Inheriting a home from a loved one can be blessing – particularly if you can make it your family home. It’s even better if the mortgage is paid off so that you can own it “free and clear.” Even if you have no interest in living in it or using it as a rental or vacation property, it can be worth a large amount of money if you sell it. That’s especially true if you don’t have to put a lot of money into upgrading and remodeling it. Yet, whether someone is offered a home by a loved one who’s doing their estate planning or they learn after the loved one is deceased that they left them their home, t ..read more

When you’re buying a new home, you’re about to embark on a whole new chapter of your life – but you can’t get started until all the previous chapters in the home’s story are closed. When there are issues on a property’s title that aren’t fully resolved, both buyers and sellers can end up deeply frustrated.  What are some of the problems you’re likely to encounter? A good title search can uncover all kinds of problems, but some are more common than others. These include: Incomplete information: Missing addresses, partial names and other incomplete boxes on the title document are a lot more ..read more

Finding a commercial space for your business often takes considerable work. You have to find a good location that has most, if not all, of the items important to your company. Once you find the ideal location and a place to lease, you have the challenge of negotiating a commercial lease. These aren’t the same as residential leases, so you should ensure you understand exactly what you’re agreeing to before you sign the lease.  Net lease A net lease is one that passes on some or all the normal operating expenses to the tenant. They’re dubbed single, double or triple net leases, depending on ..read more

Sometimes real estate transactions fall through before they reach the closing table. After prices surged in recent years, a large number of hopeful buyers have had their dreams destroyed by an appraisal gap.  An appraisal gap occurs when the offered price is higher than the appraised price set by a professional. How can buyers avoid an appraisal gap?  Make realistic offers Those who qualify for higher mortgage amounts will sometimes offer the maximum amount they can finance on a property without consideration of whether that property is worth that amount. Conferring at length with a ..read more

If you have the capital available, you might be thinking about whether it’s a good idea to buy a piece of commercial real estate as opposed to leasing one.  The answer will always be dependent on what’s right for you and what your wants and needs are. With pros and cons for both options, how do you decide what’s the right choice for you and your business?  Pros and cons of buying a commercial space  The most obvious benefit to owning a piece of commercial real estate is that the money you’re spending is going towards helping you own something. You’re building equity and it’s a g ..read more

You may have a tenant you want out of your property for various reasons, like defaulting on rent or violating terms of the lease agreement. However, you must follow the law during the eviction of a tenant even when you have valid grounds for wanting them out. It is essential to understand the eviction process as a landlord in North Dakota and ensure you do everything by the book. Having the proper information could help you avoid costly mistakes when evicting your tenant. Do not frustrate your tenant’s stay You may be tempted to confiscate the tenant’s belongings, turn off the utilities or cha ..read more

For the average resident in North Dakota, there will be no single transaction that they complete with a higher financial value than a residential real estate purchase. People exchange hundreds of thousands of dollars in return for property and buildings, which means that they need to have a realistic understanding of a property’s value and conditions when making an offer. Sellers want to make as much money as possible on a sale, so they might have an incentive to withhold information. What do they have to disclose under North Dakota law? Sellers should disclose known property defects There are ..read more

If you run a small business and have thought about purchasing a home that you could run the business out of, you need to be cautious about how you proceed. Depending on the kind of business you run and the activities that go on there, you may not be able to use a residential property for business purposes. There are different zoning laws that impact how properties can be used. For example, if a neighborhood is zoned for both commercial and residential properties, you may be able to use your home for both. However, if the neighborhood is only for residential properties, running a restaurant or ..read more

Real estate holdings are often the most valuable assets people have. Especially when you make your living off of the land as a farmer or rancher, your North Dakota property represents not just ongoing financial investments but also your future financial stability. No matter how hard you work to maintain your property, you could be at risk of losing it all if you get divorced or if someone files a civil lawsuit against you. Both creditors and those with a personal injury claim could impact your farm. How can you protect you’re valuable farmland from creditor claims or a future divorce that affe ..read more

Buying a home is a complicated process. Even when you know immediately that a home is the right property for your family, it will still likely be a few weeks at the very least before you will close on the property and take possession. Many real estate transactions take a month or longer to complete, which means that delays and false starts could be a real hardship for sellers. Earnest money is an important protection for sellers. When buyers offer earnest money, it makes it easier for the sellers to accept an offer because they won’t just wind up back at square one if the buyer backs out of th ..read more