Home & Leisure

/

ArcaMax

Florida homeowner fed up with HOA but hesitant to move

Q: I am writing to you in response to the article I read titled “HOA resident offers potential solutions to board member shortage.” I have to agree with the article. Being on the board is dangerous these days. However, I have to admit that I am one of the voices speaking out at board meetings to keep the heat on the current administration...Read more

Condo owner believes association is not compliant with state law

Q: We live in a high-rise in downtown Chicago. Although the building is well maintained, there are issues with transparency and perceived conflicts with state law and our association’s declaration and bylaws. We are wondering if our interpretation is incorrect. Every time we ask, the management company simply says that the association is ...Read more

Who has to file the Beneficial Ownership Information report?

Q: I am the secretary of the board of directors of a homeowners association. Our management company is telling us that we have to file the Beneficial Ownership Information report required by the U.S. Treasury Department. We are a not-for-profit entity, and the board is volunteer. Is this really required by the U.S. Treasury?

A: If your ...Read more

Can your association’s management company require all property owners carry homeowners insurance?

Q: I read your column in our local Florida newspaper. I live in a community with all villas which are attached to one another. I recently got an email from our community’s management company that said homeowners insurance was required on each property.

I have lived in the development for over 20 years and never gotten this before. They have ...Read more

After refinance homeowner discovers incorrect loan maturity date once mortgage sold to new lender

Q: My husband and I refinanced our home in 2010. Years later, our mortgage was sold to another lender. I was slow on this but I noticed that the maturity date of the new account is showing eight years beyond when our original mortgage was to end.

I’ve tried to straighten this out with the new lender, but unfortunately I didn’t receive any ...Read more

Homeowner wants to evict brother from apartment, where he is living rent-free

Q: We own a house that has been converted into two apartments. My brother has been living in one of them for 13 years. He has never paid any rent. He used to take care of the place, collect rent from the other apartment, do minor repairs, etc. But we can no longer rely on him to do anything. We have actually been fined by the local housing ...Read more

When will you receive a 1099-S for property sale?

Q: I just sold my house and moved into a 55-plus community. I paid an entrance fee to the community and now pay rent on my apartment every month.

I want to be prepared for filing my 2024 taxes. My understanding is I need a 1099-S form for my house sale. I’ve asked my real estate agent where I get this document, and he didn’t know. I did an ...Read more

How does the beneficiary receive the title to a home in revocable trust?

Q: I watched one of your videos about paying off your mortgage and I have a question. I have a living revocable trust and my home has been titled in the name of the trust. My mortgage will be paid off soon.

Let’s say I die. and at that time I own the house free and clear. Does the beneficiary of the trust then go to an attorney to transfer ...Read more

Understanding the sale of vacation homes

Q: We are selling a vacation home property and were told that we should put some of the money from the sale of the property into a 1031 to avoid paying a 28% tax on the sale. We were wondering what would happen to the amount of capital gains gift tax if we gifted some of the sale money at closing to our two sons as part of their inheritance.

A:...Read more

Parent weighs pros and cons of sharing assets with daughter

Q: Could you explain the pros and cons of having joint financial accounts with a daughter and owning my home with her as well? My husband has passed away. I have a will and other needed documents.

A: We’re sorry for your loss. We understand how having joint financial accounts and assets feels like everything will be easier after you die. ...Read more

Home sales worsen due to inventory, interest rates

This week, the National Association of Realtors announced that 2024 would likely be an even worse year for home sales than 2023. It could wind up as the worst since the late 1990s.

Existing home sales fell 1% in September to a seasonally adjusted rate of 3.84 million. That number is 3.5% lower than a year ago. Median existing home prices ...Read more

Mortgage company asks parent for detailed financial information to co-sign daughter’s loan

Q: My daughter is buying a home. The mortgage company wants me to submit a ton of information in order to be her co-signer. They want all pages of my bank statements for the last three months and my tax returns for the last two years. They also want my social security statement and a letter regarding how much I receive in social security ...Read more

Are there tax implications if someone declines inheritance?

Q: My husband died without a will. We have one son and when my husband passed, my son and I signed an agreement that said if I sold any of the properties, we’d both need to agree to the sale.

When I sold one of the properties that was in my husband’s name, the settlement agent made two checks in equal amounts to me and my son. My son ended ...Read more

Couple has trouble splitting two lots to build second cabin

Q: My daughter and son-in-law bought a cabin as their second/vacation home near Seattle a couple of years ago. The property is actually two lots (with two separate tax parcels). And, the cabin is on one of the lots.

There is one deed and one mortgage. They are thinking of building another cabin (for investment) on the second lot and would like ...Read more

The NAR settlement has changed rules for buyers and sellers, but classic advice still rings true

Q: I am giving Ilyce’s “100 Questions Every First-Time Home Buyer Should Ask” book to each of my young adult kids — and even though we’ve bought three homes over the years, I’m getting a copy for us, too, because it is such a helpful resource! Thank you for writing it.

Is there a place I can direct everyone to read your updates ...Read more

Parents’ lack of estate planning leads to home ownership debacle with step-siblings

Q: My lawyer can’t seem to get the title cleared on my Florida condominium. My mom and stepdad received title to my grandmother’s condominium as tenants-in-common from my grandmother back in 1995. My stepdad died without a will about 20 years ago. His estate was never probated, as my mom thought everything would automatically go to her.

My ...Read more

Don’t focus on square footage when comparing homes for sale

Comment: I read your article on how people buy homes and use the square footage of the home to compare one home with the other. I wanted to let you know there is an ANSI standard for measuring square footage of a residential unit, though few in our industry use it. Comparing homes by price per square foot is a fool’s errand. Your article ...Read more

Timeshare owners, beware of rising scams

We get many questions from readers on timeshares and, by far, the most common issue is how to get rid of the timeshare. There are many reasons why an owner would want to sell a timeshare.

For some, ownership can be measured in decades. But now, no one in the family uses it. They don’t want it and can’t imagine paying for it. Some of our ...Read more

The IRS home sale exclusion rule applies to primary residences only

Q: I read your column regularly and now I have a question for you.

We own two houses. One is in Chicago, which we purchased in 2010. The other is in Arizona, which we purchased in 2012. We spend the winters in Arizona and the rest of the time in Illinois.

We are getting older and it’s getting harder to maintain two homes. We’re thinking of...Read more

Condo owner whose ceiling collapsed weighs in on building inspections

Q: I was given your article on building inspectors. The most important thing was not mentioned in your article! If you think something may be wrong, it probably is!

In 2011, an agent who works with the Veteran’s Administration (VA) found a foreclosed condo for me in Pleasant Prairie, Wisconsin. The VA inspected the home. We found small ...Read more

 

Related Channels

America's Test Kitchen

America's Test Kitchen

By America's Test Kitchen
ArcaMax Chef

ArcaMax Chef

By ArcaMax Chef
Ask The Builder

Ask The Builder

By Tim Carter
Ask The Vet

Ask The Vet

By Dr. Lee Pickett
Celebrity Travel

Celebrity Travel

By Jae-Ha Kim
Dear Monty

Dear Monty

By Richard Montgomery
Do It Yourself Or Not

Do It Yourself Or Not

By Gene and Katie Hamilton
Eric's Autos

Eric's Autos

By Eric Peters
Everyday Cheapskate

Everyday Cheapskate

By Mary Hunt
Focus on the Family

Focus on the Family

By Jim Daly
Georgia Garvey

Georgia Garvey

By Georgia Garvey
Jeff Rugg

Jeff Rugg

By Jeff Rugg
Lenore Skenazy

Lenore Skenazy

By Lenore Skenazy
Living Space

Living Space

By Kathryn Weber
My Pet World

My Pet World

By Cathy M. Rosenthal
Problem Solved

Problem Solved

By Christopher Elliott
Recipes by Zola

Recipes by Zola

By Zola Gorgon
Rick Steves' Europe

Rick Steves' Europe

By Rick Steves' Europe
Taking The Kids

Taking The Kids

By Eileen Ogintz
Travel & Adventure

Travel & Adventure

By Various authors
Travel Troubleshooter

Travel Troubleshooter

By Christopher Elliott

Comics

Doonesbury Al Goodwyn Randy Enos Shoe Popeye Andy Marlette