Keep your bird in the hand while continuing to search for others in the bush. That’s what you get with a bump clause. In home sales, a bump or “kick out” clause lets sellers enter into a contract while continuing to seek out alternate buyers. If the sellers get a better deal, they can bypass the original buyer. Typically, bump clauses are used when the buyer has a home-sale contingency. Buyers sign a contract and submit

It’s generally wise to seek the advice of a real estate attorney any time you buy or sell a property.  Common sale scenarios pose specialized legal risk, and you should consult an experienced attorney if any of the following apply to your sale: Judgements or liens: If there’s a lien on your property, retain an attorney to evaluate the validity of the lien and how to remove it before it holds up a sale. Heir to

Remember the Equifax data breach last summer? Roughly 145 million Americans had their personal information and credit data compromised, leaving them open to identity fraud and theft. As a result, U.S. credit bureaus (Experian, Equifax, and TransUnion) saw a surge in consumers signing up to freeze their accounts. Now some would-be homebuyers are running into a hurdle in the mortgage application process: frozen credit. Fortunately, you can request a temporary “thaw” that allows lenders to access

Buyers are facing heavy competition in certain U.S. housing markets, and many are increasing their down payment to gain the competitive edge. In purchase situations with multiple offers, the buyer with the larger down payment is likely to win out. In part, that’s because larger down payments suggest less risk that financing could fall through. More importantly, a higher down payment can effectively bridge any financing gaps should the home appraisal come in at less than

The Tax Cuts and Jobs Act, signed into law in late December, will affect millions of Americans in different ways. When it comes to real estate, legal experts suggest that the massive tax overhaul could have some unintended consequences, including discouraging homeownership and slowing the pace of home appreciation. Here’s how the new law affects homeowners: Lower limits on mortgage interest deductions: Under the new law, homeowners can deduct interest on mortgages up to $750,000, down

If you sell your home, the new owners can paint the house pink, tear out the stone wall your grandfather built, and cut down the maple tree you carved your initials in. Once you sell your home, there’s pretty much nothing you can do to prevent the new owners from making changes. Even if you try to stipulate certain provisions prior to a sale, such conditions aren’t usually enforceable in a court of law. That said,

Tiny-home building shows may be all the rage on TV, but these programs rarely explore one big hurdle that comes with tiny-home ownership: Where on earth should you put it? In many areas, zoning regulations prohibit temporary accommodations such as RVs, mobile homes, and their new close cousins, tiny houses. Zoning laws may require minimum square footage for homes, may prohibit portable structures, or may limit what’s known as “accessory dwelling units,” such as small houses

While it’s common knowledge that a tenant must pay rent on time, keep utilities the running, and adhere to various other lease provisions (e.g. routine maintenance, limits on pets and guests), it’s also true that landlords must abide by lease agreements. Some landlords may attempt to violate a lease agreement by asking tenants to leave prior to the contracted lease period, failing to make certain repairs, violating health and safety conditions, or otherwise making the property

Home buyers today have a variety of options when it comes to finding a mortgage lender. They can choose a traditional face-to-face relationship with a lender at their local bank, opt for a mortgage broker who will shop the best deals for them, or go it online with a range of non-bank lenders, such as Quicken Loans, Rocket Mortgage, or Lenda. Be aware, however, that more than a quarter of first-time home buyers regret their choice.