If you’re selling your home, you might be surprised to learn that certain information regarding the sale must be reported to the IRS. This requirement stems from the Tax Reform Act of 1986 and is meant to ensure compliance with tax laws and to assist the IRS with audits. To make the process easier for you, here’s a clear explanation of what to expect when selling your property: Who is Responsible for Reporting the Sale to the IRS?According to IRS guidelines, the seller’s gross … [Read more...]
What Homebuyers and Sellers Need to Know About Statements of Information
When purchasing or selling a property, the title company plays a crucial role in ensuring that the transaction proceeds smoothly. A significant part of this process involves completing a Statement of Information (SOI), which helps the title company distinguish between individuals with similar names. This step is essential to protect all parties involved and ensure a clean title transfer. What Is a Statement of Information? A Statement of Information is a form requested by the title company from … [Read more...]
What Sellers Need to Know About Becoming a Lender with Creative Financing
Creative financing can be an attractive option for sellers, especially those with significant equity. One popular approach is carrying back a second mortgage, where the seller effectively becomes a lender to help the buyer complete the purchase. While this can be a beneficial arrangement, it’s essential to understand the risks and the protections available, particularly regarding lender’s title insurance. Why Consider Carrying Back a Second Mortgage? Let’s say you own a home … [Read more...]
What Buyers and Sellers Need to Know About Lead Poisoning
When it comes to buying or selling a home, there are many factors to consider, and one critical issue that sometimes gets overlooked is lead poisoning. Lead exposure, especially in older homes, can pose serious health risks to both children and adults. Here’s what you need to know as a buyer or seller and how it can impact your real estate transaction. The Dangers of Lead Poisoning Lead poisoning occurs when lead builds up in the body, often over months or years. It can lead to severe … [Read more...]
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