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What is an in-law plan in real estate? answers (488644)

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Q: 

Can He do This?

A:  First you state that your home is not listed for sale then you state you were told by your broker. Do you have an agency relationship with your broker? If not, then you have no broker. You have it backwards. It is against the law for a real estate agent to solicit an owner if the property is already listed. If the property is NOT listed, you are fair game so to speak, and thus agents from all over town may freely contact you for the purposes of potential listing or to bring in offers. A fair sales commission is 6% or possibly 5%. Lastly, even if you went around the agent and closed on the sale directly with the Buyers, you would still be obligated to pay the sales commission due to the doctrine of procurring cause. One option you have would...

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Do I have a contract or is something fishy going on?

A:  It is extremely difficult to give you any advice without looking at all of the documents you signed or were asked to sign so I will have to talk in generalities. Yours is a classic situation where the real estate broker did not do his job correctly. In the orignal instance it sounds like the Purchase Contract was so poorly drafted there was no specific mention as to the amount of Earnest Money to be paid. Also, the contract supposedly had no contingencies in it but the Buyer has 14 days to get financing. What does that mean? Sounds like a contigency clause with no substance? If in fact your original agreement was contingency free and the Buyer failed to complete for whatever reason, the earnest money would be forfeited to you. Sounds like...

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Is probating a will required?

A:  The Georgia Probate Courts provide an overview of Georgia''s law of estate administration: Quoting Georgia Law - Duties of Personal RepresentativesUnder the law, a legal proceeding usually is required to settle and dispose of a decedent''s estate. In the case of a person who dies testate, this legal proceeding is known as "probate," which in the formal sense means the court proceeding whereby the due execution of the decedent''s will is proved and an appropriate person (who usually is named in the will) is placed in office to administer the estate. This person historically has been referred to as an "executor." When a person dies intestate...

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A neighbor's tree is damaging a shared fence?

A:  Sue the bad person in court. If it is foreclosed and there''s a real estate sign in the yard, have your lawyer write the agent a letter tell him about the condition....

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common law marriage

A:  What is a common law marriage? In a handful of states (listed below), heterosexual couples can become legally married without a license or ceremony. This type of marriage is called a common law marriage. Contrary to popular belief, a common law marriage is not created when two people simply live together for a certain number of years. In order to have a valid common law marriage, the couple must do all of the following: live together for a significant period of time (not defined in any state) hold themselves out as a married couple -- typically this means using the same last name, referring to the other as "my husband" or "my wife," and filing a joint tax return, and intend to be married. When a common law marriage exists, the spouses receive the same legal treatment...

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Earnest Money - Are we entitled to keep it?

A:  Are we entitled to the earnest money? No you are not entitled to the earnest money unless you can have your own appraisal done to PROVE they dickered with the appraisals to get out of the contract. That would cost you about 300-500 dollars unless you can first get a completely independent of this situation, agent to give you an estimate of what they think the property is worth. Your agent had you asking $112,500 for a house that appraised at $53K and $83K? Maybe you should be suing her for wasting your time. How did she arrive at your asking price? Didn''t she do a market survey? You''d have to prove any collusion or fraud about the appraisals to keep the $1000. It would probably cost 3-4 times that to make the case. Maybe more. You need a real appraisal before you...

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Family Partnership Question

A:  Hi R. If you are going to be the property manager you either need to be on title to the property or have a property managers license to show the property to prospective tenants. If you are new to property management you might be interested in a couple of associations that I recently discovered and I''m finding helpful: http://www.metromultifamily.com/ and http://www.rhagp.org/ Here is the link to OR real estate Agency that talks about the Property Management License: http://www.oregon.gov/REA/adminrules.shtml Best of luck. There are some awesome deals available. Monamarie McCreary real estate and Mortgage Broker I have done several of these. The Major Cash Investor generally will...

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no lease. landlord foreclosed/selling?

A:  Lets take this one by one. Does your mom live in the illegal basement apartment? If not then she must pay the all the back rent to the landlord or the landlord should any day now start evcition proceedings against her. How is she tampering with the electricty? The basement tenant has far far more rights then your mother. Because it is illegal for a landlord to collect rent on an illegal apartment in Nyc. Office of Claire Shulman, Queens Borough President Illegal Apartment Conversions: A Guide to the Law and Enforcement Procedures answers to Commonly Asked Questions February 1998 The illegal addition of a dwelling unit to a home is a serious offense under the New York City Building Code, and can result in fines up to $15,000 and up to one year in jail. This guide...

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BK discharged and official documents showing $700 total claims? Have I been scammed?

A:  Q: shouldnt someone have seen a red flag? A: Yes...you. Hire a bankruptcy lawyer to see if this can be amended, modified, reversed, whatever. (I know nothing about bankruptcy and plan to keep it that way.) Im asking for constructive answers not rude bashes. I realize I may have made a mistake, that is not the question. I am trying to rectify it in anyway I can, but thanks for being a pompus a** Thanks. I thought you wanted an answer to the question. What is "an agency who specializes in bankruptcy"? A law firm? A paralegal service in your state? Something else?...

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Obligated to take full price offer?

A:  You are not obliged to sell just because someone has made you an Offer at your list or asking price. You are only bound if accept the offer in writing. In your situation the real estate agent is saying that you owe him the commission due on the asking price because an offer at the asking price was made. The first question is: Was a formal offer ever made at the asking price? (In other words, a proper offer must be in writing.) If all the real estate agent received was a verbal offer, then it is difficult for him to rely on that to claim commission since, in real estate, a verbal offer really amounts to no offer. The...