MEDICAID, MEDICARE, AND REAL ESTATE
One of the most misunderstood aspects of Medicaid is the look back period for asset transfers and how that affects eligibility for elderly people in need of long-term healthcare. Lets …
AFFIDAVIT OF HEIRSHIP
When a person dies without leaving a will, an affidavit of heirship may be needed to establish facts about the deceased persons heirs and the transfer of property. While laws …
AFFIDAVIT OF DEATH
Transferring Joint Tenancy Real Estate After a Death Property held in joint tenancy is usually easy to transfer to the survivor after the other owner dies. Many people, especially couples, …
KANSAS TRANSFER ON DEATH DEED
Kansas Transfer on Death Deed What is a Transfer on Death Deed? A transfer-on-death (TOD) deed, also called a beneficiary deed, looks like a regular deed used to transfer real …
CAP RATE
Since prehistoric times, we humans have been in the business of evolution. Such is the scientific truth. Unless, that is, we are talking about cap rates, in which case there …
REAL ESTATE AGENT FUNDAMENTALS
These days, more than half of buyers start their home search online, according to the 2018 Profile of Homebuyers & Sellers, released by the National Association of Realtors (NAR). However, …
REIT FUNDAMENTALS
Prior to the onset of the industrial revolution, wealth and power were measured primarily in terms of the amount of land owned by an individual or family. Although the twentieth …
COMMUNITY PROPERTY
Community property is a type of joint ownership of assets between married couples. It’s the law in nine states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. …
8 HOME IMPROVEMENTS TO MAKE YOUR HOUSE SELL FASTER
If you’re thinking of selling your home within the next few weeks or months, preparing your home to go on the market can help you get the best price. Aside …
4 THINGS NOT TO DO IF YOU ARE A COMMERCIAL INVESTOR
MISTAKE #1: DON’T OVERPAYIts not unusual for a commercial real estate investor that is new to commercial real estate to overpay for a commercial income property. This is usually due …
BENEFITS OF USING AN LLC WITH A SELF DIRECTED IRA
Benefits of Using an LLC with a Self-Directed IRA The process of using a Self-Directed IRA to buy non-traditional or alternative investment assets can be confusing and seem restrictive. One …
SIMULTANEOUS CLOSING
What Is Simultaneous Closing? Simultaneous closing (SIMO) is a real estate financing strategy in which two simultaneous transactions occur during the closing on a single piece of property. In this …
STIGMATIZED PROPERTY
Stigmatized property In real estate, stigmatized property is property that buyers or tenants may shun for reasons that are unrelated to its physical condition or features. These can include the …
WIRE FRAUD IN REAL ESTATE CLOSINGS
Imagine arriving at the settlement agent’s office for your closing. Everything went without a hitch: The buyer provided all documentation plus the Realtor?, closing attorney/title company, and lender have performed …
POOL OR NO POOL?
As we head into the heart of summer, thoughts naturally turn to fun in the sun while staying cool. For some, that might even mean contemplating the addition of a …
WHAT IS EMINENT DOMAIN?
What is Eminent Domain? Eminent domain is the power the United States government, states, and municipalities to take private property for public use, following the payment of just compensation. Breaking …
WHAT IS A LEGAL GIFT?
A gift, in the law of property, is the voluntary transfer of property from one person (the donor or grantor) to another (the donee or grantee) without full valuable consideration. …
SELLER DISCLOSURE REQUIREMENTS IN MISSOURI
You are thinking of moving, and want to put your Missouri home on the market. Most states have legislation that would require home sellers to give an extensive written disclosure …
CONSIDERATIONS FOR RENTING OUT YOUR HOME
A rental contract is only as good as the terms outlined in the document, so it’s important for a landlord to give serious thought to the information and rules that …
EQUITABLE ESTOPPEL
Equitable estoppel is a defensive doctrine preventing one party from taking unfair advantage of another when, through false language or conduct, the person to be estopped has induced another person …
SPECIAL USE PERMITS VS. VARIANCES
A special permit is generally required when a proposed use, due to its size or external impacts, needs greater scrutiny by the Town and may require special conditions to mitigate …
DOES A REAL ESTATE CONTRACT NEED TO BE IN WRITING?
The statute of frauds is a long-standing legal principle which requires certain agreements, including real estate contracts, to be in writing. Real estate contracts are generally enforced in state courts …
LEGAL VS EQUITABLE INTEREST IN REAL ESTATE
The way you purchase a property can have long-lasting impacts on your ownership of said property. It is important to completely understand the titles involved in the purchase or insurance …
PARTITION OF REAL ESTATE
A partition is a term used in the law of real property to describe an act, by a court order or otherwise, to divide up a concurrent estate into separate …
MISSOURI TAX SALES
How Property Tax Sales Work in Missouri Under Missouri law, when you don’t pay your property taxes, the county collector is permitted to sell your home at a tax sale …
ACCESSORY DWELLING UNIT
An accessory dwelling unit (ADU) is a smaller, independent residential dwelling unit located on the same lot as a stand-alone (i.e., detached) single-family home. ADUs go by many different names …
ALIENATION
In property law, alienation is the voluntary act of an owner of some property disposing of the property, while alienable is the capacity for a piece of property or a …
8 SIGNS IT IS TIME TO WALK AWAY FROM A HOME PURCHASE
Sign No. 1: The inspection turns up something majorly wrong Sure, you might cringe at some of the current owner’s wallpaper choices. But cosmetic issues are relatively easy to fix …
6 SIGNS YOU ARE NOT READY TO MOVE IN TOGETHER
1. You’re using it as a way to gauge your relationship’s strength. Moving in together shouldn’t be a litmus test for whether your relationship is on sound foundation. It should …
REALTOR FIDUCIARY DUTIES
Fiduciary Duties A real estate broker who becomes an agent of a seller or buyer, either intentionally through the execution of a written agreement, or unintentionally by a course of …
TRANSFER ON DEATH DEED
TRANSFER ON DEATH DEED (TODD) Planning for what happens to your home after your death can be difficult. Transfer on death deeds provide a simple, cheap way to make sure …
‘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 …
23 REASONS WHY IT IS BETTER TO RENT THAN BUY
Homeownership has long been considered the culmination of a person’s adult life, a moment when they’ve finally achieved the American Dream. However, more and more Americans are foregoing the 30-year …
REAL ESTATE FRAUD
Guide to Fighting Real Estate Deed Fraud I. The Problem As real estate owners and industry professionals, we understand the importance of regular maintenance, property insurance, and other routine tasks …
MISSOURI CERTIFICATION OF TRUST
Certification of trust. 456.10-1013. 1. Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification …
MISSOURI SMALL ESTATE AFFIDAVIT
How to Handle a Small Estate in Missouri If you’re wrapping up the estate of a Missouri resident who died with an estate that’s worth less than a certain dollar …
EVICTION VS. UNLAWFUL DETAINER
This article gives a short overview of evictions (unlawful detainers) from a landlord’s perspective. When you, the landlord, need to evict a tenant, you may not use self-help measures to …
BENEFITS OF OWNING A HOME
Homeownership is a rite of passage many of us dream of. Owning a home means putting down roots and having a space that is truly yours. It’s a significant moment …
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 FAIR HOUSING ACT
Everyone who applies for housing has the right to be treated the same. The Fair Housing Act was created with the goal of advising landlords, lenders, buyers, and renters …
DIFFERENT FORMS OF PROPERTY CO-OWNERSHIP
When two or more individuals own property — whether it’s a condominium, a home, or a piece of land — the relationship between the owners is very important. The form …
REALTORS UNDER SCRUTINY FOR HIDDEN COMMISSIONS
Another potential blow has been struck against the longstanding way in which real-estate agents get paid. In April, the Department of Justice wrote to CoreLogic, a real-estate software provider. …
REASONS TO OBTAIN TITLE INSURANCE
BUYING A HOME IS AN EXCITING AND EMOTIONAL TIME FOR MANY PEOPLE. TO HELP YOU BUY YOUR HOME WITH MORE CONFIDENCE, MAKE SURE YOU GET OWNER?S TITLE INSURANCE. HERE?S WHY …
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 …
10 ARCHITECTURAL HOUSE STYLES
Building a custom home gives you complete control over every aspect of the design. There are dozens of architectural styles to base your custom home on, from historical approaches to …
CLOSING DATE VS. POSSESSION DATE
Here is a possible scenario: Your current home is sold and you must close on your existing home in order to close on a new one. You have to have …
OPTIONS FOR HANDLING CEMETERIES ON PRIVATE PROPERTY
Options for Handling Cemeteries on Private Property Prior to World War II, it was not uncommon, especially in rural areas, for families to bury their deceased family members in a …
REQUIRED HOME SALE DISCLOSURES
1. Death in the Home 2. Neighborhood Nuisances 3. Hazards 4. HOA Information 5. Repairs 6. Water Damage 7. Missing Items 8. Other Possible Disclosures 1. Death in the Home …
9 COMMON NOTARY MISTAKES
1- Failing to Require Personal Appearance Personal appearance is the very foundation of notarization. Except in the few states where online or remote notarization has been legalized, personal appearance is …
12 TIPS FOR A HAPPY LIFE
1. Know yourself Something that’s clearer to me every day is that there’s no magic, one-size-fits-all solution for building a happy, healthy, and productive life. You have to know yourself: …
REQUIRED DISCLOSURES WHEN SELLING A HOUSE
What Are You Required to Disclose When You Sell Your Home? When you set out to sell a house, most states require you to make certain ?disclosures.? Disclosures refer to …
DUE ON SALE CLAUSE
Almost every single loan generated to buy a home contains a due on sale clause. This clause is important if a homeowner wants to sell the home without paying off …
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 …
ASSIGNMENT OF CONTRACT
Assignment of contracts is the legal transfer of the obligations and benefits of a contract from one party, called the assignor, to another, called the assignee.3 What assignment of a …
PROPERTY BOUNDARIES
Property Boundaries: Everything You Need to Know Most of us don’t know where our exact property boundaries are located, and many of us don’t care. Most of us don’t know …
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 IS AGENCY?
The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, that is …
WHAT IS A LIFE ESTATE?
The phrase “life estate” often comes up in discussions of estate and Medicaid planning, but what exactly does it mean? A life estate is a form of joint ownership that …
REAL ESTATE BROKERS, AGENTS, AND FORMS OF AGENCY
Generally, real estate brokers/ agents fall into four categories of representation: Seller’s Agents, commonly called “listing brokers” or “listing agents,” are contracted by owners to assist with marketing property for …
WHERE TREASURES HAVE BEEN FOUND IN HOUSES
Cash Hidden in the Wall You might think a treasure hunt means diving in the ocean to find sunken ships or exploring ancient ruins in faraway countries looking for hidden …
REZONING, VARIANCE, OR CONDITIONAL USE PERMIT?
Rezoning, Variance, or Conditional Use Permit: Which One Can Solve Your Zoning Problem? You’re considering the purchase of a particular property, but know it doesn’t conform to the city’s zoning …
WHAT IS DOWN ZONING?
Down zoning is the process by which an area of land is rezoned to a usage that is less dense and less developed than its previous usage. This is typically …
WHAT IS WHOLESALING REAL ESTATE
Real estate wholesaling occurs when a party (the “wholeseller”) contracts with a home seller, markets the home to potential buyers, and then assigns the contract to one of them. The …
START REAL ESTATE INVESTING AS EARLY AS POSSIBLE
There’s this old saying that says the best time to plant a tree was twenty years ago. The second best time is now. That especially applies to investing. It’s never …
6 REAL ESTATE TRENDS TO LOOK FOR IN 2018
In 2017 Americans learned to expect the unexpected, whether it be politics, weather or housing. Driven by record low inventory, little about the housing market went as forecast last year. …
NEW TRENDS EMERGING IN REAL ESTATE – 2018
As the real estate market continues to evolve, new trends are emerging for 2018. Buyers will be more in control as the housing supply will finally catch up with buyer …
REAL ESTATE AND DIVORCE
When you’re divorcing, one of the questions curious friends and family eventually ask is, ?So . . . are you going to keep the house?? While a simple answer would …
RENTING VS. BUYING?
At what cost, percentage wise, is it better to rent than buy, if you plan on staying at a given location forever? Buying a home is likely the most expensive …
HAVE A REAL ESTATE LAWYER REVIEW YOUR DOCUMENTS !!!
Almost all real estate transactions begin with the signing of a real estate contract. This document is the most important document in the entire transaction. The contract sets forth the …
CAN A DRIVEWAY EASEMENT BE TERMINATED?
If you’ve been sharing a driveway with your neighbor for years courtesy of an easement on your property, there could come a time when the arrangement no longer works for …
IS POSSESSION REALLY 9/10THS OF THE LAW?
Possession is nine-tenths of the law is an expression meaning that ownership is easier to maintain if one has possession of something, or difficult to enforce if one does not. …
IS IT OK TO BREAK UP WITH YOUR REAL ESTATE AGENT? IF SO HOW?
Buying or selling a home rarely happens overnight, and it’s not uncommon for buyers or sellers to interface or even work with multiple agents. Best-case scenario, the right agent shows …
TENANTS IN COMMON OR JOINT TENANCY?
In Missouri, as is the case in other states, both real and personal property may be titled in many different ways. An individual may hold title to property. A corporation …
GIFT TAXES
A gift occurs when a voluntary transfer for less than full consideration or compensation occurs from a donor to a donee. A valid gift must satisfy the following criteria, to …
HOW MEDICAID RECOVERS THE COST OF LONG-TERM CARE FROM YOUR ESTATE AFTER YOU DIE
If Medicaid pays for nursing home care, the state can try to collect reimbursement for these costs from the person’s assets after he or she dies. Medicaid will often pay …
10 RESIDENTIAL REAL ESTATE SCAMS
1. Hackers Stealing Your Down Payment “A hacker could fool you into thinking he’s your agent and trick you into sending him money, which you’ll never get back. It’s so …
WHAT IS THE DIFFERENCE BETWEEN A MORTGAGE AND DEED OF TRUST?
Promissory Notes To fully understand the difference between a mortgage and a deed of trust, you must first understand promissory notes. Homebuyers usually think of the mortgage or deed of …
ADVANTAGES AND DISADVANTAGES TO OWNING A HOME
Owning a home is the fulfillment of the American dream. For others, it is their worst nightmare. Purchasing a home is one of the biggest financial decisions you will make …
ADVANTAGES OF AUCTIONING YOUR PROPERTY
An auction is a highly efficient and expeditious way to sell any type of real estate. The terms are straightforward and competitive bidding generates market value. Below are some key …
YOUR REALTOR NOT REPRESENTING YOUR INTERESTS?
It may be hard to believe, but I receive calls regularly from buyers and sellers that have become estranged from there realtor or feel they are being taken advantage of …
FSBO TRENDS IN THE MARKETPLACE
FSBO TRENDS IN THE MARKETPLACE The traditional way of selling real estate continues to change exponentially because of 1) a general dislike of real estate agents, 2) the desire to …
How do 20 somethings pay there rent? What is the effect of parental support of 20 somethings?
Almost half of people in their early 20s have a secret, one they don’t usually share even with friends: Their parents help them pay the rent. Moving into adulthood has …