CYD, I don't know which property you are asking about, as you didn't mention it. But, Clague Rd.is not the dividing line for Bay Village & Rocky River. For example, Cashelmara Condos are in Bay Village.... more
First of all, there is only one condo community in Bay Village by Lake Erie.....Cashelmara. These are upscale units on the lake. Reasons for number of units available are many. Owners could now be having families and are ready for a home with more space. Original unit owners have grown older and are looking at senior housing or retirement locations. The economy may have caused some owners to reconsider their debt structure.... more
Yes, you are in a bad way. Being on the deed makes the house part yours, being on the mortgage just means you have to make the payments. You need to seek legal advice ASAP and maybe get lucky since you have no legal claim to the house without being on the deed.... more
Buyers need to purchase a home by Dec. 1, 2009. They must close by Nov. 30, 2009. There is talk about extending the credit but nothing definite so far.
First time home buyers or anyone who has not owned a home as their primary residence is eligible for the credit. Check with a CPA to make sure the buyer qualifies if they is any question.
The credit is 10% of the purchase price or up to $8000. There are some income restrictions and the credit amount will be adjusted accordingly.
The credit is given on the buyers tax return as a credit in the taxes paid section. So if a buyer paid $5000 in income taxes the $8000 credit is added to that for a total of $13,000. The taxes due are deducted and the balance is the refund.
Check with a CPA with any questions to be sure.... more