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Most home purchase agreements have clauses that deal with termites. After the agreement is ratified, a termite inspection is arranged. Before the closing can occur, the sellers must be able to produce papers signed by a licensed exterminator stating that the house is free of infestation and that any termite damage has been repaired.
Before you sign an agreement to buy or sell a home, you should read the termite clause and be sure that you understand it. Who selects the exterminator and pays for the inspection? If bugs are found, who pays for the treatment? Are the sellers obligated to repair any damage and have they placed a limit of the dollar amount they will spend on those repairs? If treatment is required, the buyers may want a chance to discuss the options with the pest control company, especially if someone in the family is sensitive to the chemicals used to control the termites. Ask about the exterminator's guarantees or service contract options.
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| Q |
Which law allows a person to give another individual up to $10,000 a year without any tax consequences?
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| A |
The Federal Gift Tax Law allows both parents to give a child (or anyone) $10,000 each in one year. |
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Darlene Streit
Santa Fe Realty Partners
417 E. Palace Avenue
Santa Fe, NM 87501
Cell: 505-920-8001
Fax: 505-946-1600
Office: 505-920-8001
dstreit@NUMBER1EXPERT.com
Darlene Streit is owner and qualifying broker of Santa Fe Realty Partners, Santa Fe's fastest growing real estate company. A resident of Santa Fe since 1990, she knows the city well. Darlene's background is perfect for guiding you through the process of selling or buying a home.
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