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Recent real estate law questions
I have a question regarding. Obtaining a title of Executor
I have a question regarding. Obtaining a title of Executor of Estate. My dad passed in 2012 and now we are having issues with the mortgage and getting questions answered by the mortgage company that has been causing problems since November of 2015.
Our primary and only residence (between 1996 and 2011) where
Our primary and only residence (between 1996 and 2011) where we resided in Vienna Virginia (accept for a 3 year duration when we lived abroad on work assignment) we rented out in 2011 when we bought a second residence. Altogether we have lived 12 years of the 20 years of owning our Vienna residence as primary residence (60 percent of the time).If we sell the house now we understand that we will have to pay the full capital gains tax and not be able to get the exemption on capital gains (ie of the $250K individual and $500K joint). We understand the test for exemption is 2 yrs of the last 5 yrs (40 percent). Would IRS accommodate a case where you have lived in the residence a total of 60 percent. Would IRS make exemptions on a case by case to people who have lived well over the 40 percent threshold applied over the last five year test period ?
My father died last August and in his will my brother and I
My father died last August and in his will my brother and I split his possessions 50/50. He left a home with a small mortgage. My brother and I have agreed that I can have the house. I contacted the bank with the mortgage to inform them I would be taking over mortgage. They say I cannot assume it and must get a new mortgage myself. I thought under federal law I was allowed to assume mortgage. The state is Illinois
My parents signed a Quit Claim deed house we all liveView more real estate law questions
My parents signed a Quit Claim deed for the house we all live in. The mortgage is in their name, but my name is ***** ***** deed as a life estate (I think that's what it's called). I want to continue living in the house after they die. Once they're gone, do I need to put a down payment on the house, or can I just assume responsibility for the payments? Would I have to be approved to take over the rest of the mortgage through a lender?