ArcaMax

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

Q: I read your recent response to a person who inquired about selling rental properties they own. While your response was factual, you made no mention of the very viable solution of selling the properties and through a 1031 exchange reinvesting the gain in other like kind properties. This could also include Delaware Statutory Trusts (DST) ...Read more

Q: My mother told me directly that the loans my sisters and brother received would be taken out of their inheritance. My mother passed away 10 years ago. I just found out that my siblings never repaid those loans.

We have never been close, so out of nastiness shown by them to me I asked them to send me my share of their unpaid loans. Will I get...Read more

Q: I am a faithful reader of your Real Estate Matters column every Sunday. I am moved to comment on your advice to the retiree who was trying to be a co-signer on his daughter’s mortgage. While the retiree’s query revolved around the dangers of co-signing, there could be several other much less costly and intrusive options.

Maybe the father...Read more

Q: I would love to buy one entire condo building (not the whole complex) and have all my friends and family live “together” with me. How would I go about doing that?

A: It’s nice of you to think about having all of your friends and family live in one condominium building. But, do all of your friends and family actually want to live in the...Read more

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

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

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