Many home purchasers are seniors. Some become homeowners for the first time, but most have been and want to remain homeowners. They just don't want to remain in their current house. They may want a house that has no stairs, or one that is closer to family or friends, or one in a warmer climate. In many cases, they want to downsize, both the physical house and the financial burdens that come with it.
Q: I'm having a home built, and the closing is in two weeks. Although our formal walk-through is next week, I've already identified several items that need correction or repair. If the builder refuses to make the appropriate repairs/corrections, what recourse do I have?
Last August, the Consumer Financial Protection Bureau put into force new regulations that integrated the mortgage loan disclosures required by the Truth in Lending Act, or TILA, and the Real Estate Settlement Procedures Act of 1974, or RESPA. The new regulation is named the TILA-RESPA Integrated Disclosure Rule, or TRID.
Q: I bought my condo 21 years ago brand-new from the developer. At the closing, I was given a rulebook that restricted decorating or changing the landscaping around our front doors. Since then, many residents, including past members of the board, have consistently ignored that rule, making each unit look uniquely their own. We now have a new president who insists on enforcing this no-decoration rule. She says all plants and decorations not planted by the association must be removed. Can she do this?