You’ve signed the contract and transferred the earnest money, but just how binding is your real estate contract? That depends on the nature of any contingencies built into the agreement. For buyers, such contingencies provide an exit strategy if the house doesn’t live up to initial impressions. Here are some common contingencies that could allow a buyer out of a real estate contract:  * Financing. The buyer may be unable to get financing from his or

With all-cash offers dominating the housing market in some highly competitive cities, first-time homebuyers are finding themselves shut out of negotiations, particularly for the more affordable and in-demand starter homes. Saving enough for a down payment and closing costs has always been a challenge for young home buyers. But in tight real estate markets, the old standby of 20 percent down with a traditional mortgage loan isn’t enough to win a home. These kids might once

Are you ready to sell that investment property, but unsure what to do because it’s currently being rented? You have options, but first you need to understand the legal restrictions on selling a property while a tenant is renting it. Most states do not see selling the property as a valid enough reason to terminate a lease agreement early. So if there is still a set term on the lease, you may need to wait the

Cash-strapped millennials looking to keep interest-rate costs down are opting for adjustable-rate mortgages (ARMs) instead of the more traditionally popular fixed-rate mortgages. ARMs are particularly attractive for young homeowners who do not plan to retain property long term. Experts say the best way to select an ARM is to match the fixed period to the time the buyer plans to be in the home. For example, millennials planning to move where their jobs take them within

Although it’s never ideal, sometimes it may become necessary to withhold rent until problems with a rental unit are corrected. Tenants need to be very careful when doing so. A tenant must provide notice and be sure to follow state or local laws. Not following the rules can lead to an eviction for failing to pay rent. First, always give the landlord a reasonable opportunity to fix any problems. But if you have repairs that need

You’ve selected the right contractor, picked out the materials and set aside the necessary budget. It might seem like you’re ready to embark on that home-improvement project. But have you contacted your insurance agent? Experts recommend that homeowners get in touch with their insurance agent before a home-improvement project to make sure they have sufficient coverage, and after the project is done to see if policy limits need to be increased to provide for enough insurance

Construction projects can get tense, and when a dispute arises mid-project it takes some finesse to maintain working relationships or at least get the project done. It’s always best to bring up any concerns right away and see if by talking it out you and the contractor can find resolution. Often contractors will be willing to redo work, or make changes to completed work, for a discounted price. That can be the most cost effective way

Property owners forced to hash out regulatory takings in court may lose out more often thanks to a new test used to determine whether two adjacent properties with a single owner could be considered a larger parcel. The U.S. Supreme Court’s decision in Murr v. Wisconsin found that the properties in question were a single parcel, and because the owners were not deprived of all economically viable uses of their property they could not establish a

In a move called “unprecedented in its magnitude,” a bankruptcy judge recently opted to levy a $45 million fine against Bank of America Corp. for its treatment of homeowners who had requested lower mortgage payments. If it stands, the fine would be the largest punitive damages award for violations of the bankruptcy law’s automatic stay rules, which ban lenders from advancing foreclosures and taking other actions. The case highlights the importance of consulting a lawyer in