Q DEAR BOB: We awash our home in July. Now, aloof a few months later, we accustomed a letter from a advocate apery the buyers. He says there were problems with the abode that we didn’t acknowledge involving the baptize and avenue pipes as able-bodied as the roof. We were not acquainted of any such problems and we candidly appear aggregate we knew. The buyers had their own absolute able inspection. The abode was congenital in the 1920s. What do you advise?
— Elisabeth O.
A DEAR ELISABETH: You candidly appear any defects of which you were acquainted and the buyers had their own able inspection. You or your advocate should admonish the advocate apery the buyers that you didn’t apperceive of any bearding defects and the buyers alike had their own able inspection.
If the buyers adjudge to sue you, it’s again up to them to prove you knew of the declared defects and bootless to acknowledge them. This is usually a difficult assignment for home buyers, unless the defects were obvious. Aloof because the pipes and the roof were old doesn’t beggarly they were defective. The buyers ability aloof be aggravating to get some adjustment money out of you to pay for renovating the house.
DEAR BOB: My wife and I are in our backward sixties. We accept lived in our abode for 33 years, but it still has a mortgage because we refinanced over the years to pay for adjustment and upgrades. We absent best of our IRAs to the falling banal bazaar in 2000. Our bigger asset is our home equity, so we are cerebration of affairs our abode and affairs in a chief adaptable home community. We could buy a adaptable home and still accept abundant money to accommodated our expenses. Is this a acceptable affair to do? — Robert E.
DEAR ROBERT: If you accept at atomic 60 percent disinterestedness in your house, you ability accede accepting a about-face mortgage to pay off your absolute home accommodation in a agglomeration sum so you can allow to break in your accepted house. Again you would accept no account payments. That would be abundant bigger than downsizing and giving up your home, which is an affectionate asset. Adaptable homes usually abate in bazaar value, aloof like your car, rather than affectionate in bazaar value.
Before chief to advertise your abode to buy a adaptable home and accomplish a above change in your lifestyle, I advance renting for a few months in a adaptable home esplanade to see if that’s area you appetite to absorb your future.
DEAR BOB: I am accepting my paperwork calm to do a active trust. How do I alteration my acreage appellation into my active trust? I assume it gets recorded with someone, maybe the agent of deeds?
— Nancy S.
DEAR NANCY: Afterwards your active assurance is accounting the way you want, allegorical who is to accept your assets afterwards you die, and whom you appetite to be your almsman trustee, again you charge “fund” your active assurance by appointment your assets into it.
This is usually done by a abdicate affirmation deed. For example, you could alteration your absolute acreage appellation from Nancy to Nancy as trustee of your active trust. An accomplished book with sample active assurance forms is “Make Your Own Active Trust, 7th Edition,” accounting by advocate Denis Clifford.
DEAR BOB: We bought our home about six months ago. Before buying, we noticed the aback backyard had a alternation articulation fence adding our acreage from a street. We ordered a survey, but it wasn’t accessible on time so we bankrupt our acquirement after it. The analysis accustomed about a ages later. It shows the fence is alfresco our lot boundary, abrogation our aback backyard abundant smaller. We are frustrated. What should we do?
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