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Mortgage Commitments and Buying a Home "People usually have to scrape up a downpayment when they sign a contract to buy a home. They pay the balance of the purchase price with a mortgage. What happens to the downpayment if you get a bank to give you a mortgage committment but then you lose that committment for a reason that is not your fault (e.g. loss of a job)." It was not so long ago that the printed contract for real estate sales did
not contain a mortgage contingency clause. Each lawyer fashioned his own. Much
time would be spent by the attorney for a purchaser comparing the contingency
clause in the just received contract of sale to the clause that the purchaser's
attorney had crafted as his pet form. A Closer Look at Capital Gains Rules On May 5, 1997, John & Mary Smith sold their principal residence in New York and moved to a condo in Florida. The house was sold at a gain of $300,000. Since both John & Mary were under age 55, they paid income taxes (Federal & State) of $105,000 on the gain. Two days later, on May 7, the Smith's neighbors, the Wagners, also sold their house and moved to Florida. They, too, were under age 55 and had a gain of $300,000 on the sale. The Wagners, however, paid NO income taxes on the gain! more... Buying A House - Make sure Old Mortgages are Satisfied "Everyone knows that when you borrow money and use your home for security, the lender puts a mortgage on your house. But what happens when you pay off that mortgage? If you do not record a satisfaction, that mortgage will continue to show up for years as a lien. And what happens if the lender was not a bank but an individual whom you no longer can find? Under certain circumstances (as this article shows), you can get the mortgage
wiped off the public records. But the expense of doing so can be avoided if
you remember to record a satisfaction when you make your last mortgage payment. |
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