Is your management company paid by a percentage of the rent you'd collect? If so, it's hard to think they aren't doing everything they can to find a good tenant. I don't think changing to another company would make much difference.
LEASE OPTION
Ms. Lank: I have a lease with the option to buy. I paid $3,500 for the past nine months with $1,000 to be used as the down payment. It was understood that if I didn't buy, I would get that money back. Now that I am not able to purchase, she is not willing to give me the money owed. What is my recourse? -- e-mail
Answer: I hope that understanding was in written form. At any rate, small claims court is an inexpensive way to get a judge's opinion.
GIVING TO SON
Hi. My son lives in a condo I have owned (no mortgage) for many years. He has been paying all costs involved. I'd like to transfer ownership in the simplest and least costly way possible, but I am concerned about tax consequences. Can we complete the transaction without having to pay for an attorney's assistance? -- K.
Answer: Transferring ownership, particularly of property that is not mortgaged, is a straightforward matter. A lawyer won't charge much for the relatively simple paperwork. Doing it right in the first place can head off problems in the future.
You may have to file a gift tax return, but unless the condo is worth much more than a million dollars, there shouldn't be any actual tax to pay. Your attorney can explain the way gift and estate taxes are related.
Edith Lank will respond personally to any questions sent to her at 240 Hemingway Drive, Rochester, NY 14620 (please include a stamped return envelope), or readers may e-mail her at ehlank@aol.com.
COPYRIGHT 2009 CREATORS.COM