do to prevent the new owners from making changes. Even if you try to stipulate certain provisions prior to a sale, such conditions aren’t usually enforceable in a court of law. That said,

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Zoning laws challenge tiny-home owners

Tiny-home building shows may be all the rage on TV, but these programs rarely explore one big hurdle that comes with tiny-home ownership: Where on earth should you put it? In many areas, zoning regulations prohibit temporary accommodations such as RVs, mobile homes, and their new close cousins, tiny houses. Zoning laws may require minimum square footage for homes, may prohibit portable structures, or may limit what’s known as “accessory dwelling units,” such as small houses

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Landlords bound by lease agreements, too

While it’s common knowledge that a tenant must pay rent on time, keep utilities the running, and adhere to various other lease provisions (e.g. routine maintenance, limits on pets and guests), it’s also true that landlords must abide by lease agreements. Some landlords may attempt to violate a lease agreement by asking tenants to leave prior to the contracted lease period, failing to make certain repairs, violating health and safety conditions, or otherwise making the property

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Choose the right entity for real estate investments

When purchasing an investment property, most real estate owners form a holding company or a legal entity designed to provide certain tax advantages and a level of protection from personal liability. Which entity you choose depends on how you’ll manage your investment and your overall financial goals. To make an informed choice, seek professional counsel from a tax and/or legal advisor. Sole proprietorships and general partnerships generally offer the least benefit, as the person running the

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Tips for choosing your next mortgage lender

Home buyers today have a variety of options when it comes to finding a mortgage lender. They can choose a traditional face-to-face relationship with a lender at their local bank, opt for a mortgage broker who will shop the best deals for them, or go it online with a range of non-bank lenders, such as Quicken Loans, Rocket Mortgage, or Lenda. Be aware, however, that more than a quarter of first-time home buyers regret their choice.

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Contingencies create a way out of real estate contracts

You’ve signed the contract and transferred the earnest money, but just how binding is your real estate contract? That depends on the nature of any contingencies built into the agreement. For buyers, such contingencies provide an exit strategy if the house doesn’t live up to initial impressions. Here are some common contingencies that could allow a buyer out of a real estate contract:  * Financing. The buyer may be unable to get financing from his or

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Your mortgage is my mortgage: How parents are financing a child’s home

With all-cash offers dominating the housing market in some highly competitive cities, first-time homebuyers are finding themselves shut out of negotiations, particularly for the more affordable and in-demand starter homes. Saving enough for a down payment and closing costs has always been a challenge for young home buyers. But in tight real estate markets, the old standby of 20 percent down with a traditional mortgage loan isn’t enough to win a home. These kids might once

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Trust distribution question

ADDITIONAL INFORMATION: My sister is trustee on my mother’s trust.  She thought she could give me house because I was the oldest of my siblings.  Is that true? Now I don’t think that’s true because I have a lot of siblings that are beneficiaries on the living trust. ANSWER BY MARGARET CROSS-BELIVEAU: Distributions from the trust are governed by the terms of the trust. The Trustee should consult an attorney to determine if she is following

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Can a Will be written to say that a home is left to remaining siblings but if they die their share goes back to the others?

ADDITIONAL INFORMATION: My husband owns his family home (he does not live there). His brother lives there. He wants to put in his Will that the house is left to his seven brothers and sisters. He wants this house to remain in the family. He does not want any spouse or dependents to get this property. It’s like the last one standing will get the house. Is there any legal way to address this in a

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Is a POA entitled to any payment as part of the estate settlement process?

ADDITIONAL INFORMATION: I served as my father’s POA for 2.5 years before his passing. ANSWER BY MARGARET CROSS-BELIVEAU: The answer is maybe.  Usually an agent under a durable power of attorney is entitled to reasonable compensation albeit the document itself may not allow the payments (which is rare).  You would have needed to have kept a log of the hours you worked.  Different tasks can demand different pay schedules. Legal Disclaimer: Please note that this answer

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