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Should You Put Your Home Into An LLC?

Should You Put Your Home Into An LLC?

Should You Put Your Home In An LLC?

Homeowners are always looking for a way to protect themselves and their assets.  Homeowners insurance is a great way to protect a home from natural disasters and also can provide protection from someone getting hurt on the property.  There are additional insurance policies homeowners can consider as well to expand that coverage.  Some homeowners may think that by moving their home into a Limited Liability Company (LLC) they can get much better protection from lawsuits.  While that could be true there are risks involved as this article explores.

What Kinds of Protections Does an LLC Provide?

The types of protections provided by an LLC may vary state by state but for the most part the LLC is treated as a separate entity from the owner of the LLC.  If the owner is sued for their actions as a person the assets of the LLC should be shielded from a lawsuit if the owner was not acting on behalf of the LLC.  For instance an LLC owner is driving their vehicle to do a personal errand and run a red light causing an accident.  The person injured by the accident can sue the owner and the courts can look to all assets owned by the owner to help pay for the injuries.  If the owner owns assets in an LLC those assets would be considered separate from the owner and not subject to the liability of the owner.

By moving title to a home into an LLC the homeowner then is attempting to protect their home from any judgment claims.  For instance if the homeowner did not have enough insurance coverage or other assets and were found liable in the accident described above...

Can A Buyer Walk Away From A Contract To Purchase A Home?

Walking Away from a Home Purchase Contract

Walking Away From A Home Purchase Contract

After an offer has been accepted on a home a buyer has some options for walking away from the contract and possibly getting their earnest money back.  Usually those times to walk away and get the earnest money back apply during the contingency periods written into the contract.  A buyer can walk away though at any time from the contract up until the actual signing of all documents at closing.  Walking away from a purchase contract though could result in the buyers losing their earnest money or worse being sued if there were no contract contingency clauses upon which they based their decision to cancel the contract.  This article explores some of the different ways buyers can walk away from a contract to purchase a home and the consequences for doing so.

Inspection Contingency

Most contracts to purchase a home should contain a contingency section which allows a buyer to have the home inspected for condition.  A home with a bad condition may mean that the current offer price does not make sense.  The buyer may also decide that based on the condition they no longer want to purchase the home.  Whether the buyer can walk away from the home purchase contract based on a condition issue depends on the terms of the contract and the local laws that govern the real estate contract.

In the Greater Cincinnati Ohio area in the past the standard MLS (Multiple Listing Service) contracts that are provided for real estate agent use had flexible language that would allow a buyer to back out for almost any condition issue.  The...

What is a Land Loan and How Do They Work?

What is a Land Loan and How Do They Work?

Different Land Loans Explained

If you’ve always dreamt of building your own home, the cost could be holding you back. But you can get loans for land to buy the plot to build your new construction.

Before looking for land loans, you should know a few things. We will look at the different types of land loans available to purchase land when you want to build your own home.

How Does a Land Loan Work?

A land loan is simply a loan for land, and the type of loan you choose will depend on the plot and how you intend to use it. Primarily, these loans are used when the buyer does not intend to start building a home immediately.

The loan allows them to hold onto the land until everything is ready to begin construction. If you are ready to begin constructing your home immediately, it is better to choose a construction loan.

A construction loan will let you finance the purchase of the lot and the cost of building the home. So if you have everything ready to go, including your blueprints and specifications, a loan for construction will be best.

Many folks have planning to do, so in that situation, a land loan will work best. A land loan can also be used for buying commercial real estate for a business too.

Let's look at the different land loans that are available:

Raw Land Loans

If the plot of land is entirely undeveloped without utilities...

January 2023 Greater Cincinnati Multifamily Market Report

The data you see below is from the Cincinnati Multiple Listing Service (MLS).  Average days on market refers to how long on average a property stays on the market before accepting an offer.  The properties sold represents the number of multifamily properties that have been sold during the month being reported on.  If there is other data you would like to see please feel free to share in the comments below.

There was a slight increase in sale of multi-family properties in Cincinnati.  Interest rates still continue to be a drag on sales, but with good cash flow buyers are ready to make offers.

January 2023 Greater Cincinnati Multi-family market report

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January 2023 Luxury Real Estate Market Report

January was a slower month for home sales.  The total luxury homes sold in January was 33 as compared to 61 selling in December 2022.  Listings remained flat but as the weather warms up in the Greater Cincinnati area and as mortgage rates stay off of recent highs both buyers and sellers should be back to transact.

January 2023 Greater Cincinnati Luxury Real Estate Market Report

Housing Bubble 2.0 Update - Homes in many of the large markets are experiencing a decline compared to the recent highs.  This may start to impact real estate in other markets down the line.

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