Legal Real Estate Law

Understanding Subdivision Public Reports
By Matt Unangst, 17 Jun 16:27
• Permits the sale or leasing of lots, parcels, or units within a subdivision of five or more units • Meant to protect consumer • Some properties are exempt • Two types of reports • Controlled by Department of Real Estate read more
Comments (2) - Rating: 0
Understanding Mello-Roos
By Matt Unangst, 17 Jun 16:26
• Also known as Community Facilities District • Area where property owners are required to pay for public bonds • Taxes can pay for a wide range of services and facilities • Taxes can extend for up to 40 years • Act allows for flexibility in tax apportionment • Maximum amount of tax must be summarized in public report with liens • Not affected by Proposition 13 • Not affected by property sales read more
Comments (3) - Rating: 0
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
By Scott Roberts, 03 Nov 14:09
If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. read more
Comments (1) - Rating: 0
Short Sale and Your Taxes: The Mortgage Forgiveness Debt Relief Act / Mortgage Cancellation Relief Act
By Dan Handle, 24 Jun 09:56
The House version of the bill (H.R. 3648), titled the Mortgage Forgiveness Debt Relief Act of 2007 was amended by the Senate on December 19th 2007. read more
Comments (1) - Rating: 0
About Short Sales
By Scott Roberts, 05 Mar 20:40
Shortsaleglobal What is a Short Sale? read more
Comments (0) - Rating: 0
Understanding Statements of Information
By Matt Unangst, 23 Jan 16:21
• Provide means to distinguish real buyers and sellers from people with similar names • Save title company unnecessary work • Protect all parties in transaction • Require personal information, but kept confidential • Failure to complete a Statement of Information could prevent closing of escrow read more
Comments (4) - Rating: 0
Understanding Required Reporting to the I.R.S.
By Matt Unangst, 23 Jan 16:20
• Meant to aid the I.R.S. in auditing and enforcing tax laws • Seller or settlement agent required to provide information on gross value of sale • Required form: 1099S • Some transactions not required to be reported • Failure to comply could result in delay read more
Comments (1) - Rating: 0
Understanding Withholdings on Real Estate
By Matt Unangst, 23 Jan 16:18
• Has only applied to California residents since January 1, 2003 • Applies to all types of real estate • Meant to increase state revenue • The buyer is required to withhold from the amount that would go to the seller • Overseen at the state level by the Withholding Services and Compliance Section • 3 1/3 of the sales price must be withheld and paid to the state on the 20th day of the next calendar month after closing • Certain exceptions: if property is primary residence, if property being sold at a loss, or if sale price is under $100k • To get withholding returned, you must file a state income tax return • Must be pro-rated for multiple sellers • The escrow agent can be responsible for withholding if the parties agree read more
Comments (1) - Rating: 0
Understanding Supplemental Property Taxes
By Matt Unangst, 23 Jan 16:11
• Law passed in 1983 to raise money for schools • One-time tax - Paid when buying property or beginning new construction • Formula used to determine tax amount • Payable in two installments read more
Comments (1) - Rating: 0
Understanding Probate
By Matt Unangst, 23 Jan 16:08
• Probate is the court process that administers an estate • Making a will won’t avoid probate • Testate = will, Intestate = no will • An executor is appointed by the will. An administrator is appointed by the state if there is no will • A Public Administrator is appointed when there is no will or relatives • Property in probate can be sold read more
Comments (0) - Rating: 0
Understanding Living Trusts
By Matt Unangst, 23 Jan 16:04
• Created during lifetime of settlors • Most typical type is a family trust • The trust cannot hold title to real property • Many taxes can be avoided by putting assets in trust • Property in trust can be homesteaded • Most trusts allow settlers to borrow against the trust, but some lenders won’t lend against a trust • Unwise to have someone else hold title for you “in trust” read more
Comments (2) - Rating: 0
Understanding Foreclosure
By Matt Unangst, 23 Jan 16:03
• Lender does not want to foreclose – try to work out something ahead of time • Trustee must file a notice of default with the county recorder’s office • Lender can require a full payment or public sale • Owner has until 5 days before sale to bring loan current • Beware buying foreclosed properties due to various risks • Contact title company for further information read more
Comments (2) - Rating: 0
Mechanics’ Liens
By Matt Unangst, 23 Jan 11:09
• Protect people who work on your home • A lien can be placed to force payment • Homeowner can be forced to pay twice if a contractor does not pay subcontractors • Use a respectable contractor to avoid such issues • Consult an attorney if you face any mechanics’ liens read more
Comments (1) - Rating: 0