What problems arise for the seller and the buyer in owner financed homes? Owner (seller) financing is a situation where the seller of real property agrees to loan the buyer directly a certain dollar amount of “equity” in the seller’s home as part of the ultimate sales price of the home. The problem that could arise for the buyer is that the loan in place may not be assumable. If the loan is not assumable, the transfer of title to a new owner of the property may very well trigger a due on sales clause in the mortgage where the lender refuses to accept payments from the new owner. → Read More
The bank controls the deal: Why liability for last minute loan rejections is hard to determine No one is liable when the buyer’s financing of a home falls through at the last moment. Lenders are not required to lend. Since lenders have no duty or obligation to lend in the first place, they suffer no liability for taking their time about making the decision as to whether to lend. Lenders can quash or deny an application at any point up until the loan is made. → Read More
Legality of a Unrecorded Notarized Quitclaim Deed A quitclaim deed, which is a legal document used when one person wishes to surrender interest in shared property, should be filed with the local recorder’s office. However, even if it is not recorded at the time of signing, or not filed at all, the quitclaim deed is still legal. Recording a deed and filing the document is highly recommended and provides certain protections for the buyer, but it isn’t required to make the quitclaim legal. → Read More
Permissive Use and Easements: What To Do When a Neighbor Uses Your Land Allowing a neighbor to use your property for access to hunting, fishing, swimming or other use can lead to legal problems down the line. Over time, this access can lead to an easement claim. → Read More
Fighting an Approved Rezoning Request When a rezoning proposal is passed there are still many options for property owners who want to oppose the action. Any appeal of a rezoning decision by a zoning board can be a complicated legal matter that requires proof of an error in the process of making the change, or a flaw in the rezoning decision. In order to appeal a rezoning, work with an experienced attorney for assistance. → Read More
Zoning Rules for In-Law Units Whether or not an in-law apartment is allowed depends on exactly what type of structure you want to construct and what the zoning rules are for the area where you live. If the in-law apartment is considered to be a separate residence, which is usually defined as one with a kitchen or one which could be rented out, then adding one may be considered the conversion of your one family home into a two-family home. Whether or not this conversion is allowed will depend on whether your area is or is not zoned for two family homes. If the in-law apartment is considered to be a separate residence, which is usually defined as one with a kitchen or one which could be rented out, then adding one may be considered the conversion of your one family home into a two-family home. Whether or not this conversion is allowed will depend on whether your area is or is not zoned for two family homes. → Read More
Zoning on Home Conversions It is almost always possible to convert uses for portions of your home such as basements or garages. For the most part a simple conversion of a basement or garage into a living room, game room, or other usable space will not require a permit or draw the attention of local housing authorities. However, depending on the nature and extent of the changes you intend to make, you may need to get building permits from a local housing or construction authority, or a variance from zoning laws. → Read More
What Are Responsibility for Passing Zoning Laws? Zoning is a purely a county, city, or municipal affair. Though zoning laws are somewhat universal, the classifications used to describe zoning are not uniform from place to place. → Read More
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