There has been lots of news recently in the real estate market. The National Association of Home Builders announced its 2012 Best in American Living Awards. In the top five features, multi-generational homes experienced a 30% increase in demand.
With Americans living longer in a tight economy, remodeling of properties is being accompanied by restructuring of Deeds. Properties are moving from ownership of older parents to the next generation, who are moving into the house. It might be a life estate structure or it might be an outright transfer of ownership. To HUD 1 or not to HUD 1 might be very much on your mind as a real estate attorney.
Whether you need a HUD 1 Closing Statement or not will depend upon whether you go through a formal closing to make a house transfer between generations of the same family. You might recommend the house be appraised for its current fair market value. You might suggest a transfer title and cash out some of the equity through a new loan against the property. You need to check on whether transfer taxes will be due and owing and what forms need to be filed. If you have our Easy HUD software, you have some of the tools necessary to prepare transfer documents.
To compliment Easy HUD software, Easysoft’s real estate document software comes with more than 200 pre-loaded forms. Data is entered once in a centralized data entry screen, and then you select which forms you want the software to populate. Our software also gives you real estate document management capability when you use the document index as a checklist to ensure that you have all the necessary real estate closing documents .
Our real estate documents software and our HUD software work in tandem. You can purchase just one or the other, as your needs dictate. The two programs, when purchased together, are fully integrated so that you can generate, view, and print more than 200 real estate closing documents .
At Easysoft, our job is to make your job as an intergenerational real estate attorney as easy as possible. We leave to you how you manage the meeting with all concerned parties, sitting in your office. (Coffee not included.)