Tag: real estate
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Added to a Deed: What Are the Tax Consequences?
It’s a common question. You’re going to be added onto someone’s deed. Will you have to declare your new homeownership to the IRS? An acquisition of real estate is not considered income. But being named on a deed could still implicate taxes. Let’s explore why.
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Fannie Mae Was Going to Save Mortgage Borrowers Thousands by Dropping Its Title Insurance Requirement. Never Mind.
The Biden administration was working with loan backers to delete title insurance charges from closing costs. The move would have saved quite a few home buyers hundreds or even thousands of dollars. Noting that the plan had been silently scuttled, the Wall Street Journal said pressure against it came from “an obscure industry.” The obscure…
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Blockchain for Good: Can Smart Contracts Play a Community-Building Role?
Holding the deed to real estate is long associated with stability and financial security. What if some of that security could be shared by — and build up— communities? This article is a thought experiment. Let’s imagine how things could play out if local residents could invest small amounts in a building. How would this…
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Zoning It Up: “Downtowns Have to Evolve”
Since the pandemic unfolded, one of the most-used keywords for the way we live is flexibility. Now, towns across the United States are asking if the old, rigid approach to zoning meets our evolving needs. Take Seattle. There, the City Council has just decided to let condo and rental towers replace a string of struggling…
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Safe or Sorry? The Evolving Law of Disclosing Flood Risk (and How to Look Up Your Own Home’s Risk of Flooding)
How many of us ask about flood risk before buying a house or renting an apartment? In many areas of the country, whether we rent or buy, no one mentions flood risk. And yet, for millions of homes, flood risks keep increasing. Knowing whether a home has flooded, or is at high risk of flooding,…
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When in Delaware… A Homeowner’s Deed Must Be Filed With the Register of Wills
What happens with Delaware real estate deeds when someone dies? The home’s title (whether the owner dies with or without a will) vests immediately in the beneficiaries’ names. The home county’s Register of Wills sends the deed to the County Assessment Office. That’s how a title is transferred upon death. There’s no need for a…
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Dower Rights for Surviving Spouses: Does Your State Still Have This Old English Relic?
If you live in Michigan, your state ended its dower rights in 2017. But if you live in Arkansas, Kentucky, or Ohio, dower is still on the books in your state. This musty old legal provision gives spouses a peculiar set of real estate protections. Kansas, too, has a “dower-like” provision in its KSA 59-505.…
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I’m Changing My Name. What About the House Title?
Your house title should state your current legal name. Of course, there are other documents that prove your identity. But having the correct name on the title will save steps when you want to sell or take a loan out on your home. So here’s a brief guide to changing the title to your home…
