No-money-down options shrinking

Q. Are there really ways to purchase a home with no money down?

A. Not as many as there used to be.

The Veterans Administration still guarantees 100 percent financing loans for qualified veterans. That means no down payment, though of course other closing costs may be involved.

I suppose you might find a private lender, probably the desperate seller of a property, who would finance the whole purchase for you, though it would be a pretty risky venture for them.

Beyond that, I doubt if any reputable lender is now handling nothing-down mortgage plans, given the current mortgage mess. Disreputable lenders, who may have offered such loans at high rates of interest in the past, are probably going out of business these days. At least, I hope so.

Q. Recently I put a bid on a house with a contingency regarding the sale of my house. It would allow them to keep their home on the market in case a better offer should come along or I don't sell my house. The sellers came back accepting my offer but not the contingency on my terms. They wanted a $5,000 non-refundable down payment and in return they would take their home off the market for a month. Is it legal to ask for a non-refundable payment? Sounds like a scam to me.

A. It's legal enough. Until both parties have signed an acceptance of exactly the same terms, they can ask for anything they want. You don't have to agree. Frankly, I wouldn't.

Q. Can an agent accept compensation from a client (buyer) even though a purchase is not completed? They have worked very hard and I want to compensate them in some way even though I have decided not to purchase a home through them at this time.

A. An expression of appreciation will mean a lot to that agent. If it's anything substantial, you need to understand that only the company, represented by that office's supervising broker, is legally allowed to receive compensation from the public. The individual agent then receives a share, passed on by the office.

My guess is that most offices would probably OK your unusual gift going to the agent entirely, but as I say, if it's substantial, that OK would be legally required. In the case of a token like flowers or a dining-out gift certificate, I don't see any problem in the agent's receiving it directly.

Q. My brother and I have equal ownership in three properties. God forbid if one of us was to pass away, will the surviving brother take full ownership of the properties?

A. As so often, it all depends.

The answer lies in how your names are listed in the deeds that gave you ownership in the first place. If your deed says the property was transferred to "S and Brother, joint tenants" or "S and B, joint tenants with right of survivorship" then, if one dies, the other automatically owns the entire property. If, on the other hand, a deed simply says the property is owned by "S and B" or "S and B as tenants in common," then each co-owner's share could go to other heirs.

Q. I recently purchased a home. The transaction and deed are solely in my name. I would like to add my wife's name to the deed. I am curious about the procedure necessary to do this. I have heard that it will be necessary to hire a real estate attorney. I cannot see the reason for this. Can I simply contact the county Recorder of Deeds and obtain the necessary paperwork and complete the change on my own?

A. I suppose there's no harm in trying.

You need to sign a new deed naming you and your wife as the owners, and have it entered in the public records. It must be in a specific form, with your signature notarized and an acceptable legal description of the real estate.

It's not the county recorder's job to furnish you with forms or instructions. You might find a blank deed at a stationary store or online (watch out, the forms may be state-specific), and copy the legal description from your present deed. The worst that could happen is that, after all, it might not be acceptable for recording. At that point you could have a lawyer take care of the relatively inexpensive procedure.

Edith Lank will personally respond to any questions sent to her at 240 Hemingway Drive, Rochester, N.Y. 14620 (please include a stamped return envelope), or readers may e-mail her at ehlank@aol.com.