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Cape Gazette
Lewes, Delaware
Jim's Towing Service
October 4, 2010     Cape Gazette
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October 4, 2010

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Cape Gazette BUSINESS & REAL ESTATE FRIDAY, OCTOBER 1 - MONDAY, OCTOBER 4, 2010 49 Dear Ms. Lank: We've been told by oar financial adviser to either buy a second home or change our asset allocation. We wanted to buy a second home, but we are not sure of the right area. He's telling us to buy or rent it out now, until we are ready to retire in about 12 years. We are just not sure which area will rent the easiest. We like the Carolinas and are contemplating Myrtle Beach, S.C., because it seems to always be crowded, The preference for our type of lifestyle would be the least crowded area. Our adviser told us that since we are buying to rent, we could always sell both homes later and buy what we really want. Do you have information on what coastal areas rent the most homes?- K Dear I don't know your fi- nancial situation, so I can't tell why your adviser thinks you should invest in an out-of-town rental at this point. Being an ab- sentee landlord is asking for trouble. Being an amateur land- lord is asking for headaches. In- vesting in retirement housing years ahead can be a mistake when things change. So, I'm not going to be much help with this one. 2011 CR-Z's in Stock Ready for Immediate Delivery! Taking back a gift Mrs. Lank: My husband and I own a summer home. As a gift to our daughter, her name was placed on the title. She owns one- third, and we own two-thirds. She continues to use it regularly on the weekends. She has become very verbally and emotionally abusive to her father and me. She has never paid any of the taxes, insurance or utilities. Is there any way we can have her name removed from the deed and title? - KaVI. Dear K.M.: I am not a lawyer, and you may want to double- check with your own attorne but I'm pretty sure here's no way to take back a [ft. le house Signing over Dear Ms. Lank: I al in the process of sigr!ing m2 ' house over to family, but they w, mt to as- sume my mortgage. 90 you have to be current on yotu loan, or will they include my delb lquent pay- ment? Also, which ould be bet- ter to sign over- the leed or mort- gage assumption.~- nail Answer. You can a ways sign a new deed that would transfer ownership of the mortgage, though, is matter. It represent, sonal responsibility: financial claim agair house. You can't sin over. Better check befoz anything. You need permission for your sume the mortgage. eral Housing Admin Veterans Administra and if your family pr, nancially qualified, it over. With any othel mortgage, the whole ly becomes due imm when there's a chang lse. The a different your per- Is well as a st the Lply sign it you do he lender's amily to as- If it's a Fed- stration or :ion loan, )ves it is fi- can take it kind of :lebt usual- . diately in owner- ship. [ as if you need some Sounds professional guidanc local branch of Const it Counseling, a nonp agency. Who owns righ! Ms. Lank: We own a :. Try your mer Cred- to fit bout 15 acres. Recently, a genffeman came and said he owned the min- eral rights to the property. We asked him if he could t, he came to obtain then became very agitated t We have gond to the cc courthouse and search deeds for a long period found no record of any ing them or any record rll us how and he lnd nasty. unty ,.d back the , but we )he own- ofh name. . [ We are not sure hawlto proceed and would appreciate any assis- tance you could give ug - S.C. Dear S.C.: You were fightin thinking that if an owner of your land had ever transfe ed.the mineral rights benea the sur- face, a document to thgt effect should show up" county's m your count public records office, tn your ResortQuest Real Estate ResortQuest Real Estate re- cently announced August's top producers for its Delaware and Maryland locations. Nicole Pe- terdozzi received top honors for listing volume for the month of August. Top listing volume awards for individual agents by off~ce were Peterdozzi.for the Marketplace at Sea Colony office, Anne Powell and Jen Hughes for the Bayside office, Gall Phelan for the Edge- water at Sea Colony office, Marc Grimes for the Bear Trap Dunes names top produo office and Barry Gri] Bethany Beach office. Tammy Hadder a: Meiklejohn received t( for sales volume for the August. Top sales awards for individual for the ad Anna ,p honors month of volume gents by office were Hadder and Meikle- john for the Marketplace at Sea Colony office, Robert ] for the Bethany Beac Phelan, Karla Mbrga] Ocean City, Md. office, ell and Hughes. Visit t for the md Pow- m. situation, I'd ask a real estate lawyer to double-check Paid on the roof Dear Edith: On May 3, we sold a house. Obviously, the buyers had an inspection. They had received a quote of $4J60 to repair the roof. We agreed to give them a credit at the closing for $2,080, splitting the cost of the roof re- placement. They have not repaired the roof. Do we have any legal re- course to recover this amount? Can we demand that the roof be repaired and have the buyer send us an invoice or receipt showing that the roof has been repaired at the cost stated $4,1607 - C.K. Dear C.K.: I don't think so. That roof is their concern now, not yours. Edith Lank will personally respond to any questions sent to her at 240 Hemingway Drive, Rochester, NY 14620. Include a stamped return envelope. Readers may also email her at or visit her website: II I m~ /MONTH FOR 36 MONTHS* *Offer expires t I/OI/2MO. Tm end tags due at signing, Secerity deposit waived, offer includes ~ Acquisition fee. Civic LX 4 crliuder Automet/c rraesmiss/en (model FAtI~4EW) Residual Cost" $11,493, Cap Cost: $17,7~&M. This lease is for 36 months at 12J00 miles per Year. Requires approval as an AHFC Super Preformd Credit Cu~omet /MONTH FOR 36 MONTHS* or rates as low as 1.9% on select new 2010 Accord models** "Offer expires 1t/0112010. Tax, end tags due at signing. Secur/fy deposit waived, offer includes ~ Acquisition tua. Accord tX 4 cyliuder Automatic Trensmissiua (model CP2F3AEVV) Residual Cost: $1ZmIL85, Cap Cast: j20,409.5I. This lease is for 3g months at 12.000 miles per year. Requires approval as an AHFC Super Preferred Credit Customer **Requires Super Preforred/Preforred Credit Approval ~re AHFC. Offer expires 11/01/2010. AUIOMOIIV[ GROUP 1.800.296.4220 4585 S. DuPont Hwy. (Rte. 13) Dover. DE 19901 Showroom M-F, 1.0AM to 8PM Sat, 9AM to SPM Sun, 12PM to 5PM Service Department M-F, 7AM to 6PM Sat, 8AM to 5PM III