ArcaMax

Dear Monty: In Virginia, can a real estate purchase contract be terminated simply by walking away and forfeiting the earnest money?

Monty's Answer: This is a common question; the short answer is not always. In Virginia, as in most states, a real estate purchase contract is a legally binding agreement between buyer and seller. A few state ...Read more

Reader Question: On the Closing Disclosure of the house I just closed on, there was a credit of $9,000 earnest money. The deal is done, but we have realized that we never actually put the earnest money in escrow. The title company obviously screwed up; we talked to the buyer, and they got all their money. What is our liability of informing the...Read more

Dear Monty: We want to know how to sign our house over to our son without any tax involvement. Should we just add his name to ours or use a quick claim deed? There is no money involved; the house is free and clear.

Monty's Answer: Your desire to transfer your home to your son is understandable, as many parents consider this option for estate ...Read more

Dear Monty: We will sell our house on our own in the spring. We want a video so people can preview the house first to see if it will work for them. It will save us time from showing it to someone who walks away because they didn't like the floor plan, while also saving them the trip. Do you have any advice for making the video?

Monty's Answer...Read more

Dear Monty: My wife and I are discouraged by mainstream media's continuing reports on record-high home prices. We have saved a 20% down payment by living frugally. Still, we are afraid the houses we can afford are shrinking in size and amenities. We are also concerned that we are in a housing bubble. Is this a good time to buy a home?

Monty's...Read more

Dear Monty: We have an accepted offer on a home. But the home we wanted has come down in price, and we would love to get it instead. Can we get out of our current contract?

Monty's Answer: So, you're in a tricky situation. You've already signed on the dotted line for one home, but now the house you wanted has dropped in price. I completely ...Read more

Dear Monty: We have had a lot of difficulty getting contracts back from the seller through email. We have our inspection this week, and by word of mouth, the seller said he would walk his dog while we were there. We prefer that he not be there. We must rent this house back to the seller for four days. We required a $2,000 deposit for renters' ...Read more

Dear Monty: I sold my condo at 127 Wildberry Drive in Atlanta[ML1] to someone named Sherry Smith several years ago and misplaced my old paperwork. I want to find the paperwork for the closing statement. How should I go about this?

Monty's Answer: If you've misplaced the closing paperwork from your condo sale, you can take several practical ...Read more

Dear Monty: We just bought a new house. Just before the sale, a heavy rainstorm ruined the yard with deep gouges and washed away the new grass and topsoil. We will need to redo the yard with new topsoil and grass. Should it be the builder's responsibility to bring the yard back?

Monty's Answer: When purchasing a new construction home, buyers ...Read more

Dear Monty: My wife and I live in our motor home while traveling the country. Though we enjoy this lifestyle, the constant setup and takedown at RV parks is becoming challenging. We're considering buying a home in a 55-plus Florida community where friends we met during our travels purchased recently. We own a rental property in Minnesota, ...Read more

Dear Monty: Is it legal to double your taxes on a mobile home where you don't own the land? Doesn't the park pay taxes on the land? The assessor values my mobile home at $69,700, but I only paid $9,500 for it!

Monty's Answer: Property tax assessments on mobile homes can increase like a standard frame home with a full basement, even when you don...Read more

Dear Monty: We're under contract on the house, and it's been a NIGHTMARE. Our inspection revealed illegal and dangerous gas venting in the basement, but we didn't get the report for two weeks. The delay puts us close to the end of our due diligence. We put down $3,000 in earnest money plus $5,000 in contingency money. The seller doesn't return...Read more