When two or more people share ownership of real property, they also share a responsibility for their real estate holdings. They may both need to contribute toward insurance and tax costs, as well as any mortgage payments. They may also have an arrangement for sharing...
Many homebuyers assume that once the transaction is done, ownership is automatically clean and undisputed. In reality, property ownership can be challenged after purchase due to hidden defects in the title. These may include missing heirs, undisclosed liens, clerical...
Multiple formal and informal inspections are standard during residential real estate transactions. Buyers and their real estate agents often conduct cursory inspections when attending open houses or private showings of the property. Mortgage lenders generally require...
As unbelievable as might seem, in some situations, your neighbor can legally claim ownership of a portion of your property. It often happens after years of informal use or assumptions about where the property line actually exists. It’s a legal concept known as adverse...
Every deed, mortgage note and similar document requires submission to a local county recorder’s office. The county recorder helps maintain thorough title records for all local real estate. The title records for real property show who currently owns the property and...
If you are facing foreclosure, it is a time of uncertainty. Foreclosure does not happen overnight, so you may still have months in your home before the lender reclaims it. But you know that things are going to be changing, and you may be looking into any options you...
You need to be adequately informed when buying a property. Minnesota law requires a seller to disclose known material facts and issues. Essentially, any information that could adversely and significantly affect the use and enjoyment of the property and the intended...
Minnesota requires home sellers to provide buyers with a written disclosure before signing a purchase agreement. This disclosure must include all known material facts that could negatively affect the buyer’s use or enjoyment of the property. The disclosure must be...
Purchasing a home is a major investment, so you should know exactly what you’re getting into when you buy the property. In most real estate deals, there are contingency clauses that set a way for the buyer to back out if the home inspection shows problems. ...
Boundary disputes between neighbors can arise for many different reasons. In some cases, boundary issues begin with inaccurate information during a real estate transaction. Property owners frequently describe parcel boundaries using landmarks, such as trees, fence...
