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House Calls: Sharing Old Questions

Edith Lank on

Today, I'm sharing some questions I've saved over the years. I couldn't quite bear to discard them, but I never printed them. The first one came from a state prison.

1031 Exchange

Dear Edith: I have a building that I'm selling, and I stand to make $1.6 million. Could you tell me the correct way a 1031 exchange is done and whether it is exempt from taxes? -- X. X.

Answer: Consult a lawyer, and while you're at it, ask the attorney to suggest an accountant.

Occasional Leaks

Edith: Upon selling a co-op or condo in a multistory building, would it be mandatory to divulge the fact that at times there are leaks from upper floors? Thank you. -- no signature

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Answer: Yes.

Refinancing Mortgage

Ms. Lank: Is there any way that I can refinance my existing mortgage without going through a Realtor? If not, then am I correct in assuming that I would not have to pay the usual commission that a buyer's and seller's Realtors would get on the sale of the house? Will I only have to pay half a commission to my Realtor? -- X. X.

Answer: You don't need a real estate agent at all. Except as it helps with sales or rentals, real estate brokers aren't usually involved in arranging financing.

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