Anyone who owns real estate needs to have a will that indicates what should happen to the property if he or she suddenly passes away. You might assume you know who would inherit the house, but without a written will, the inheritance would be decided by state-law rules that might not be exactly what you’d expect. Even if the house ultimately goes to the person you want, the lack of a will might mean that ownership

A buyer who discovered that her new house was contaminated with mold can sue the seller, even though the house was purchased “as is” and the seller specifically said there might be mold in it, according to the Wisconsin Court of Appeals. Catherine Fricano bought the house from a bank that had acquired it in a foreclosure. The house had sustained serious water damage, and before selling it, the bank twice paid for mold remediation and

You probably know that if you make a profit when you sell your house, you can usually avoid paying capital gains tax. In most cases, you can avoid the tax on profits of up to $250,000 (or $500,000 for a married couple). But did you know that if you sell your house in one transaction and a vacant parcel of land next to your house in a separate transaction, you can also get a tax break?

Many commercial insurance policies contain what’s called a “protective safeguards endorsement.” This gives the property owner a break on its insurance premiums if the owner protects the property through a fire alarm, automatic sprinkler system, fire safety service contract, or other method of preventing harm. Sounds like a good idea, right? It can be … but the trick is that these endorsements typically say that the owner must maintain the system in good working order at

A growing trend is for parents to buy a condo for their college-age children to live in, instead of a dormitory. This gives the child more luxurious accommodations (and encourages an environment conducive to studying instead of all-night partying), while creating the possibility that the parents can sell the property at a profit in four years. There are other financial benefits, too. For instance, suppose that instead of paying the college for room and board, you

Many mortgage shoppers are confused about the difference between a loan’s interest rate and its APR, or annual percentage rate. Understanding APR can be extremely valuable, because it can allow you to compare different loans more effectively and figure out which one is truly best for you. But you’ll also want to understand the limits of APR, and why a loan with a better APR might not necessarily be a better loan given your specific circumstances.