My son is planning to assume the deed of his grandmother’s house which is paid for. The plan was to have them gift the house for $30,000 to my son or buy it for that amount. How would these options affect my son’s income taxes at the end of the year. The property is valued at $290,000.... Read more »
Not all owners of real property are required to sign a purchase and sale agreement. So long as your spouse signs the deed at the time of closing, you will have performed under the agreement. The problem for the buyer in this situation is that it cannot compel a sale because only one of two owners...Read more »
Both myself and the seller have signed the P&S agreement, and I have submitted the deposit check. The home is in a rural area, and the listing states cable internet is available. I just found out there is no high speed Internet available in the area. Can I legally back out of the deal and... Read more »
If the listing said cable internet is available and cable internet is available, the listing is not in error. The listing does not say high speed internet access, so if that is what you need, the listing cannot form a basis for your getting out of the deal.
My grandparents house was sold and it will be split 5 ways. After taxes and fees ill receive 42,800, will i have to pay taxes at the end of the year for it or can i gift it to my wife or use most of it as a down payment for my first house ?
If i do have to pay taxes how do i figure out... Read more »
The answer to your questions requires more time and expertise than an online forum like this can provide. You really need to consult with a tax professional like a CPA on this. It will be well worth the money you spend in fees to them.
My home (which I've owned 3 years) includes 3 parcels, each taxed separately: the largest, which includes the house; a small strip acquired from a neighbor to add a driveway; and - the questionable piece - is the alley behind the house. I own the part behind my house to the center of the... Read more »
If you did not sign the promissory note to the bank you are not personally responsible for the payments. If the collateral document securing the loan is a mortgage, failure to make the payments will give the bank a right to foreclose the mortgage.
Maybe it is required, maybe it isn't, but I can't think why you would not get one. If the tenant has damaged the unit or there is usual wear and tear you should have that documented to protect yourself. You don't want the tenant using the condition statement from the prior tenancy as...Read more »
If the well was on your property and you sold the land, you should have made some provision for retaining an interest in that land, like an easement, so you can keep using the well. If you did not, there may be an issue with the current owner because if you have no easement, you may not have a...Read more »
The terms of the trust at issue spell out the trustee's duties and responsibilities. Trustees are generally considered responsible for upkeep and maintenance of the property, but are not usually required to expend personal funds to do so. Funds for upkeep and maintenance are usually expected...Read more »
Background: I recently discovered that my condo unit’s first tenant had switched parking spaces with a tenant on the opposite side the their building. This gave each party a spot right outside their own unit. When I got a new tenant they continued with that spot. My current tenant wants to buy... Read more »
Yes. If parking spaces in your condo. are deeded, you would have to trade deeds with the other unit/parking space owner. Your could also give each other reciprocal easements or licenses. If parking spaces are assigned by the condo. you might be able to get the board of trustees to switch...Read more »
If you are paying all that is required of you from one paycheck, it does not make sense that more money would be taken out of your second paycheck. For example, if your total pay from one job equaled the amount you are currently being paid from your two jobs, and you were paying the total amount...Read more »
Or should we declare bankruptcy (Chapt 13)? If we do, will we be allowed to sell the property ? Obviously, we do not want to lose the house. I am 71, my spouse is 66, & we have resided here for 26 years. We are seeking pro bono help if possible.Thank you...
The attorney general and banking commissioner both have foreclosure units. You should contact them and legal services. If you are willing to sell the house, you may be able to work something out with the bank's attorney to get time to do so.
The condo. association cannot hold a Rule 55(b)(2) assessment of damages hearing unless a default has entered. Most condo. association attorneys I know are diligent about complying with procedural rules for entry of default in condo. association lien collection cases. Is it possible you missed the...Read more »
There are extensive requirements for debt collectors seeking payment for old debts. A primer on consumer's rights in old debt collections is beyond the scope of an online question forum like this one. Also, the law in New York is likely different from that in Massachusetts. I have been...Read more »
Massachusetts towns assess value annually. They calculate property values based on the market activity as well as certain property-specific attributes such as location, size, construction quality, style, and condition. These include the status of outbuildings. Factors may include the usefulness of...Read more »
Buying 3 family home in Massachusetts. Unit one is a mother with a newborn and other young children. This unit has no lead certificate and they have signed a lease to stay until next May. Seller wants buyer to uphold lease agreements, however the current lease violates the state lead law. Will I... Read more »
You are likely going to face the possibility that you will have to delead the unit or the building. Online forums such as these are only useful up to a point. I strongly suggest you consult an attorney familiar with this area of the law before proceeding further.
I know of nothing that permits this. Destruction of another's possibly encroaching structure is always risky without specific legal sanction to do so. For example, if you are incorrect about the location of the boundary line, your neighbor will have a right to sue you for destroying the fence...Read more »
It has to have a term of at least seven years. It has to have the issuance date and the expiration date on it. If it has no expiration date, it is good indefinitely. This applies to electronic cards. There are websites with more specifics, I suggest you check them to make sure whatever you have...Read more »
In order to obtain a wage attachment, the creditor must have a judgment against you. The creditor is required to file a new lawsuit based on the judgment and appear before a judge to ask permission for a wage attachment. The creditor is required to give you written notice of the time date and place...Read more »
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