Protecting Your Clients — and Your Reputation Buying a home is one of the largest investments most people will ever make. As real estate professionals, we guide our clients through inspections, appraisals, and financing — but there’s one protection too many buyers skip: Owner’s Title Insurance. What Is Owner’s Title Insurance? Owner’s title insurance protects…
Few moments are more frustrating for buyers, sellers, and agents than a delayed closing. Everyone has worked hard to reach the finish line—only to find that settlement must be pushed back due to avoidable issues. Understanding the most common causes of delays can help you keep your transaction on schedule. 1. Missing or Incomplete DocumentationOne…
When you buy property with another person—whether it’s a spouse, family member, friend, or business partner—one small line on your deed can make a huge difference: the tenancy designation. It might seem like just legal jargon, but the way your ownership is titled determines what happens if one owner dies, how the property can be…
1. Forms of Co-Ownership The legal structure of ownership in Maryland, D.C., and Virginia determines each party’s rights and what happens upon death or sale: Form Key Feature Common Use Tenants in Common (TIC) Owners hold distinct, divisible shares (which can be unequal) and may sell or bequeath their interest independently. Investment properties, siblings, or…
The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has rolled out new nationwide reporting rules for real estate transactions — and they could affect how some closings are handled. What’s Changing FinCEN now requires title companies and settlement agents to report details on all-cash real estate purchases, especially when the buyer is an entity (e.g.,…
When someone buys a condominium, the parking space that comes with the unit might seem simple — but not all parking is the same! In most condos, parking spaces fall into two categories: deeded spaces and limited common element (LCE) spaces. Knowing which type is being sold makes a big difference in ownership rights, flexibility,…
Why It Can Cause More Problems Than It Solves Parents sometimes think it’s a good idea to put their child’s name on the deed to a home or investment property. While the intention may be good — planning for the future or “avoiding probate” — adding a minor to title can create serious problems. Here…
The Foreign Investment in Real Property Tax Act (FIRPTA) is a U.S. law that affects real estate transactions when a foreign person sells U.S. real property. It requires buyers to withhold tax at settlement to ensure the IRS collects taxes owed on the sale. Below is a clear overview of the current FIRPTA rules. Who…
It’s a little-known fact that investment real estate can be purchased with IRA retirement funds if special requirements and procedures are satisfied by your prospective clients – and you can act as their agent! 🏠 Step-by-Step: Buying Real Estate in an IRA Step 1. Client Sets Up a Self-Directed IRA (SDIRA) with a custodian that…
When you sell your primary residence, the IRS gives you a major federal tax break under Internal Revenue Code §121. Here’s what homeowners should know before listing their property. The Capital Gains Exclusion This exclusion applies only if the home was your primary residence. Ownership and Use Test To qualify, you must have: The two…