Jan. 4, 2010
Dear George: I've never owned a house, but my wife still owns part of a home that she bought in 2003 with her parents. If we buy a new home in 2010, would we qualify for the federal first-time homebuyer credit?
Answer: I don't believe you would qualify because your wife is not a first-time homebuyer. However, consult with a tax professional regarding a potential partial qualification. You also might want to review the information about the tax credit published online by the IRS.
Dear George: Are deed restrictions considered part of a contract when purchasing real estate?
Answer: Deed restrictions are legal documents that are covenants that run with the land, show up on title company searches, and are filed of record in the county courthouse. Deed restrictions are applicable to the real property to which they apply, and, therefore, become part of any conveyance or attempted conveyance of the subject real property.
E-mail a question to ask George & Chuck or fax it to 713-978-6684. The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.
