The Purchase Agreement (or Residential Purchase or Sales Agreement and Deposit Receipt) is the overriding document that will dictate the terms of your purchase or sale. It is a legal, contractual document, and the provisions are binding. Whether you have … Continue reading →
Real estate closings can be fraught with complications and setbacks, but they can go smoothly and quickly — if planned for carefully. You may think that an “all cash” deal would go through closing faster than a sale that involves … Continue reading →
State-of-the-art appliances, sleek lighting fixtures and tasteful window treatments can all make a memorable impression on potential home buyers. Silk curtains that match the wall or floor coverings, elegant chandeliers or crystal knobs on cabinet doors are features that buyers … Continue reading →
If you find a foreign buyer for your property, you may be concerned that selling to a non-U.S. citizen might complicate the closing process. Will additional paperwork be required? Will there be problems with clearing the buyer’s funds? Are there unusual challenges if the potential buyer intends to obtain a mortgage?
Continue reading →There are currently seven states which do not require you to file a state income tax return. States with no individual income tax Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. The two states in Blue, Tennessee and New … Continue reading →
The Tax Reform Act of 1986 required anyone responsible for closing a real estate transaction, which may include the escrow agent, title company, or attorney, to report a real estate sale or exchange to the IRS on Form 1099-S. In … Continue reading →
Buyer’s Home Closing Checklist Have you made a final walk-thru inspection of the property? Is the condition of the house or property as it should be? Are there any personal property items left behind by the Seller. Is everything in … Continue reading →
Here is a summary of closing practices for each of the United States. This is a general reference guide. Local practices within your city or county may differ.
Continue reading →By Sandy Gadow Special to The Washington Post The trend of buying a house with friends or a live-in partner has become increasingly popular. Family members (and even neighbors) often join together to purchase residential or vacation properties for their … Continue reading →
By Sandy Gadow Special to The Washington Post So you’re buying your first house. You’ve gotten preapproved for a mortgage, researched a plethora of neighborhoods and after months of touring dozens of houses you’ve finally found what you think is … Continue reading →
By Sandy Gadow Special to The Washington Post Buyers usually have no reason to suspect that an outstanding permit exists on a home they intend to purchase. After all, repair or remodel work may not be obvious during a visual … Continue reading →
Real estate closings may be handled by escrow companies, title companies, lawyers, or a combination of one or more of those. Some lenders may have their own closing department. A revised explanation of how a real estate closing will be … Continue reading →
Mediation is the process in which a neutral third person, the mediator, helps parties reach a settlement to their dispute by opening up lines of communication, evaluating positions and issues involved, identifying each party’s real needs and arriving at a … Continue reading →
Jack and Eliza searched Fayette county in Virginia for the right house. Not only must it be in good condition, have a nice yard, be in a good school district, but it had to also be a show place for … Continue reading →
Choosing the right escrow officer or title attorney to handle your sale can mean the difference between a smooth and rapid closing or a complicated, delayed closing, fraught with anguish. Most often either the buyer or seller may choose the … Continue reading →
New York Times April 27, 2012 There’s no lack of information on the Internet about real estate closings. But according to Sandy Gadow, the author of “The Complete Guide to Your Real Estate Closing” and a Sotheby’s broker who has … Continue reading →
Although you may not feel you need to speak with your closing agent until you are well into the purchase process or possibly not until the day of closing, it is a good idea to contact the closing agent early … Continue reading →
Lona Hamilton has been struggling to make her mortgage payments for the last year and a half. She has used up all her savings, borrowed from friends and family, and now wonders if she shouldn’t consider putting up her home … Continue reading →
