What is a Side Letter Agreement in Real Estate?
What is a Side Letter Agreement? “A Side Letter Agreement is an agreement considered separate and apart from the underlying contract but facilitative of the underlying contract” A side letter …
KANSAS MARITAL PROPERTY LAW AND REAL ESTATE LAW
Kansas Marital Property Law and Real Estate Law “Marital property” is the legal term that refers to all of the possessions and interests acquired after a couple gets married. …
LAND TRUST – THE ULTIMATE ASSET PROTECTION
Land Trusts A land trust is a private agreement, where one party, the trustee, agrees to hold title to property for the benefit of another party or parties, the beneficiary(ies). The one …
WHAT DOES IT MEAN TO BUY A PROPERTY WITH SELLER FINANCING?
Seller financing is when you get a mortgage to buy a home from the home’s seller instead of a bank. Let’s review when this approach is suitable, as well as …
WHAT IS AN ATTORNEY REVIEW PERIOD IN A REAL ESTATE CONTRACT?
What is the Attorney Review Period in a Real Estate Contract? Many states have statutes that provide for an attorney review period. Kansas and Missouri are not one of those …
WHAT IS A PARTIAL RELEASE?
What Is a Partial Release? The term partial release refers to a mortgage provision allowing some of the pledged collateral to be released after there is partial satisfaction of the …
WHAT IS A PROPERTY SURVEY AND WHY WOULD I NEED ONE?
What Is A Property Survey? A property survey confirms a property’s boundary lines and legal description. It also determines other restrictions or easements included in the property. While you can …
WHAT IS A GIFT OF EQUITY AND HOW DOES IT WORK?
When homeowners sell the family home to a loved one, they may wish to do so at a discounted rate. When this happens, the difference between the home’s market value …
WHAT IS A GIFT OF EQUITY?
When homeowners sell the family home to a loved one, they may wish to do so at a discounted rate. When this happens, the difference between the home’s …
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QUIT CLAIM DEED
Quitclaim Deed Quitclaim Deeds can be complicated legal documents. They are commonly used to add/remove someone to/from real estate title or deed (divorce, name changes, family and trust transfers). Last …
PURCHASING A PROPERTY SUBJECT TO
What Buying Subject-To Means Buying subject-to means buying a home subject to the existing mortgage. It means the seller is not paying off the existing mortgage. Instead, the buyer is …
ASSIGNMENT AND ASSUMPTION AGREEMENTS
The Assignment and Assumption Agreement An assignment and assumption agreement is used after a contract is signed, in order to transfer one of the contracting party’s rights and obligations to …
WHAT IS A LIMITED PARTNERSHIP?
What Is a Limited Partnership (LP) A limited partnership (LP) not to be confused with a limited liability partnership (LLP) is a partnership made up of two or more partners. …
WHAT IS A REAL ESTATE ATTORNEY AND WHEN DO I NEED ONE?
Buying a home isn’t just a simple purchase; its also a legal transfer of a property from one entity to another. Because the legal side of this transaction can be …
REAL ESTATE SETTLEMENT PROCEEDURES ACT
RESPA Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act (RESPA) provides consumers with improved disclosures of settlement costs and to reduce the costs of closing by …
RULES OF HOME AFFORDABILITY
The rules of home affordability Mortgage lenders use something called qualification ratios to determine how much they will lend to a borrower. Although each lender uses slightly different ratios, most …
WHAT IS AN FHA 203K LOAN?
Whether youare interested in snapping up a bargain home and renovating it to meet your needs, or you have a kitchen full of outdated appliances that you would like to …
REAL ESTATE TRANSACTION RED FLAGS
REAL ESTATE TRANSACTION RED FLAGS 1. Documentation includes deletions, correction fluid, or other alteration2. Different handwriting or type styles within a document3. Buyer currently resides in subject property4. Seller is …
PROS AND CONS OF DOING AN NEW LLC FOR EVERY REAL ESTATE TRANSACTION
Pros of Using a New LLC Every Deal Ownership structure: Perhaps you are working with several different owners on a new deal. It makes sense to have a new LLC, …
MISTAKES REAL ESTATE PROPERTY MANAGEMENT COMPANIES MAKE
1. Scaling Without Systems In Place I see a lot of property managers that fail once they hit a certain scale because they don’t have systems in place. They get …
WHAT IS A MEDALLION SIGNATURE GUARANTEE?
Learn about Medallion Signaute Guarantee Stamps
BUYING PROPERTY IN PROBATE
Probate real estate has proven time and time again that it deserves a place amongst today’s best acquisition strategies. At the very least, investors who are able to acquire houses …
OWNER FINANCING
What Is Owner Financing? Owner or seller financing means that the current homeowner puts up part or all of the money required to buy a property. In other words, instead …
DECLATORY JUDGEMENTS
A declaratory judgment, also called a declaration, is the legal determination of a court that resolves legal uncertainty for the litigants. It is a form of legally binding preventive adjudication …
WHEN IS A TAX GAIN RECOGNIZED WITH A CONTRACT FOR DEED?
Tax Laws for the Seller of a Contract for Deed Can I Deduct Interest on a Rent-to-Own? In cases where qualified buyers are scarce, selling a home through a contract …
BUYER-SELLER DISPUTE RESOLUTION SYSTEM (DRS)
Introduction This Dispute Resolution System (DRS) is not intended to replace arbitration or mediation activities conducted by associations? Professional Standards Committees. The program is designed to resolve disputes between buyers, …
TAX LAWS FOR THE SELLER OF A CONTRACT FOR DEED
Tax Laws for the Seller of a Contract for Deed In cases where qualified buyers are scarce, selling a home through a contract for deed can make sense. Homeowners might …
EQUITABLE INTEREST IN REAL ESTATE
Equity is a concept of rights distinct from legal (that is, common law) rights; it is (or, at least, it originated as) “the body of principles constituting what is fair …
BUYING A PROPERTY “SUBJECT TO” AN EXISTING LOAN
When interest rates rise, “buying subject to” suddenly starts to look like a very attractive financing option for home buyers. When interest rates are low, homebuyers tend to avoid subject …
‘DEPRECIATION RECAPTURE’ AND SELLING REAL ESTATE
While the tax consequences of the sale of real estate should not drive the decision to sell or hold a property, there are important issues to consider in order to …
TAX INCREMENT FINANCING
Tax Increment Financing (TIF) Tax increment financing, or TIF, subsidizes companies by refunding or diverting a portion of their taxes to help finance development in an area or (less frequently) …
THE PRIMARY RESIDENCE TAX EXEMPTION UNDER IRS CODE SECTION 121
The $250,000 (single) / $500,000 (married) home sale gain exclusion is a major benefit of homeownership, but the rules can be confusing if you are not familiar with them. How …
WHAT IS A STEP UP TAX BASIS?
What is a Step-Up in Basis? A step-up in basis is the readjustment of the value of an appreciated asset for tax purposes upon inheritance. The higher market value of …
WHAT IS A REVERSE 1031 EXCHANGE?
To understand a reverse 1031 exchange, you should first make sure you know the ins and outs of a 1031 exchange. There are some key differences between a standard 1031 …
1031 EXCHANGE EXPLAINED
A 1031 Exchange, also called a Starker Exchange or Like-Kind Exchange is a powerful tax-deferment strategy used by some of the most financially successful investors. This is, perhaps, even more …
WHAT ARE THE BENEFITS OF FSBO? LAWYER/BROKER SERVICES AVAILABLE
WHAT ARE THE BENEFITS OF SELLING YOUR HOUSE FOR SALE BY OWNER WITHOUT A REALTOR? The biggest reason to consider some form of FSBO is the money you may save. …