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Real estate law for everyone. Whether you're a landlord, renter, or property manager, you can find rules on rental property here. And if you're buying or selling a home, you'll find valuable tips and mortgage facts.
Don't start house hunting until you seriously consider how much you can afford to pay. A little advance planning will save you time and money later, because you won't bid on unattainable houses or apply for loans that are out of your ballpark -- or will get you into financial trouble later.
Once you've found a house you like, you must make a written offer to buy it. In some states, the offer is a very simple statement, after which the seller writes up a draft contract. In other states, your offer must be so complete that the seller could sign it and you'd have a contract right there.
When selling your home, you may be obligated to disclose problems that could affect the property's value or desirability. In most states, it is illegal to fraudulently conceal major physical defects in your property. Some states require sellers to take a proactive role by making written disclosures.
Your home provides many tax benefits -- from the time you buy it right on through when you decide to sell: You can deduct property taxes, mortgage interest, home improvement and equity loan interest, and points. And when you move, you can deduct the costs of the sale and of capital improvements, as well as moving costs, under some circumstances.
No landlord would pay more than necessary for utilities or other operating expenses for a rental property. Yet millions of landlords pay more taxes on their rental income than they have to. Why? Rental real estate provides more tax benefits than almost any other investment.
Your landlord can't evict without going to court and proving you did something wrong that justifies ending the tenancy. And your landlord can't proceed with an eviction lawsuit without terminating the tenancy first, by giving you adequate written notice in a specified way and form.
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