Real Estate

Our homes should reflect who we are, both in style and substance. Comfortable, safe, clean and age-appropriate housing should be within reach of older adults, but the realities of Northeast Ohio’s rental landscape leave many out in the cold. With inadequate income for amenity-rich retirement complexes and too much money to qualify for government-subsidized housing, folks in the middle face hard choices and no easy answers. ...

There is no joy like owning a house of your own, but it also comes with a lot of responsibilities. For a lot of people, their first home is the biggest investment, and buying one is a good way to start building and enjoying financial stability. With every mortgage payment, you build home equity, and it works as a useful financial resource. The current rise in mortgage rates and soaring home prices have made it tough for a lot of people to invest in a home but it always pays to shop around. Look for the best mortgage rate and when you set your eyes on the right property, do not hesitate to make the move. A lot of buyers make the mistake of only focusing on the price of the home but there are other factors to consider as well. Let’s take a look at the signs that show you are ready for a new home.

You are paying a very high rent

The entire country has seen a rise in rental prices, and it has grown significantly over the past two years. This makes it difficult to budget for the monthly housing costs while trying to save for other long term goals. If you are paying very high rent and it feels like a bad investment, it is time to think about investing in a home. When you have seen the rent escalate significantly and feel worried about the finances, it is time to consider buying a property. That said, if you are above 62, you can also benefit from a reverse mortgage and can convert the home equity into cash income. Start looking at the possibility of owning instead of renting a property.

You enjoy a solid credit score

Many people do not qualify for a mortgage, and they might not be happy with the idea of owning a home.

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A carefully crafted estate plan that accounts for family relationship issues is the first step to reducing potential legal challenges when administering your estate. ...

The Cuyahoga County Fiscal Office is once again hosting Great Estates Program outreach events to help residents avoid unnecessary costs and delays when settling an estate. ...

Born between 1946 and 1964, baby boomers are now mostly heading to retirement and are doing so in style. They are redefining how homes should look. They want homes that support their active lifestyles while not sacrificing other amenities. Here are the top features on their list. ...

When purchasing a property, one of the most important documents you’ll encounter is the contract that outlines the terms of the transaction. Known as the contract of sale, this legal document covers everything from the price to the conditions under which the sale takes place. Understanding its key terms is essential to ensure a smooth transaction and protect your interests.

Here are the key components to look for when reviewing a contract and why each one matters in securing a successful property purchase.

1. Purchase Price and Payment Terms

The purchase price is, naturally, one of the most critical aspects of the contract. This section should clearly state the agreed-upon price and the payment method. Often, the total price is broken down into components, such as the initial deposit and final settlement amount. In some cases, it might also outline scheduled payments if the parties agree to pay in stages.

It’s crucial to verify that the amount in the contract matches what was negotiated. Additionally, make sure you understand how and when payments must be made to avoid potential disputes.

2. Deposit Conditions

A deposit is typically paid when both parties sign the contract, securing the buyer’s intent to purchase. The deposit, usually a percentage of the purchase price, should be outlined in the contract. This section will also detail under what circumstances the deposit might be refunded or forfeited. For example, if the sale falls through due to the buyer’s inability to secure financing, some contracts provide for a return of the deposit.

Ensure that the contract specifies who will hold the deposit and under what conditions it will be released.

3. Settlement Date

The settlement date is the day when the buyer takes possession of the property, and the sale is completed. This date is essential for organizing your finances and any moving logistics.

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While some jobs in the real estate arena share similar responsibilities, there are key differences, particularly between real estate attorneys and agents. If you’re selling your home or property, understanding those differences can help maximize your real estate goals. ...

Family is a strong reason why people move, stay and thrive in the communities they live in. Some are born into a community with history, others continue the tradition started by their parents. Meet three Heights families who talk about the differences between Shaker, University Heights and Cleveland Heights, and what keeps them there. ...