When acquiring a new real estate property, signing a purchase agreement is a significant commitment. What happens if you have second thoughts upon signing on dotted lines? Can you back out of the agreement if, upon closer inspection, the terms of the contract seem...
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Real Estate
How can tax issues affect your ability to get a mortgage?
On Behalf of Demetrius J. Karos, Ltd. | May 30, 2024 | Real Estate
The dream of owning your home is one that most people work hard to achieve. However, there are certain things that can make it much more difficult. One of these is having a tax bill that’s not paid. There are several ways that having unresolved tax issues can impact...
Why having a lawyer review a real estate contract is smart
On Behalf of Demetrius J. Karos, Ltd. | Feb 4, 2024 | Real Estate
There is a lot at stake during a residential real estate transaction. Buyers usually need to deposit earnest money when making an offer, and they could lose those funds in certain situations. They could end up overpaying for a property because the seller doesn't make...
3 issues that can complicate an Illinois real estate closing
On Behalf of Demetrius J. Karos, Ltd. | Oct 16, 2023 | Real Estate
It takes weeks or more for those buying a home in Illinois to go from an initial offer to the closing table. There are many steps that each party involved in the transaction will need to complete during those weeks. Unfortunately, no matter how excited people are to...
3 essential steps involved in residential real estate closings
On Behalf of Demetrius J. Karos, Ltd. | Oct 5, 2023 | Real Estate
If you’re looking to buy or sell a home, you’ve probably heard the term real estate closing. What exactly does this process entail? Familiarizing yourself with the essential steps in residential real estate closings can help to ensure that you don’t skip any crucial...
Gain on the Sale of your Home?
On Behalf of Demetrius J. Karos, Ltd. | Aug 1, 2016 | Real Estate, Tax Law
As the housing market improves, some taxpayers may incur a gain on the sale of their personal residence. Part if not all of that gain may not be subject to income or capital gain tax.Here is a summary of some of the potential situations that may arise: How Selling...
Do I have to pay income taxes on the sale of my home?
On Behalf of Demetrius J. Karos, Ltd. | Jul 31, 2015 | IRS, Real Estate, Tax Law
In most cases, there may be no additional income tax when a taxpayer sells their personal residence. However, there are a number of issues that surround the typical sale of the home that may require you to contact your tax professional for clarification. Here are a...
Know Your Vacation Home Rules
On Behalf of Demetrius J. Karos, Ltd. | Jul 8, 2015 | Real Estate, Tax Law
Just because you own a vacation home does not mean you automatically get to write off everything related to the ownership of the vacation home. Here are a few tips. IRS Tips about Vacation Home Rentals If you rent a home to others, you usually must report the rental...
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