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 …