In the context of IRS Topic 701 and the capital gain exclusion from a home sale, the concept of a "wash sale" generally doesn't apply. The wash sale rule is primarily associated with securities, like stocks and bonds, and aims to prevent taxpayers from claiming a tax loss on a...View More
In your situation, where a contractor has taken your money without fulfilling their part of a real estate investment deal, you have several legal options to consider. The text messages you have can serve as evidence of the agreement and the contractor's obligations.
In Illinois, if a property has two individuals on the deed and only one on the mortgage, the distribution of sale proceeds should be based on a clear agreement between the parties. The person on both the title and mortgage may opt not to claim any proceeds but should document this decision in...View More
In Illinois, the authority to amend the Association Bylaws of a Common Interest Community (such as a homeowners association or condominium association) typically lies with the governing board, subject to the requirements outlined in the existing bylaws and state law. The process for amending bylaws...View More
I have invested countless hours researching facts, law, and evidence, and ultimately we filed an 88 page, 11 count complaint in the McLean County IL Circuit Court pro-se, asking for at least $144,000 in damages against three defendants. This was filed on July 3, with the corporation's... View More
Probably. Depending on the wording of your complaint (your attachment won't go through this system) it's possible you'll be limited to a default judgment as to liability and still need a hearing at which you prove your damages and each defendant has an opportunity to try to disprove...View More
No. Once you've received payment and delivered a deed to the buyer you no longer own it. You can't sell what you don't own. Contact the town, provide them a copy of the deed, let them know when that transaction took place and give them the buyer's name, address, telephone number...View More
If a renter occupies the property for twenty years can they claim the property through squatter rights. Would attending the condo association meetings, and paying fees be enough. Are there any other actions the renter would need to take to get the property?
If you are a renter you are a permissive user. In other words, the owner of the property has given you permission to occupy it. Permissive use NEVER ripens into a situation allowing you to claim adverse possession (what you refer to as squatter rights). The only action you can take to get the...View More
Seller should find an attorney practicing in the field of real estate an make an appointment immediately. She should bring all the paperwork related to this transaction to the appointment. There is a remedy called "specific performance" which may be available to her if the real estate...View More
My friend has a property that was inherited to her husband when his father passed away. His will read that his current wife reside in the house until her death, then the property was to go to my friend and her husband. The current wife died about 3 years ago. My friends husband has also passed. Who... View More
The order in which names are listed on the tax bill cannot be relied upon and doesn't prove who owns anything. If your friend is concerned about this, her best bet it so take all of the relevant documents (her father-in law's will and death certificates for everyone involved who has died...View More
My son is renting an apartment with one roommate. The lease they both signed includes a $995 deposit which they each paid half $477.50. The lease ends May 31, 2023. My son is going to move out May 31. His roommate has decided to stay in the apartment and resign the lease with my sons name deleted... View More
What is the best way to put the house in my name? Are there any options where it can be gifted to me so I don't have to take out a loan? Would buying it be best (and would a first-time homeowner's credit apply?) Are there any other options? I plan actually to live in the home and not... View More
Your grandparents can deed the property to you, but this is problematic because there is a mortgage on the property. The mortgage likely contains an acceleration clause that states upon transfer of the property to a third party, the mortgage will be immediately due and payable on full. Further, if...View More
My sister claims to be my mother's poa. She takes all of her money out of a joint account between her n my mom and deposit it in her account. Her gas bill is overdue by 1,000 dollars. She takers her to no appointments me and my wife do. My mom thwrclains she doesn't even want her in the... View More
Anyone acting under a power of attorney has a fiduciary duty to act in the principal's best interest. If your sister simply took your mother's money, then she is arguably in violation of that duty. Since your sister will not likely respond to a written demand (based on her text message)...View More
Wants me out but I found out he has a mortgage on it and several other properties and he's going into foreclosure. Idk if he ever recorded it. Can I request to rescind and get my money back? Or is it pointless since he obviously has no money?
It may not be pointless just because he has no money - you need to find out whether there will be any remaining equity in the house after the mortgage lender (and any other lienholders ahead of you) are paid. But it could be pointless if being behind in your payments means you're in material...View More
Not necessarily. I often have clients, particularly those without Realtors, that have me review an offer prior to submission to the seller. However, most standard contracts have attorney approval clauses which allow for attorney review once the contract is complete. Depending on where you live,...View More
I have published newsletters previously, The previous management company's provided the mailing list. The current management company will not. Am I entitled as a owner, to the home-owner mailing list for that particular purpose?
The answer to this question will depend on the specific rules and regulations of your condominium association. Typically, condominium associations are governed by bylaws and regulations that outline how the association operates, including how information is shared and distributed to unit owners....View More
What do I need to file (mothers death certificate?) in order to clear the house for future sale or for adding another family member to the deed? I have kept the taxes paid and up to date and currently residing in the house.
First, call your lawyer and ask why he hasn't followed through. There may be some obstacle that's needs to be removed first, and he's working on it for you. Second, if your lawyer doesn't have a good reason for not following through, find another attorney. You can record...View More
Trying to fill out an Executors Deed. I have one executor but about 6 heirs/grantees. Do I just list each heir and their percentage and say individually? For example: John Doe (20%) individually, John Doe Jr. (20%) individually, etc. Should percentages not be included?
I'm unsure of what you mean when you say she "gave" you the property. Did you receive a Deed to the property? I'm guessing not. If you were given a deed, then she would not be able to simply evict you.
Was the home held by your stepmother and father as joint tenants...View More
My boyfriend is buying a home we will live in together. The loan is VA so I can't be on the title until we are married, but I don't want to invest money into renovations if I have no legal rights to it. Is there any sort of contract we can create and sign that promises to pay me back a... View More
I always counsel boyfriend/girlfriend client situations to ask themselves what documentation would they want if the other person were not your boyfriend/girlfriend. It is a mistake to think that the status of boyfriend/girlfriend has anything to do with the commercial arrangement of loaning money....View More
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