Knowing more about real estate can offer better protection, right? The more you know about anything, the safer you can handle things, and the more things will be under your control. If you lack real estate knowledge and want to have it under your control so that things can be how you want them to be, follow this advice.
Transferring the property into someone else’s name
Did you know that you can transfer your property into someone else’s name? You might have recently got into a new, serious relationship and, hence, want to add or transfer the property into their name. If so, you must complete a Quitclaim Deed to legally do this. Although the other person can happily fund and care for the property, it isn’t legally or technically theirs until the deed has been signed. Hence, get this done sooner rather than later to make sure the property is in the name you wish for it to be.
Property disclosures
Whether you are selling a house or buying a second property, you need to understand property disclosures. Because sellers are required to disclose only certain kinds of information about a property, other things you’ll want to know could be difficult to find out before you buy. For example, very few places in the United States have laws that govern what a seller must disclose to a buyer. Some states have a disclosure form that the seller fills out (or fills out partially) that asks such questions as:
Contingencies in contracts
There is a complex real estate landscape out there. Many real estate contracts include contingencies that allow buyers to opt out of a contract in specific circumstances, such as failed inspections or an inability to secure financing. It is critical to know what these contingencies are and how to use them to your advantage as a buyer or seller.
Property boundaries and surveys
Conflicts or disputes can also arise with others over where property lines begin or end. Inaccurate surveys, legal descriptions that are conflicting, or differing opinions for where the twain shall meet can all be issues in a dispute. Lines can never be perfectly defined on a page or map; they are physical in nature only. By obtaining a proper survey from a registered professional surveyor, these disputes can be avoided early on, preventing the lawyers on both sides from receiving any more retainers or legal fees than are absolutely necessary.
Extra fees and taxes
Real estate transactions often incur a variety of fees and taxes, including, but not limited to, property taxes, state and local transfer taxes, and capital gains taxes on appreciated value. This section provides a brief overview of those taxes and, where applicable, the current rates. We suggest you consult with your financial or tax advisor to better understand the tax implications of your specific circumstances. You should also consult with an architect or other building professional to determine if there are any additional needs, permits, or inspections that may be necessary to add any particular element or structure to the property.