Escheat has almost nothing to do with foreclosure. In almost all contexts, escheat refers to the power of the state to take private property (and the very severe limitations thereon). Foreclosure refers to a private mechanism for selling property secured most often by a deed of trust or mortgage...Read more »
The contract dictates who pays the closing costs and settlement fees and the title company should follow those instructions. Note that in most cases the Seller will pay the cost of the deed preparation and the cost of recording the release for any mortgage, even if the Buyer will pay the...Read more »
A business partner of mine is considering filing for bankruptcy either 7 or 13. Me and him purchased a property together to rent as an income property. He's the only one on the mortgage. He's on the title and I'm on the title (via my business name). Am I at risk for losing the... Read more »
You would be wise to consult your own bankruptcy counsel, not to prepare your bankruptcy, but to plan options. You might want to buy him out in one way or another, and it might be better to do that from within his bankruptcy. It is an interesting problem, but, to answer your question, yes, you are...Read more »
If someone doesn't have the credit bandwidth to purchase a property from an owner in say 2-3 years as is typical. Could the contract be written for a longer period say, the length of the original owner's mortgage?
There is no limit on the freedom to contract between two willing parties. Rent to own contracts are rarely great deals for the buyer, because they pay a premium above market rate rent to build "equity" as a down payment toward purchase. Fixing a purchase price over a longer period...Read more »
There is just about a certainty that the seller’s mortgage note and deed of trust contain a due on sale clause. The seller would be creating a fraud on the bank... But, no worries. I doubt your deed would be accepted for filing, and, if it was, the lender would simply foreclose wiping you out.
Quiet title can only be given by the Courts. To quiet title in a property you'd need to first do a complete title search, then file a lawsuit. Such kinds of lawsuit may require a full trial with experts, depending on the circumstances and whether or not other interested parties contest the...Read more »
I have been paying all expenses for the property for the past five years and we secured a mortgage ten years ago. My sister now wants me to purchase her share of the property. How can I determine how to work this out since she has a “fixed” price in mind that does not match your investment?
Where expenses of ownership are not equally shared, there is a broad range of negotiation possible. First, you must make the calculations concrete. Gather the facts and documents. Your co-owner can review the data with a financial or legal advisor. Absent a negotiated agreement on the proceeds of...Read more »
If it is on your property, you may remove it or you may demand that they remove it forthwith. If the property is held by a deceased person, you may need to serve the complaint on the personal representative. But, it is a very wise idea to start with a survey, so you are quite sure the wall is on...Read more »
An attorney would need to look at the specific Contract and Addenda at issue before drawing a conclusion on the rights of the parties. Sometimes a contract is written giving a buyer a general right to terminate if dissatisfied after inspections -- in that case, there is usually not much a seller...Read more »
Will The Judge Grant The It If You Have No Claim Statement Or The Claim Statement Is That Its Self Or By Asking Or Just Based On Identification Identification And The Circumstances There Of Or Nature Of The Unmaintained Land
"QUIETING TITLE" means settling any dispute on the ownership of particular property. The condition of the property is usually irrelevant. Someone can only quiet title to property they either have a recorded interest in (meaning something like a deed recorded in the Land Records) OR...Read more »
It is not a specific law in the code, it is the principle that a contract must identify the real party in interest. Your contract does or does not have assignment language. Beware, not all contracts are assignable. If yours has the language, it can be assigned.
File suit for sale in lieu of partition and serve the other owner in the manner prescribed by Maryland law, which will be alternative service after first reasonable attempts have failed. Add a count for contribution. In Maryland, venue is a defense, so the claim does not need to be filed in...Read more »
Someone has to pay the doc prep., transfer taxes, and release and recordation fees. Usually, that is split with almost all going to the buyer, and the seller’s main expense is the brokerage commission for both sides.
My cousin would like to sign property over to me. They had no will. What steps need to be taken to do this. Property has no liens or mortgages. I have paid land taxes for over ten years.i live in the property and have all my life. Cousin has no interest in owning home.
An estate will need to be opened. If a married couple owned the property as "tenants by the entirety" when the first one died, title should have gone to the survivor of them. (If they owned title differently there may be a need for two estates).
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