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What you should know about the $418 million NAR settlement on home-sale commission

Is massive change coming to the real estate industry? It’s unlikely. Will sellers drop their listing price because they’re no longer responsible for paying the buyer’s side of the commission? Almost certainly not. Will it be cheaper for buyers to purchase a home? We doubt that, and it might even become more expensive.

Now that we have all...Read more

Exes consider selling paid-off home to their children

Q: My ex and I are thinking of selling our paid-off home to our two children. Then, both of us would purchase our own places. We would give them a much better deal than they could get on the open market. What are the pros and cons of doing this? Thanks in advance.

A: We wish you had included some additional information in your email. For ...Read more

Reader suggests including guardianship language into power of attorney

Comment: You stated to a reader recently that it was unclear why the niece no longer had power of attorney (POA) over the aunt’s house — and a conservator stepped in.

As an advocate against guardianship abuse, a POA can be removed through the courts like a discarded traffic citation. Many family members are blindsided by the process — ...Read more

Income issues, rising debt put former homeowner in a difficult position

Q: Thanks for your financial newsletters. You helped me back in 2008 when the Great Recession hit, and I was able to save my townhouse from foreclosure.

Fast-forward. I moved to Sonoma County, California, about 10 years ago. I unfortunately sold that home in 2020 due to many reasons. One of them was that our income was not, and has not been, ...Read more

Anyone can fall for a scam, even in real estate. Here’s what you need to know

March 7 was National Slam the Scam Day, according to the Social Security Administration. While most people understand that there are many scams perpetrated by extremely clever bad actors, what is not well understood is just how easy it is to be taken in by these scams.

Phishing, vishing, and other cyber-security scams are terrifying. Losing ...Read more

Condo owner left in the dark seeks help with outdoor lighting

Q: I have lived in the same 10-unit condo for over 20 years. It consists of several two- to four-unit buildings grouped together. The buildings surround a shared parking area. Some units face the parking area, while others don’t.

Many owners that face the parking area leave their garage light on to illuminate the parking area. Without these ...Read more

Readers respond, we provide clarity on trusts and transfer on death instruments

Comment: I read your recent article about trusts and beneficiaries of trusts. You mentioned that “If you have a revocable trust, as the beneficiary you have the right to amend the trust and update it to decide who can serve as trustee and who should be the beneficiary under the trust.”

I’m not aware of any provision that allows a trust ...Read more

How to find your property line

Q: Where can I find out where my property line is located? My neighbor put up a fence and I believe it’s over the property line. How do I find out?

A: We’ve got a few ideas for you to try. But without knowing the particular circumstances of your property, we’ll have to make a number of assumptions relating to your circumstances. ...Read more

Readers responses keep the conversations going

Comment: As an insurance agent with over 50 years in the property-casualty business, I enjoy reading answers that people pose via the internet.

I was recently reading one of your articles about the “child with power of attorney.” However, in none of your answers have I seen the suggestion that the questioner should consult with his ...Read more

Step-sister attempts to claim share in deceased step-father’s home despite lack of last will and testament

Q: My mother and father were married for over 20 years. During their marriage they bought a house. At some point my mother signed a quitclaim deed and made my father the sole owner of the home. She did this on the condition that he was supposed to leave the home to me. My father passed away and left no will. Now my step-sister from my dad’s ...Read more

Child with power of attorney attempts to transfer ill father’s home into a living trust

Q: I am trying to help my dad transfer his home into a living trust. He will maintain the home as his primary residence. We want to put the home into a living trust to avoid probate after his death, and this is what was suggested to us. He’s recently taken ill, hopefully not a long-term thing, and is having difficulty leaving the house.

I ...Read more

If your neighbor puts up a fence, who is responsible for cleaning it?

Q: My next-door neighbor put up a white vinyl fence between our homes. Not a problem for me, originally. But the fence is now turning green and black from dirt and mold.

I don’t care what his side of the fence looks like, but I do care about my side. It’s unsightly and I don’t want to see it every time I go out in my garden. So, here’s ...Read more

Couple seeks clarification on tax implications if they sell their second home

Q: In 2020 my husband and I paid cash for a condo that my college son has lived in while going to school. He is about to graduate and get married. We are now contemplating selling the home.

We make over $100,000 a year. We plan to use the profit from the sale of the home to purchase another property. Are we allowed to do so without paying long ...Read more

Why aren’t more homeowners selling to ‘as is’ companies?

Q: I recently came across one of your columns on using a company to sell your home on an “as is” basis. You pay no real estate commissions; you get a fast closing and easy terms. Why don’t more people use them? Does the math work out?

A: Well, every seller has the option to go to one of those companies. But, you’ll likely get a much ...Read more

HOA board president asks resident to research regulations regarding ‘no smoking’ measure

Q: Your newspaper article about home smoking policies from last summer prompted me to try to get my homeowners association (HOA) to pass “no smoking” measures in my small development. The board president has asked me to do research regarding which regulatory government I need to contact to push this forward in our organization.

Where do you...Read more

Can you minimize taxes on sale of rental property?

Q: How do I minimize taxes for my parents? They have a rental property and own it without a mortgage. They want to sell it to me.

Here’s the problem: They want the money as a lump sum instead of monthly payments. They also don’t want to undertake a 1031 exchange for another rental property. They will likely use the money to buy a new home ...Read more

Tenant concerned about conservator taking over ownership of aunt’s home

Q: A conservator has taken over my aunt’s house that I have lived in for almost 30 years. I had power of attorney for 20 years, but my name has never been on the deed to the home. The home has a $10,000 mortgage on it. If I pay the rest of the mortgage, would that give me any ownership rights to the home? I am in my aunt’s will to inherit ...Read more

Homeowner concerned about HOA’s possible lack of compliance with disclosure laws

Q: I live in a townhouse development with a homeowners association (HOA). I have, in the past, requested financial information dating back four years and was told that there would be a cost to retrieve the records and the rate to be charged was $100 per hour.

As a retired financial executive, I know that everything requested should be readily ...Read more

What’s the best way for kids to inherit their parents’ home?

Q: Friends of mine put their two children on the title of their house some time ago. The home has no mortgage. The father is now deceased and the mother is now 85 years old.

When the mother dies, the children will become owners of the house. However, I think that they will also inherit their parents’ basis in the house. There will be no step-...Read more

Trust owner concerned about succession

Q: My house is held in a trust. My nephew is the successor trustee. He not only is the successor trustee, but he and his sister are each 45% beneficiaries. Another nephew is the final 10% beneficiary.

Only my home is in the trust. What is the risk if my successor trustee dies before I can appoint another successor trustee and reallocate the ...Read more

 

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