Whether you’re selling your home or refinancing, one of the next essential steps will be to get a home appraisal. Initiated by the lender and usually paid for by the buyer, a home appraisal is essentially an expert’s opinion of what your home is worth. The appraisal assures the lender that the buyer, or borrower, is not overpaying for the home.
Mortgage debt may qualify to be excluded from income under the Mortgage Forgiveness Debt Relief Act. This law provides that certain types of canceled mortgage debt can be excluded from taxes. This exclusion is important for people whose homes have been foreclosed, or who sold their house short, or who restructured their mortgage.
Read the rest of the article here: Tax Treatment of Canceled Mortgage Debt
To see if your name appears in a database, you can request a report from a company that provides tenant-screening data, such as CoreLogic, TransUnion or On-Site. Just give them a call. It generally costs $15-$20, but can run up to $50, a fee that many landlords pass on as part of the lease application fee.
The loss of employment can be one of the most stressful events in a person’s life. Purchasing a home, while it is a very exciting time, can also be an extremely stressful event. If one loses his or her job, however, while in contract to purchase a home it can certainly be devastating. A purchaser spends many years to save up enough of a downpayment to purchase a home and, in the end, could potentially forfeit his or her life savings upon the loss of his or her job after a mortgage commitment has been issued by a lender. Recent court decisions highlight the various issues and consequences that could exist when a purchaser loses his or her job, particularly after the lender has issued a mortgage commitment and the mortgage contingency under the contract of sale has been met.
This has become a summer of discontent for those trying to sell their homes in New York City’s leafy suburbs — in no small part because of the Trump administration. In affluent enclaves in Westchester County, New Jersey and Connecticut, a federal cap on state and local property tax deductions has begun to bite hard. Longtime homeowners who dreamed of offloading their empty nests are finding their plans complicated by the tax bill, as would-be buyers hold back, expecting sellers to cut their prices. The i
Jackson Walker partner Nate Smithson has prepared an updated guide to tax reform which reflects the senate’s newly-proposed tax bill. The guide covers tax brackets, deductions, capital gains, and other relevant topics in tax law.
WHAT IS AN HDFC CO-OP? There are plenty of Housing Development Fund Corporation (hence the shorthand, HDFCs) buildings across the city—including rentals—but co-ops are usually what garner interest. The original, best-known types were created several decades ago when the city allowed tenants in buildings with derelict landlords to form co-operatives, take over their buildings, and buy their apartments for $250 apiece, as the New York Times reported last summer (yes, that’s the correct number of zeroes.)
Buying your first house can be intimidating, but there is a lot of information to help you sort out the process and make good decisions. On that note, here are 10 secrets first-time home buyers should know that you may not have heard of yet.
Signing a new lease is always exciting—and a little nerve-wracking. On the one hand, a new space means new possibilities. On the other, a lease is a legal document, and who knows what might be lurking there? If you’re about to sign a lease, don’t let the legalese trip you up. Whether it’s a residential lease for your home or apartment, or a commercial lease for your business, these 10 common lease terms explain your responsibilities and tell you what your lease will cost. Read them carefully, and you’ll kn
One of the most important issues in deciding if a cooperative or condominium apartment is a wise investment is the financial status of the building itself. The key document that potential buyers should review is the annual financial statement. This review, commonly known as due diligence, should b…
Read entire article here: A Buyer’s Guide to Reading Financial Statements – Consider a Building’s Fiscal Health