Property Law area
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Legal Tip of the Week
By WORLDLawDirect [May 21st, 2013]
Although renters' rights vary by region, many are pretty predictable. Here's a sample of rights likely to be addressed in your state's landlord-tenant law: The Fair Housing Act makes it illegal to deny housing to a tenant on the grounds of race, color, sex, religion, disability, family status, or national origin. Residential rental units should be habitable and in compliance with housing and health codes—meaning they should be structurally safe, sanitary, weatherproofed, and include adequate water, electricity, and heat. Many states limit the amount landlords can charge for security deposits. >> MORE
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Your most common questions answered:
- What determines whether they give me the mortgage?
- [April 13th 2010]
- Mortgage lenders use two formulas to determine if you're likely to meet your monthly payments. In regard to the amount of monthly payments, the rule of thumb is that you should pay no more than 30 percent of your gross income. If your gross income is $3,500 a month, the mortgage payment should not exceed $1,050. Also, your total debt ratio should be below 40 percent - that is, the mortgage payment plus all the rest of your debt (school loans, car, other debts) should be under $1,400.
- Should I use a broker to buy a home?
- [January 14th 2007]
- Brokers know something about the inventory in your target neighborhoods and, if they're good at what they do, they'll quickly know something about you. But brokers are legally - and in fact - agents of the sellers who pay them a commission that usually runs from five to seven percent of the purchase price. As such, they are obliged to get the highest possible price for the seller. Property sold without agents are known as FSBOs, or For Sale By Owner.
- What is a mortgage?
- [March 13th 2009]
- A mortgage is a loan from a financial institution to buy property that is then used as collateral for the loan. The three main elements of a mortgage are: amount, the total sum you owe the financial institution, interest rate, which is determined by current market conditions, competition among lenders, and your credit-worthiness, and loan term, how long the borrower has to pay off the loan, usually 15 or 30 years. If you have questions, contact us!