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Agents advise against home inspection for condo

By Barry Stone, Monday, June 26, 2006.

Dear Barry,

I need to know if home inspections are required for cooperative living units such as condominiums and townhouses. As a buyer, home inspection is listed as an option in my purchase contract, but my Realtor and the listing agent both say that a home inspection is unnecessary. They assure me that the property management company performed a thorough inspection before the property was listed for sale and that there were no problems with any of the appliances. Should I rely on this advice?  more...

First-timers find best lenders for real estate investing

By Robert Bruss, Monday, June 26, 2006.

The latest book from longtime real estate author Tyler G. Hicks, "How to Acquire $1 Million in Income Real Estate in One Year Using Borrowed Money in Your Free Time," is really about how and where to obtain mortgage money to acquire investment property.  more...

Gifting real estate may escape taxation

By Robert Bruss, Monday, June 26, 2006.

DEAR BOB: My son and his wife live in a free-and-clear house I own. He pays utilities and maintains the property. He proposes I add both their names to the title so that in 24 months we can sell the property and he would then purchase in his name only a more expensive home. My son says no tax will be due on such a sale under that $500,000 tax exemption rule you often discuss and the sale isn't even reportable to the Internal Revenue Service. I realize I would be passing on the value of the home to him but I am not confident of the tax situation. Is he correct?  more...