The number of people who rent out space in their home…an extra room or an apartment…is skyrocketing. But many people don’t realize that doing so can create legal problems. Craigslist reports that the number of people offering to rent a room in a home has nearly doubled over the last year or so. Some of this is due to the economic doldrums. But another phenomenon is that many baby boomers whose children have grown up and
The cost of renting an apartment hit record levels in the second quarter of 2012, according to a study by Reis, Inc., which tracks real estate data. Rents increased in all 82 markets in the U.S. that the company tracks, and set new records in 74 of them, the company said. And while national data on the value of apartment buildings can be hard to come by, it appears the value of these buildings (including multifamily
A lot of lenders these days are offering a “no closing costs” option if you take out a mortgage. With this option, the lender pays the closing costs for you, but you pay a slightly higher interest rate on the loan. This can be a good idea in some circumstances. But you have to run the numbers to find out if it’s right for you. The appeal of a “no closing costs” loan is obvious: Closing
Many people are surprised to discover that their standard homeowner’s insurance policy does not cover them in the event of a flood. If you want flood insurance, you generally have to buy a separate policy. Typically these policies are sold by private insurers, but are backed by the U.S. Government through the National Flood Insurance Program. Some federally backed mortgage programs require homeowners to buy flood insurance if they live in a high-risk area. Some private
If a tenant hires a contractor to make improvements to a property, but the tenant doesn’t pay the contractor in full, can the contractor sue the landlord for the difference? It sounds unlikely, but it happened in one case recently. Former Boston Celtics player Dana Barros leased a warehouse and hired a contractor to make improvements so he could turn it into a sports complex. Later, the contractor believed it hadn’t been paid in full, so
A couple who purchased a condo in a building that turned out to be contaminated with toxic chemicals can recover only 65% of their losses, because they could have arranged an environmental inspection of the property before they bought it but didn’t do so, the Michigan Court of Appeals recently decided. The couple bought a condo unit in a converted factory. The developer had installed a vapor barrier, but never actually decontaminated the dangerous chemicals on
Owning a home provides a lot of tax advantages. Sometimes, though, the rules can be tricky. Here’s a brief introduction to some of the many tax rules involved in buying, selling, or refinancing a home. But remember, the rules are complicated, and there are always exceptions. You’ll want to consult an attorney or tax advisor to see how the general rules apply to your specific situation. If I own a home, can I deduct my mortgage
A cooperative’s board of trustees could refuse to approve a lease renewal because the tenants smoked a lot, a New York judge has ruled. The co-op board had the right to approve or disapprove leases in the building, although it couldn’t do so “unreasonably.” In this case, the tenants lived in the building for a year and wanted to renew. During the year, the board sent two letters to the tenants complaining about the “tremendous amount
A big storm comes up and knocks down a tree in Bob’s yard. It falls over the property line and damages his neighbor Janet’s car. Is he legally liable for the damage? As with much in the law, it depends. Generally, though, Bob would be responsible if he knew the tree was in danger of causing damage to Janet’s property, or if a reasonable person in his position would have noticed the danger. For instance, Bob
Hiring an architect to design a home, a commercial building, or a new addition can be very exciting. But there can be some traps for the unwary in the fine print of the contract, and you’ll want to have an attorney look it over in order to protect your rights. Here’s just one example: Who owns the architect’s drawings and plans? You might assume that you do, since you’re paying for them. But one of the
Attorneys licensed to practice in Florida | Massachusetts | New Hampshire
Business Law | Civil Litigation | Elder Law | Estate Planning | Family Law | Probate & Trust | Real Estate | Tax
