ArcaMax

Reader comment: I read your recent article about how to put a home with a mortgage into a trust. I agree with your advice, but as the daughter who had to deal with the sale of my mother’s home that was held in her trust, there is one further thing people should do. They also need a checking account titled in the same name as the trust that ...Read more

Q: For three years, our daughter and son-in-law lived in and paid all related expenses for a home we purchased together. They recently sold the home. Could you tell us how we can report this on our federal tax return? If not, can you tell us where we can get more information?

A: As home prices have skyrocketed over the past five years, young ...Read more

It has been a cold winter in much of the country. Snow in Jacksonville, Florida, anyone? Around this time of year, we normally get a bunch of questions about timeshares. If you’re considering one, you’ll want to read our response to these two questions before you go to the so-called “free” lunch.

Q: Our timeshare is paid for. We don’t...Read more

Q: We had created a revocable trust to hold title to a family home back in 2007. The attorney that created the trust for us has since retired. We need to make some simple changes to the trust. Our son has since married and has two young children, and we’d like to make changes to the trust to cover the new additions to our family.

How can I go...Read more

Q: I live in a mid-sized condo building in Chicago. Last year the common roof above my unit leaked and caused ceiling damage to my unit in several large areas, which required drywall repair, patching and repainting.

When I asked the homeowners association (HOA) and our management company about the repairs, they said they would repair and patch ...Read more

Q: A new owner bought an upstairs condo. Their unit is right above my condo. They’ve been renovating their unit every day, Monday through Friday from 8 a.m. until 5 p.m. It’s been like this for four months. There is no end in sight.

The workers are noisy. They leave the windows open in the unit while working. I complained to the management ...Read more

Q: I’m ignorant of real estate law, so this may be off base. Maybe you can tell us if we’re correct to be angry.

My son moved back to Virginia last year. He was preapproved for a loan, got a real estate agent, and began looking at homes. Over a three-month period he looked at maybe 30 homes. He made several offers but was not successful.

...Read more

Reader comment: This isn’t a question, but a comment/suggestion. I read one of your columns on your website talking about taking care of the small stuff when it comes time to list your home for sale.

You advise people to get a home inspection before they market their home. And, you suggested that they can make all the repairs to the home ...Read more

Q: The Garn-St. Germain Act prohibits enforcement of a due-on-sale clause in a transfer where the spouse or children of the borrower become an owner of the property. Does the “transfer” mean inherit, or does it also include “sale” where the deceased and the spouse are tenants in common?

A: Congress passed the Garn-St. Germain Act back ...Read more

Q: When I gave my son some money to buy a house, I had to submit a letter to his lender stating that the money I gave him was a gift and not a loan. Why did the lender require that?

A: As housing has become more expensive and the newer generations need a larger amount of money for a down payment, homebuyers often seek financial assistance from ...Read more

Q: I came across one of your articles discussing a fence problem where a neighbor was unhappy about his side of the fence being dirty. You suggested maybe he just clean it, even if his neighbor built the fence entirely on the neighbor’s property. We think that if he cleans it and damages the fence, he could get sued. Just a thought.

A: The ...Read more

Q: A previous owner owes taxes on the home we purchased. We are trying to refinance our home and we were told that there are taxes owing from 2002. We purchased the home in 2004. Are we responsible for paying these real estate taxes?

A: It’s hard to believe that you owe a tax bill from 23 years ago. And, that this didn’t come up when you ...Read more

Q: I purchased a home for my parents and was named on the mortgage along with them. But, I’m making the payments. My husband and I recently paid the home off but realized that I am not on the deed with the county because they are receiving homestead exemption. Should I be added or create a trust so that I can protect my ownership? What would ...Read more

Q: I created a trust so my three kids won’t have to deal with probate when I die, as I did with my parents’ home. How do I get my mortgaged home into the trust, or does it need to be?

A: We think you’ve made a good decision, one that your kids will thank you for down the line.

The biggest mistake people make with trusts is they never do ...Read more

Q: I was divorced back in 1999, My ex-husband kept the property we bought together. I did not get a cent from it. I don’t remember signing off when he sold the property.

I read that I should’ve signed a special warranty deed in front of a notary, which I didn’t. I’m still named in the paperwork for the release of the lien. I signed that...Read more

Every year, Ilyce and Sam offer their readers New Year’s resolutions for homebuyers, home sellers and their personal finances. These are their 2025 personal finance resolutions.

Last year, we asked our readers whether we were in a Silent Depression or a booming economy. Clearly, most Americans believe the economy has been in a tailspin. Or, ...Read more

Every year, Ilyce and Sam offer their readers New Year’s resolutions for homebuyers, sellers and their personal finances. This year, they’re adding some trends and predictions for 2025.

As we move into the beginning of the second quarter of the 21st century, it’s interesting to see how real estate (and the world) has changed.

Twenty-five...Read more

Every year, Ilyce and Sam offer their readers New Year’s resolutions for homebuyers, sellers and their personal finances. These are their 2025 home seller resolutions.

Buyers had a little more purchasing power in 2024, but two headwinds remained: Roughly 85% of homeowners carry interest rates below 6%, and there are not enough homes to buy.

...Read more

Q: My husband died a couple months ago. He had a living trust. When he died, I asked a friend for the name of a lawyer to assist me to deal with his estate issues. The lawyer asked for a retainer of $5,000, and he charges $400 per hour.

I did not realize that our condo was titled as tenants in common rather than joint tenants. We had to open up...Read more

We recently received several questions regarding joint accounts and the co-ownership of a home and other assets. Both of our correspondents demonstrate why you need to be careful when deciding how to hold title to your real estate and non-real estate assets. That’s especially true if you’re thinking of adding a child to the asset’s title. ...Read more