It was December of 1975. My husband, Norman Lank, was a Realtor, with two dozen salespersons under his supervision.
He had received word that day that both local newspapers would be raising their classified ad rates for the coming year. But to sweeten the deal, the Sunday paper was about to start a real estate section. No more lumping real ...Read more
Dear Edith: Six siblings inherited a lake house in 1986. It has been enjoyed by all families for years. However, now there is a need for extensive improvements. No one wants to put the money into it, but no one wants to see it go for taxes.
Four of the six want to sell the house and get their inheritance. One wants to buy it and give everyone ...Read more
Dear Edith: My wife and I are approaching our 80s and thinking about selling our cottage. It is on the water at the Eastern end of Lake Ontario. In 1992, we bought and cleared the lot. We had a shell put up. Over the years, we made improvements to the shell. At this point, all of our children have moved away.
Here are our questions:
--Do we ...Read more
Dear Edith: I'm studying for my real estate license, and last week, we discussed mortgages. I still can't get "mortgagor" and "mortgagee" straight in my mind. I told our professor that I'd email you to see whether you could help. By the way, we sometimes talk about your column in class.
Wish me luck on the exam. -- L. C.
Answer: Perhaps the ...Read more
Dear Ms. Lank: We just put our home on the market without a broker. We'll take any offers we receive to our lawyer, but could you give us an idea of what to watch out for? -- P. I.
Answer: First of all, understand that in the sale of real estate, oral agreements are not enforceable. If a buyer says, "Would you take $10,000 less than your ...Read more
Dear Edith: We are buying our first house, and we're both so pleased with the extra help our real estate agent has been giving us. She will be paid by the sellers, and we won't have much spare cash, but are there any guidelines for tipping? -- L. W.
Answer: Depending on the law in your state and the type of license she has, she might not be ...Read more
Ms. Lank: What does it mean when a property shows up in the multiple listing system as a new listing with a pending offer?
I get email updates about my area from a couple of different real estate offices. The email I received today regarding a property shows today's date as the list date and a pending offer with today's date.
I thought it ...Read more