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A homestead exemption is a tax instrument offered by state law that exists to provide certain protections to home owners. Most include:
Whether you're a first-time seller or a seasoned nomad, you should expect to hit a few speed bumps during the sales process. Whether these prove to be minor inconveniences or major roadblocks depends largely on your reaction to them. While it's impossible to predict the future, these five tips have served countless homeowners well. Before you sell your home, make sure you check each of them off your master "to do" list.
Whether you're a seasoned homeowner or looking to close on the purchase of your first residence, the prospect of buying a new home leads to plenty of important considerations. One of the most crucial of these is mortgage insurance. If you're obtaining a privately issued mortgage and don't qualify for FHA assistance or other federal housing subsidies, chances are good that you'll need to take out a private mortgage insurance policy. Before you dive into the treacherous waters of the mortgage insurance market, familiarize yourself with your options.
In the popular consciousness, bankruptcy tends to be a black-or-white affair: When you're insolvent, you declare bankruptcy and allow your creditors to take what they please. Of course, this is an overly simplistic conceptualization of a fairly complicated area of the law. In addition to the better-known distinction between reorganization and liquidation, the bankruptcy code makes another key differentiation between "core" and "non-core" bankruptcy proceedings. It's crucial for filers and their families to understand the difference between the two.
You've probably heard of home equity loans, but you might be unclear on what these credit vehicles actually entail. Although the concept of a home equity loan is simple enough to understand, any detailed description of this form of credit requires parallel explanations of often confusing terms. Before you talk to a home equity loan provider, protect yourself by taking the time to learn the basics.
You have decided on a home. Now you need to find a way to pay for it. Like most of us you probably won’t be paying the entire price in cash, so you will need to select a lender. A few years back (1974) the Federal Real Estate Settlement Procedures Act began requiring lenders to provide potential borrowers with a Good Faith Estimate (GFE)
There are differing opinions on whether you actually need a real estate attorney for every home transaction. If your home sale/home purchase is straightforward with no hint of a problem, you probably don’t need one.
Although every real estate market is different, buyers and sellers typically follow agreed-upon protocols during the delicate pre-closing dance. Option fees and earnest money payments are key aspects of this dance. Since they're relatively small and may be governed by arcane, little-invoked rules, folks on both sides of a property transaction often pay them less heed than they deserve. Before you jump into a purchase or sale contract, butch up on the key differences between option fees and earnest money payments.
U.S.-based property owners might not have heard of strata title, but this increasingly common form of property ownership has taken some corners of the world by storm. Pioneered in the Australian state of New South Wales during the early 1960s, strata title provides a means for residents of multi-unit buildings to enjoy communal ownership of common areas without sacrificing full control over their private dwellings. However, its success has led to a dramatic expansion of its reach: Strata title can now be used to administer commercial, retail and industrial properties as well as suburban and even rural tracts of residential land.
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