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What Are the Mandated Real Estate Disclosures In Your State

Details: Every state’s disclosure laws are different, even though the core of most disclosure statements are similar. That’s why you need to take an in-depth look at the disclosure document for your state. If you want to dive into the legal code for your state, you can also check out the disclosure laws

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What Are a Tenant's Rights When Their House Goes Up for …

Details: While laws vary state by state, nearly half of all states require 24-48 hours notice for a landlord to enter a property, which includes showings. If not a 24-48 hour window, the law stipulates “reasonable notice,” which should be established between …

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8 Types of Disclosures Common in Real Property Transactions

Details: Disclosure laws are meant to protect both sides of the home-purchase transaction, notes Ilona Bray, an attorney and author of several real estate guides. Disclosing any issues about major home components, systems, and conditions puts the buyer on notice—and prevents the seller from being held liable for future problems.

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Why the Legal Definition of a Bedroom Isn’t What You Think

Details: Find the local zoning laws that apply to your house by doing an easy internet search using the keyword zoning, plus your county and/or town name. Then it’s just a matter of searching through all the zoning laws for the ones that apply to bedrooms. You can also ask your real estate agent whether or not a particular room qualifies as a bedroom.

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How to Market Your ‘Family-Friendly House’ Without

Details: Fair housing laws prohibit discrimination of race, color, religion, sex or gender, disability, national origin, or familial status. Marketing your home towards families specifically could violate this federal law. So, instead of marketing your home as “family friendly,” simply state …

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Joining a Homeowners Association

Details: Changing CC&Rs can be difficult, often requiring consulting state laws, reaching out to an attorney, and getting the entire HOA to weigh in. Source: (Ben Wicks / Unsplash) Rules and regulations. The rules and regulations act as more fluid enhancements to the CC&Rs. While CC&Rs outline rigid requirements, rules and regulations can get more

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How to Rent Your House: A Guide for Would-Be Landlords

Details: And local housing laws extend further protections to renters related to collections, security deposits, and evictions. As a landlord, you must abide by these laws. If you’re required to get a landlord’s license, you may have to prove that you understand the laws.

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Top 10 Homeowners Association Problems and How to Resolve …

Details: Know your rights. In some cases, like with clothes lines and “right to dry” laws, state and federal laws may override the HOA CC&Rs. Create a paper trail. Document. Document. Document. In the event that an issue arises, you’ll have the evidence and support you need to make a clear case.

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Can A Homeowners Association Fine You

Details: Retired judges with experience in HOA laws most often make up HOA arbitrators. At the meeting, the arbitrator listens to both sides and looks over all the presented evidence. They then make a decision, which can take a few hours or several days. The decision is legally binding and cannot be overturned in a court of law. Sometimes court is

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A Buyer’s Nightmare: I Bought a House with Problems Not

Details: Just about every state has laws in place that require sellers to inform a buyer of material defects in the property. This is usually done by completing a seller’s disclosure form, and it’s done before the transaction is complete. Sellers can sometimes still be held responsible in some “buyer beware” states, depending on how the contract

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Building a Guest House 101: Your Simple Guide to the Basics

Details: Zoning laws. Find your housing zone on your city’s website under “community development” or “planning” sections. The website Accessory Dwellings also provides a crowd sourced catalog of ADU laws in cities across the U.S. for reference. Zoning …

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What Is a Single-Family Home

Details: A single-family home is a type of construction, which in turn ties into zoning laws and land use. According to the U.S. Census Bureau, single-family housing units can be standalone houses or semi-attached, side-by-side structures such as duplexes, townhouses, or row houses. But all must have these characteristics: A ground-to-roof wall

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Don’t Forget! Disclose Those HOA Documents As Part of Your

Details: Don’t Forget! Disclose Those HOA Documents As Part of Your Home Sale. Deed filings, mortgage and finance reports, homeowner’s insurance statements, repair records, and contractor receipts—the amount of paperwork required during the home sale process is staggering. When you’re buried under a mountain of 180 pages related to the deal, it

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I’m Ready to Close. Is A Final Walkthrough Required By Law

Details: (Source: Emiliano Vittoriosi / Unsplash) Is a final walkthrough required by law? The long answer. Buyers are not legally required to do a final walkthrough before closing, but why wouldn’t you?This is your final chance to look at the home and make sure everything is as it should be before its problems become your problems.

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Can You Sell Your House to a Family Member Without Any

Details: Tip 3: Check your compliance to federal tax laws if you gift the house. When the home sale price between family members is lower than the property’s FMV, both the buyer and the seller need to be careful to comply with federal tax laws. “You should always try to sell at a price that’s pretty close to the home’s actual fair market value

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The 35 Steps to Building a House: Your Start-to-Finish Guide

Details: Step 3: Research and hire the building team. Building a home is a huge project, and the average build will involve 22 subcontractors working on the home. The first person you’ll need to hire is the general contractor or a custom home builder. They …

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10 Things to Know about HOA Responsibilities to Homeowners

Details: Source: (topseller / ShutterStock) What is the purpose of a homeowner’s association? An HOA is a group of community residents (or a management company) that enforces the rules and regulations that fellow residents must follow. You’ll usually find HOAs in planned developments like a condo complex, townhome communities, and in both many newly developed and established …

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Selling a House With a Tenant Living There: What Are Your

Details: In addition to reviewing your state’s landlord-tenant laws, look over your lease agreement again to be sure you don’t lose track of the following items recommended by Avail, an educational platform for landlords: How much notice you need to give your tenant about vacating, regardless of whether you have a fixed-term or month-to-month lease.

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Honesty as Policy: What Is the Realtor Code of Ethics

Details: Source: (Matthew Henry/ Burst)The Realtor® Code of Ethics: A North Star for the profession and peace of mind for buyers and sellers. Honesty as policy? Not in the rogue world of real estate — at least, that’s the perception held by many Americans who question the authenticity of real estate professionals.

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Do You Need a Real Estate License to Flip Houses

Details: The exams are typically divided into two sections: one on your state’s real estate laws and principles, and one on national and general real estate laws and principles. Activate your license. Once you pass the test, you’ll need to activate your license through your state’s real estate commission, which generally costs between $200 and $400.

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What Is Steering in Real Estate

Details: One way laws extend Fair Housing protections is by including even more protected groups than are covered by the federal law. For example, the New York State Division of Human Rights Law expands on the Fair Housing Act and includes housing protections for gender identity, sexual orientation, marital status, and military status.

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Selling Your California Rental

Details: 6. Navigate fallout from COVID-19 renter protection laws. The State Assembly just passed AB 832, a bill that extends the original statewide ban on evictions due to financial problems caused by COVID-19 through September 30, 2021. While such relief has been critical, it’s also taken a toll on some mom-and-pop landlords who still have mortgages

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Get the Basics of Probate Real Estate and How to Sell a

Details: Once you accept an offer, other buyers can step forward and outbid the current buyer. It depends on the state, but some “overbidding” laws are very specific. The most commonly known overbidding law is in California: buyers must offer an additional $1,000 plus 5% of the proposed sale price, minus $10,000.

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The Probate Timeline

Details: Probate laws in the state where the estate property resides also play a major role in the length of the probate timeline. For example, in some states, the value of the estate determines how long the process will take. Thankfully, some states have taken steps to refine and simplify the probate process.

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Can You Legally Sell Your Rental Property With Tenants in It

Details: Know the laws. Each state may have different laws when it comes to tenants’ rights, so it would benefit you to work with a proficient property manager, attorney, and/or real estate agent who is familiar with the local regulations. Be upfront about selling.

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Is There a Lemon Law for Houses

Details: Lemon laws refer to defective automobiles, commonly referred to as “lemons.” If you’ve purchased a car that continues to fail certain quality standards (meaning, it ends up in the shop a lot!), then there are federal and state laws that provide some recourse for the buyer against the manufacturer.

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Some States Require a Real Estate Attorney at Closing

Details: What your state laws say about real estate attorneys. State laws dictate whether or not an attorney is required at closing, as well as how involved the attorney must be in the process. For instance, some states, like Louisiana, require a real estate attorney to examine and certify the title.

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Average HOA Fees and the Benefits of Homeowners Associations

Details: Also, consult your local and state laws to understand HOA insurance requirements, including fire, flooding, and natural disaster coverage. How an HOA governs. Understand the responsibilities of the community association that will govern your home and enforce the rules. An elected board governs the HOA and is responsible for upholding the rules

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Here Are Your Options for Delaying Rent Payments During

Details: Laws vary by state and city. When it comes to evictions, each state has its own laws and regulations. In New York state, tenants can’t be evicted until at least August 20 (late fees and missed payment fees are also banned). In Massachusetts, renters can’t be evicted for at least 45 days after the state of emergency lifts.

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What’s the ROI on Adding a Guest House

Details: Parents, in-laws, or young adult children can contribute a fair portion of rent into the primary homeowner’s mortgage which may be significantly lower than the mortgage payments or rent they’d expend for an independent property. Even if you subsidize a relative’s rent in half, you’ll still recover the building costs of a smaller budget

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What Is a Probate Attorney and Do I Need One to Sell

Details: A probate attorney makes sure that all beneficiaries, creditors, and taxes are handled appropriately according to the probate laws and timeline of your state. (FindLaw has an extensive list of each state’s estate planning and probate laws.)

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Navigating Seller Disclosures as the Buyer: 7 Things to Know

Details: Caveat emptor laws are designed to protect sellers from litigation should their buyer experience buyer’s remorse after discovering a flaw they should’ve discovered before closing on the property. While these states expect the buyer to do their due …

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How to Navigate the Complexities of the Probate Process

Details: Laws governing independent or unsupervised administration vary from state to state—as do the requirements to be granted this authority. However, this is by far the best option if you want to get through the probate process quickly.

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Dual Agency Is Illegal In Some States — Is It in Yours

Details: Each state and territory establishes its own agency laws and disclosure requirements, says NAR. Since laws often change, check with your state’s regulatory agency for the most up-to-date details. As of 2021, dual agency is illegal in the following states: Alaska: Alaska statute (the state allows designated agency when disclosed)

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What to Know About Living in Real Estate 'Non-Disclosure

Details: Disclosure in general is important in real estate. State and federal laws require that sellers disclose any lead paint, radon, asbestos, and other potential hazards on their property so that buyers are aware of any trouble spots. This differs from a non-disclosure state, however.

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Earnest Money Deposit: What Is It & How Do You Protect It

Details: Ultimately, the amount and type of EMD will depend on local laws and customs in the market where you’re buying, not to mention the individual preferences of the seller. California does require some “consideration” or funds offered to secure a purchase contract. In Colorado, MLS listings show the seller’s required minimum earnest money

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How to Sell a House with a Shared Driveway Without Any Issues

Details: Source: (K Quinn Ferris / Shutterstock) Talk about the positives. A shared driveway can be a single space as wide as a single-car driveway (roughly 9 to 12 feet, although some can be smaller) or a double-car driveway (roughly 20 to 24 feet).They also can take the shape of a “Y,” a fish bone, or a flag on a pole.The plusses of such an arrangement might not immediately leap to mind, but

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How to Sell a Haunted House Like Any Other Home on the Market

Details: Source: (mRGB/ Shutterstock) We chatted with the real estate agent who sold the infamous Los Feliz Murder House in Los Angeles, analyzed dozens of marketing materials and press around real-life haunted house sales, and looked up real estate disclosure laws around stigmatized homes in all 50 states.. What we found surprised us: If you want to sell a haunted house, or a house …

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Does FSBO Really Work

Details: There are hundreds of laws governing real estate, varying state-to-state and changing periodically. Unintentionally break a law or overstep the contract and your buyer can sue you for: Money damages for breach of contract; Return of the deposit, plus payment of reasonable expenses for termination of the contract

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How to Take the Heat off Selling a House With Fire Damage

Details: Many states’ disclosure laws will mandate that you disclose previously known fire damage, but even in caveat emptor (“buyer beware”) states, real estate agents like Darden recommend that you be upfront about it. “Most people are going to find …

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How Long Does Probate Take

Details: State laws play a huge role in determining the length of probate, however they aren’t the only factors that could influence your probate timeline. 2. The estate’s size. It makes sense that the size of the estate heading into probate plays a major role in how long the process will take. The more assets involved, the more decisions need to be

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Moving in with Elderly Parents

Details: “More than half of U.S. states have so-called filial responsibility laws, which say adult children are responsible for caring or financially helping parents who are unable to pay for care. These statutes have roots in American colonial and 16th-century English laws aimed at relieving elderly poverty.” According to Nerdwallet.

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5 Rules for Selling a House in Florida As Buyers Flock South

Details: Home to sugar sand beaches, the Everglades, Art Deco, and rocket launches, Florida offers quite a few sights that are out of this world.Thanks to its theme parks and landmarks such as the “World’s Largest Orange,” the Sunshine State also has a reputation for being a bit wacky, including having real estate laws and disclosures you might not encounter elsewhere.

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The Seller’s Still in My House After Closing, What Do I Do

Details: 3. Check your state laws. Getting a seller to vacate the property is similar to evicting a tenant, though how long the process will take depends on where you live. Most states have unlawful detainer statutes that fast-track the dispute to trial within 45 to 60 days. Eviction processes do vary state by state, but they generally follow this formula:

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Real Estate Attorney Fees for Selling a Home: What to Expect

Details: Local laws can frequently change, so check with your real estate agent about whether your state requires an attorney and why. Your agent will also know whether local laws require an attorney on just the buy side or whether you’ll also be expected to hire an attorney as the seller. Real estate attorney norms: Examples from 3 markets

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What Is a Seller's Market

Details: Laws for multiple counter offers vary by state. Competing offers gives you leverage in negotiations. When a buyer finds out that other parties are bidding on their dream home, they’re more likely to accept the terms the seller wants. You can use the …

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