| Manufactured Homes |
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| In years past, manufactured homes were referred to as "mobile homes," and, in fact, many people continue to refer to manufactured homes as such today. In the year 1980, the United States Congress adopted the phrase "manufactured homes" to describe a type of factory-built home that was required to conform to certain standards developed by the United States Department of Housing and Urban Development (HUD). More... |
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| Disclosures in Residential Real Estate Transactions |
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| One of the biggest decisions in a person's life is the decision to buy real estate. The excitement often associated with the purchase of a new home can be overshadowed by disappointment once the newness wears off and defects become apparent. Generally, the rule of "caveat emptor" -- buyer beware -- requires the buyer to conduct a reasonable inspection of the premises to discover defects and imperfections. More... |
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| Land Trusts |
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| A land trust is a device by which land is conveyed to a trustee for the benefit of another. A settlor is the owner of the property that is placed into the trust. A land trust is created when settlor expresses his or her intent to create a trust through a written instrument. The instrument must name the trustee and identify the trustee's powers, the beneficiaries, and any remaindermen. The settlor may be the trustee and, in most cases, the beneficiary of the land trust. More... |
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| Adjustable Rate Mortgages |
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| Delilah was very happy when she received her pre-approval notification for a mortgage loan. In fact, her lender pre-approved her for $25,000 more than she needed to purchase her first home. Delilah is now in the process of finalizing the details with the lender before the settlement on her home. The lender has offered her a fixed rate mortgage as well as an adjustable rate mortgage. More... |
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| Buying Houses in Foreclosure |
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| It may be difficult to find bargains in the real estate market. However, it may still be possible for deals to be found on properties in foreclosure or following foreclosure. More... |
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