DEAR BENNY: I have some questions regarding an owner’s right to rent his condo: 1. Does the condo board have the right to change the rules regarding acceptable terms for a lease? For example, can it say the lease must be for a minimum of six months and not more than a year? 2. Other [...]
DEAR BENNY: We moved to Jacksonville, Fla., in 2010, but still own a home in Pensacola that we are renting to some friends. We got a check in the mail for an alleged overpayment from escrow. I remember telling my wife they had the home insurance wrong on the HUD-1 form, so we figured it was discovered and they reimbursed us. So we used the money to pay bills.
DEAR BENNY: We have a purchase agreement with buyers that states they will close, as a cash sale, on or before a specific date. This agreement was signed one month before that closing date.
DEAR BENNY: We live in California and own a second home within five miles of our primary residence.
This second home has been used as a rental, initially to persons we were not connected with in any way. For the past 10 years, two different sets of relatives who were in need of a new start in life lived in the home.
DEAR BENNY: Our buyer defaulted on his real estate contract and has decided not to buy our house.
He had put up a $20,000 earnest money deposit, which we want. However, our real estate broker is refusing to release those funds. What can we do? – Dylan
DEAR BENNY: I own two homes. In my will and my trust, I have assigned a beneficiary for each of the properties. However, I would like for the properties to cede to a nonprofit once the designated beneficiary dies, rather than the properties being successively willed to beneficiaries of their choosing. Is there any means to make this happen? – Jerry
Dear Benny: I had two properties foreclosed on this year. Although we had short-sale offers on both properties, for some reason the banks would not accept the offers. One of them was my primary residence, which had a first loan of $417,000, and a second in the amount of $180,000. The second home was an investment property, for which the first loan was $290,000 and the second loan was $60,000.
DEAR BENNY: My husband died this past August.
We owned and lived in our house for more than
15 years, but now I want to sell. Am I eligible for the up-to-$500,000 exclusion of any profit that I will make? – Annie