Get free answers to your Real Estate Law legal questions from lawyers in your area.
Tax consequences on sale of completely depreciated rental property
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answered on Sep 14, 2024
When you sell a completely depreciated rental property, there are several tax consequences to consider. Since the property has been fully depreciated, you must recapture all the depreciation taken during the ownership period as "depreciation recapture." This recaptured amount is taxed at... View More 
Real estate question: basic now but will elaborate when connected. Note: will type words in a form of 3rd person so its less emotional for me, stay on logic.
Also, a lawyer that was the office for Legalaide stated that it does not matter the Foreclosure the property was sold, there is no... View More
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answered on Sep 13, 2024
When you sell a home just a few days before a scheduled foreclosure, the sale can have important consequences on the foreclosure process. First, make sure that the sale of the property is fully finalized and that all necessary documents have been recorded. Once the house is sold, the foreclosure... View More
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answered on Aug 9, 2024
Hire a VA attorney to search the title and determine heirship unless your Father gave out some conveyance you do not know about.
The land lord threaten to sue because our product branding can be seen through our windows, and that violates their advertizing rules.
answered on Jan 30, 2024
You need to start with a lease review. That should include all correspondence about the property, sales materials, and anything else that is relevant. There is no reliable answer without that.
All of the building except the ground floor are single family own condominiums.
answered on Dec 12, 2023
Condos are, by definition, separate property from the building they are in. Some are commercial, while others are residential.
My mother established a real estate contract in 2/15/2023 signed by a lawyer, a real estate agent herself and the executor of the estate. She passed away 4/22/2023. The lawyer did not issue the deeds for the home or land to complete the contract. Is the contract still valid?
answered on Dec 11, 2023
Generally, the stature of limitations for all written contracts is five years. However, with respect to a real estate contract the expiration of the settlement date could result in a termination of that contract. You should also be aware that the obligations of the parties could inure to their... View More
Please provide the lawyer's name, phone, year's in practice, consultation fee, pricing structure, etc.
answered on Dec 6, 2023
A Virginia attorney could advise best, but your question remains open for a week. However, it would be difficult for attorneys here to respond to your request for legal representation or attorney information. The format here is basically Q & A - no solicitation. In addition to your independent... View More
Re: intestate heirship
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answered on Oct 16, 2023
Ask your question in the appropriate State column and find out.
I'm starting a real estate company focusing on residential rentals (single family, multifamily, apartments). Which business structure offers the best tax advantages?
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answered on Sep 29, 2023
LLCs and S Corporations are often considered advantageous for real estate ventures due to potential benefits like pass-through taxation and liability protection. You should consult a tax advisor to analyze which structure is most advantageous for your specific situation.
The home was owned jointly and equally by my husband his father mother and sister. No one gave any art of it away. My husbands niece says years ago after his mother passed that the 3 remaining owners signed over part of the home to the 2 remaining sisters but the gift deed wasn't filed with... View More
answered on Sep 20, 2023
Your description is complex, and the details are critical. The matter is also likely to be time-critical. Any opinion rendered without reviewing the documents and the facts, and likely after some light research on race (not ethnic, but means of filing) recording and duties of notaries in your... View More
What can I do to get them out?
answered on Aug 26, 2023
The answer depends on the facts, and you haven't -- and shouldn't -- reveal them in an open Internet forum. I see you are posting from Salem, Virginia, and that is nowhere near my offices. Find a lawyer who does landlord & tenant law and real estate law in Salem Circuit Court.... View More
The issue involves an HVAC company (AllTech) that performs HVAC and plumbing services on my condominium (Unit 304) and my neighbor’s (Unit 404) who lives directly above me. The issue is that AllTech failed to properly re-insert the condensation pipe into the drain when performing service on Unit... View More
answered on Aug 21, 2023
Assuming the condominium unit is in Virginia, I don't understand why you would not report a claim to your hazard insurance company for damage to your unit. The insurance proceeds will be used to repair the damage to your unit. Your insurance company will be subrogated to your right's to... View More
And it was not on contract to have dock or pier inspected
answered on Aug 20, 2023
It depends on what the contract says, but the option to terminate the contract expires at the time stated in the contract. You should read the contract carefully or get counsel to review it immediately.
The issue involves the HVAC company (XXXX) that performs HVAC and plumbing services on my condominium (Unit 304) and my neighbor’s (Unit 404) who lives directly above me. The issue is that AllTech failed to properly re-insert the condensation pipe into the drain when performing service on Unit... View More
answered on Aug 20, 2023
Assuming your unit is in Virginia, I am not sure why you would hesitate to use your hazard insurance for a claim. Your insurance carrier will straighten it out, and use subrogation to recover from the party who is liable. Sure, there is likely common element damage as well, that should be covered... View More
Have scheduled a survey and one property owner is out of country for three years and not answering emails seeking permission. His fence, which may be located on my property, blocks surveyors from doing their work.
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answered on Aug 10, 2023
Usually licensed surveyors can go anywhere except some restricted areas to survey real property. That is what the license is for.
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answered on Aug 7, 2023
If a Virginia court invalidates a mechanic's lien, it typically does not reset the clock for the 90-day period in which a lien claimant must file their lien. The 90-day period usually starts from the last day of labor or the last day materials were furnished. The court's decision to... View More
My home, land, and retirement accounts do not have his name on them, but the marital home that he lives in may be at risk of a foreclosure as he is behind on payments. He was given a year to get the mortgage refinanced into just his name, but he has awful credit and won't be able to. It's... View More
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answered on Aug 2, 2023
If you signed the Note then you are personally liable on the debt. After foreclosure the lender/noteholder may file suit to collect for any note deficiency.
I have a question whether I should go on the title with her on the investment property or Is it better to stay off the title ? My intention is to protect our primary home and personal assest against any law suits we might face in the future on the rental property
answered on Aug 2, 2023
A married couple buying an investment property in Virginia should consider several options for holding title. Most couples hold title to real property as tenants by the entirety with the common-law right of survivorship. The tenancy protects the property from the debts of either spouse alone,... View More
The transaction has been paid off, but I have not seen any deed actually signed over to officially own the property without question. I also was given possession of the deed to hold safely, but was not named executor of her will. What, if any, rights to I have in the say of what happens to her... View More
answered on Jul 23, 2023
The assumptions in your posting indicate that you haven’t a clue as to proving title in Virginia. Seek out local, Virginia, real estate counsel, run a current owner search, and review the results.
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