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Twin Cities Real Estate

Joe Niece  (Web Site: http://www.JoeNiece.com)

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Questions 81-90 of 346:


  1. I have a mortage on my house and would like to sell it to my daughter on a land contract is this possible without paying off the first mortage - Anonymous from Mansfield Pa
    You could do this but the first mortgage will still have to be paid. Many banks have acceleration clauses that say that if they find you have sold th   » more
    You could do this but the first mortgage will still have to be paid. Many banks have acceleration clauses that say that if they find you have sold the property, they could ask you to pay it in full. I do not know how the bank would find out unless you stopped paying the mortgage on time. You could call and ask the bank if they have an acceleration clause in the mortgage.   « less
  2. Six years ago the family cabin in Minnesota was quit claimed to me by my elderly parents with a life estate for the terms of their natural lives. "Together with all hereditaments and appurtenances belonging thereto. Consideration is less than $500." My question is - if they go into a nursing home can the state come after approx 33% of the property (I calculated value)or is it safe? We did this years ago to keep the property in the family and I have been paying all the taxes and upkeep since and I cannot afford to pay 30-40 thousand (approx .33 of value)to keep. I don't want to sell it either. What should I do? They are 86 and probably won't be at home another 5 years. What does "consideration is less than $500" mean? Please advise. Thank You! - Anonymous from Bismarck, ND
    If the deed is filed, you may be fine. It no longer is your parents property. The state may have a problem with the amount of consideration that was   » more
    If the deed is filed, you may be fine. It no longer is your parents property. The state may have a problem with the amount of consideration that was given(less then $500) if the cabin was worth much more. I do not know if anyone will be able to follow the paper trail so you may be fine.   « less
  3. I live with my girlfriend and we are 1) wanting to move to California and 2) considering getting married. I've owned the house for 6 years and when I sell, stand to have about $400,000 in capital gains. From what I understand, unmarried individuals must pay capital gains on anything over $250,000 while married (joint filing) only have to pay taxes on gains over $500,000. If we get married right before I sell and execute a quitcliam deed to get her added as a co-owner, are we in the clear to not have to pay taxes on this gain? She hasn't lived in the property long enough to meet the 2 year "use test". - Anonymous from Arlington, VA
    If you get married, I believe that you will be fine once you sell. She will have to sign with you to sell the home and the IRS does not ask you how l   » more
    If you get married, I believe that you will be fine once you sell. She will have to sign with you to sell the home and the IRS does not ask you how long you have been married, I believe they ask you if you are married. Ask the escrow agent or the closing company if they can help you with an answer.   « less
  4. Isigned a quit claim deed in our divorce, we are now remarried and want to revoke the deed is there any way to do it. It is filed - Anonymous from Lincoln,Ill
    Have him sign a 50% quit claim deed back to you. If you are remarried, you may already own 50% of the home again since you got married after the deed   » more
    Have him sign a 50% quit claim deed back to you. If you are remarried, you may already own 50% of the home again since you got married after the deed was filed.    « less
  5. I own 1/2 my house, my Father owns the other half, I will receive the whole house when he dies. My Mother (deceased, myself,and my Father is on the deed).I have no liens against it. I also have an IRA worth about 100K. I have no insurance. My question is, if I had to have a large surgery or something that costs alot, would any of these 2 assets be protected?. I live in Florida. - Anonymous from Florida
    This is a hard question for me to answer. If you had a large bill and did not pay, they might put a lien on your property. If you filed bankruptcy,    » more
    This is a hard question for me to answer. If you had a large bill and did not pay, they might put a lien on your property. If you filed bankruptcy, you may be able to wipe that off. Talk to a bankruptcy lawyer.   « less
  6. Me and My husband want to sell our home instead of going with a realtor ( most of them are sharks) can selling a house on our own using a lawyer be ok? - vero from Miami fl
    It may work OK. The lawyer has nothing to do with selling the home, they normally are involved in transfer of title once the buyer pays you for the h   » more
    It may work OK. The lawyer has nothing to do with selling the home, they normally are involved in transfer of title once the buyer pays you for the home. As far as selling your home yourself, you will be competing for buyers and many of them may be working with a Realtor. If you did not allow showings from Realtors, many of these buyers might not come to see your home. Buyers also believe that they should get a better deal if the sellers are not using a Realtor. If you save 3% and the buyer ends up offering you 5% less since you do not have a Realtor, you will have lost 2% plus had to pay all of your own advertising costs.    « less
  7. My sister wants my mother to give her a quickclaim deed because my mother is moving to an apartment. My sister's credit is poor, so she won't be able to buy the house. My mom would like to sell her half because she needs extra income for her new apartment. It this a good idea, and what kind of lawyer should she see and does this effect her Medicare? - Anonymous from Parma, oh
    I don't know your mothers income level so that is what would determine if her benefits would be impacted. If your mom signs a quit claim, she wou   » more
    I don't know your mothers income level so that is what would determine if her benefits would be impacted. If your mom signs a quit claim, she would no longer own any interest in the property. Not a good idea.   « less
  8. My daughter and I are owners of a duplex. The house is on one deed. I am moving and she would like to buy my side of the house, but her credit is very poor. She would like her daughter and son-in-law to live there but you can't count on them paying the rent, their credit is poor also. I do not want to be a landlord. I need income because I am moving to any apartment. Can you give me any suggestions? Thank You - Anonymous from cleveland, ohio
    I don't see that you have much choice but to rent it out to someone unless your daughter agree's to sell. You could split the home into two d   » more
    I don't see that you have much choice but to rent it out to someone unless your daughter agree's to sell. You could split the home into two different properties with the help of the county and then you could sell your side as a twin home.    « less
  9. my husdand and i bought a home we only used his credit, he then added me to the deed, we now want to sell and buy a larger home, but i checked my credit and found out that i had tax leins. they were both settled. will that hurt my credit score? - Anonymous from olney, md
    Anything negative can hurt your credit, the bank may ask for a letter or explanation.
    Anything negative can hurt your credit, the bank may ask for a letter or explanation.
  10. I live in the UK and have been asked by Sunterra to fill in a quitform to relinquish interest in property I have in Santa Fe. I have the quitform but have no idea how to fill this in. The information says to sign and date before a notary - is that a lawyer in English terms? And once filled in, who do I send it to? - sammiegirl from United Kingdom
    In English terms that may be a public official or someone at the post office. Once signed, send it back to whoever sent it to you to be signed.
    In English terms that may be a public official or someone at the post office. Once signed, send it back to whoever sent it to you to be signed.
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