 Dear George: Can I give my real estate holdings to my children as gifts before I retire? I want to get my name off the deeds. I understand the holdings would have to be paid for, but are there any complications?
Answer: Yes, but with certain caveats. Hire a knowledgeable professional, such as an estate planning lawyer, tax attorney, certified public accountant, enrolled agent, certified estate planner. You might wish to review IRS Publication 950, Introduction to Estate and Gift Taxes, before meeting with thie person. Generally, the IRS allows you to make a gift to each of your children equal to $12,000 without paying a gift tax, and $24,000 if you are married and both you and your wife own the property you are giving.
Dear George: I'm buying a 30-year-old house and just had it inspected. The inspector showed me six cracks on a brick wall and one fine crack in the foundation. These cracks, which the inspector characterized as "minor" and "common in this area from houses settling," make me nervous. Should I be?
Answer: A state-certified inspector should provide you with a written report of his inspection of your property. Unless the inspector stated in his report that the exterior brick wall or the foundation was in need of repair, trust the inspector. You hired him, and he can be held accountable to you if he is mistaken about the brick or foundation.
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Dear George: I entered into a contract to sell my home with a buyer who was represented by a agent. The buyer backed out of the contract two hours before closing. What legal rights do I have?
Answer: Your rights in the event of a buyer default should be contained in your copy of the contract. If a state-promulgated form was used in your transaction, it would be entitled One to Four Family Residential Contract (Resale). If you used such as contract, read Paragraph 15, Default. It contains the two options from which you may choose.
Dear George: I'm considering purchasing a home in San Antonio as an investment, but I will continue to live in Spain. What documents do I need in order to purchase the house? Do I need a tax number?
Answer: There aren't any restrictions on foreign nationals purchasing real estate in the United States. However, a person who purchases property in the U.S. must comply with the various federal laws that pertain to the purchase and ownership of real estate as well as to the sale of that real estate in the event you decide to sell it. For example, laws dealing with local, state, and federal taxes in the U.S. Look for a REALTOR® in San Antonio who is a member of the International Consortium of Real Estate Associations (ICREA) or the International Real Estate Federation (FIABCI). Such a REALTORS® will be familiar with protocols that apply to foreign citizens buying U.S. property and can be a valuable source of information. Also, visit the U.S. embassy nearest to you in Spain; let them know of your intentions and ask for any advice they may have.
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