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You won't be able to sell a property successfully unless a few key pieces of paperwork are in order. Learn about the paperwork needed when selling property with help from an entrepreneur, real estate broker and real estate coach in this free video clip.
The first step to selling depreciated property is to complete a short sell. Find out how to sell depreciated property with help from an entrepreneur, real estate broker and real estate coach in this free video clip.
Commercial property insurance is a very complicated topic, so it can be natural to have a few questions. Get a summary of commercial property insurance with help from a longtime insurance professional in this free video clip.
Selling property and casualty insurance requires you to keep a few very important things in mind. Sell property and casualty insurance with help from the owner of Eagle Insurance Group in this free video clip.
Explaining commercial property insurance requires you to first understand exactly what it is. Explain commercial property insurance with help from the owner of Eagle Insurance Group in this free video clip.
Business and freehold estates are governed by some very specific laws that you're going to need to know. Find out about business and freehold estates with help from a practiced attorney in this free video clip.
Canceling a land installment contract can be accomplished by following a series of basic, easy to manage steps. Find out about the procedure for canceling a land installment contract with help from a practiced attorney in this free video clip.
A land contract and a retained title agreement are not the same thing and should not be treated as such. Learn about the differences between a land contract and a retained title agreement with help from a practiced attorney in this free video clip.
Closing a land contract typically happens at the end of the process. Find out how to close a land contract with help from a practiced attorney in this free video clip.
Global Positioning System devices are most often used to gather and export data to Geographic Information Systems or GIS software; however, you may need to upload GIS data, such as a shapefile containing a land survey, to your GPS unit. Once the data is uploaded, you can use the GPS device to demarcate the survey area and identify specific information. GPS units only work with two types of position data: points (such as waypoints) and lines (such as tracks and routes).
Salesforce is a content delivery system for webmasters who want to create lead-generation pages but don't have the technical ability to create the pages on their own site. Salesforce has a page-creation wizard that you use to set up a landing page for your leads. The user lands on the page and sends you information through the Salesforce system, which you can use to market to the potential customer.
Alabama’s land surveyors frequently perform "retracement" surveys, which help establish previously surveyed property boundaries. To avoid land disputes, land surveyors in Alabama adhere to strict guidelines established by the Alabama State Board of Licensure for Professional Engineers and Land Surveyors. Applicants for licenses must meet educational, work experience and exam requirements to join the ranks of licensed Alabama land surveyors.
Developed and published by Novalogic, Delta Force Land Warrior is a first-person shooter game released on the computer on November 7, 2000. Delta Force Land Warrior allows six different game modes. While Land Warrior can be played online on both public and Novalogic-hosted servers, you can also play with up to 50 people on a LAN. Playing on a local connection works best for small coop or death match games. Create a LAN game from within the "Multiplayer Options" menu.
REO foreclosures involve homes being bought directly from the bank, and they are a result of a homeowner defaulting on their loan. Learn about how the sale of a foreclosed property works with help from a financial adviser with this free video on real estate.
If you are late paying your taxes, the Internal Revenue Service may issue a federal tax lien. A lien is when the IRS becomes the legal owner of the property. Normally, the IRS will put the property up for auction and use the proceeds for settling your taxes. An auction rarely fetches the market value of property. You may, however, pay off the lien by selling the property yourself. This requires a certificate of discharge from the IRS.
The actual net income of a land surveying business can vary drastically from year to year based on a variety of factors under the heading of income and expenses. However, average incomes for a land surveyor and the other workers within a surveying business maintain a consistency. Since salaries and wages make up a substantial portion of a company's expenses, exploration of these income totals are key. So is exploration of the various industries that provide higher wages to surveyors.
A prewritten judgment of attachment is a court order that is made against a tenant who has defaulted on his rent even before the court has heard the case to determine if he is actually in default and should be attached. The judgment attaches the tenant's property that is in the disputed property and sometimes money that is in his bank account. If the final ruling will be in favor of the tenant, the attached property is returned to him, but if the verdict favors the landlord, the property is given to him to cover for the rent default.
Once a home is auctioned in foreclosure, the purchaser receives the deed to the home. The purchaser must then record the deed with the real estate division of the appropriate court in the county where the foreclosed property is located. This court, or its website, is where you’ll find information about the new deed owner.
Adverse possession is a common law concept that provides a way for a person in possession of property to obtain legal title to it despite another person's ownership. This curious area of the law has roots in America’s pioneer era of the 1800s, which promoted productive use of land over allowing it to remain idle. Adverse possession also is rooted in the unofficial nature of ancient land sales that allowed for a person who publicly established himself on land he believed was his and possessed the land for a period of time without dispute from another person to take ownership…
If you want to purchase a home, but do not qualify for traditional mortgage financing, buying a home on land contract may be an appropriate choice. A land contract involves making periodic payments to the seller, who retains the title until you have paid off the loan. You may wonder if the seller is responsible for repairs to the property -- in most cases, the seller does not have to pay for repairs or maintenance.
Everybody who buys a home, whether it be for investment or living purposes, does so with the intention of getting the best deal possible. You never hear a potential homebuyer express an interest in paying more money than he has to in order to make a home purchase. Instead, real estate buyers tend to be bargain hunters just as those who make other large purchases in any other industry. To that end, some buyers seek out foreclosed or other types of distresses properties. Knowing the difference between these two types of properties can be instrumental in landing the best deal…
Business owners and individuals often make land-only purchases. The accounting for land purchases and other large expenditures in which the monetary exchanges spread out over a period of time, utilizes two principal methods, cash accounting and accrual accounting. The method employed when accounting for cash inflows and outflows directly affects the amount of income reported and, therefore, the amount of federal income tax owed.
Liquidating real estate poses special challenges when the property’s debts exceed its value. One option is to turn the property over to the lienholder and another is to convince the lienholder to release the lien and allow a buyer to purchase the property for less than its total debt. Each has different consequences for the property owner and lienholder, and these consequences vary as laws regarding foreclosures and short sales vary by state.
When the person holding the deed to a piece of property dies, that property generally goes to the deceased person's estate. The estate is the compilation of all of a person's assets. Whether you're the deceased person's family member or just a trusted friend, with the proper authority, you can sell the land contained in his estate.
Taxpayers who sell their personal or real property are subject to the federal income tax rules established by the Internal Revenue Service (IRS). Before they sell their property, they must determine the basis in their property. If they sell their property and experience a loss, they can deduct their losses as short-term capital losses. If they sell their property for a profit, they may have to declare the surplus as income.
The Internal Revenue Service provides many tax advantages to homeowners selling real property with improvements, such as a house, in the form of deductions for mortgage interest and gains realized from a sale up to $500,000 for couples filing joint returns. When vacant land is sold, fewer expenses may be tax-deductible, but property owners should consider those that may lead to a reduced tax bill as a result of a sale.
You entered into a valid land sale contract, made a payment and later learned the seller died before you could close. You may be wondering what happens next. While every state's property laws are different, generally, you should be able to enforce the contract in spite of the seller's death. Various bases to enforce exist. You should consult a licensed attorney in your state for advice concerning which approach is best for you.
Borrowing from a 401k to buy land can be a great way to diversify your investment portfolio. Land has always been a popular way to hold and accumulate wealth throughout the ages because it is the ultimate tangible asset. While the stocks and bonds inside a 401k are considered paper assets, land is an asset you can stand on, live on and potentially use to provide a livelihood for you and your family. And as the late American humorist Will Rogers once said: "Buy land. They ain't making any more of the stuff."
Foreclosures, also known as real estate owned, or REO, by lender, skyrocketed due to the recession and housing crisis of 2007. Widely considered the lesser of two evils, short sales were on the rise in 2011, according to the National Association of Realtors. Distressed homeowners may opt for a short sale as the least damaging way to get out of a mortgage they cannot afford, but the affects on credit are not much different from foreclosure.
After contracting a realtor, scheduling property showings and paying closing costs and attorney's fees, selling a property can prove to be a taxing endeavor -- both figuratively and literally. Most real estate sales in the U.S. are taxable with the amount depending on the value and classification of the property. If you're selling commercial real estate, you should expect to receive both federal and state taxes on any capital gains you earn on the transaction.
Ohio is one of many states that recognize land contracts as valid legal agreements for the sale of property. A land contract essentially operates by allowing the seller to finance the sale of the property instead of the buyer's obtaining traditional financing from a bank or finance company. The buyer then makes payments toward the purchase price directly to the seller until the balance is paid in full. Once the full purchase price has been paid, the seller must transfer the deed to the property to the buyer.
If you are facing foreclosure on your home, you might owe more on the mortgage than the home's market value. You might consider offering a lesser amount than the total mortgage to the bank in exchange for the property. This is known as a short sale. Before you offer a short sale to the mortgage company, you will want to factor in how much the property might receive in a foreclosure sale.
"Roblox" is a world-building game that lets players build and program any object imaginable. A popular in-game object is the land vehicle because it allows quick transportation without giving players free access to every corner of the map. Building a land vehicle is a simple, creative and fun procedure that lets players create anything with wheels, from bicycles to tanks.
One of the main reasons to buy real estate is for the myriad tax benefits that it conveys. While you own it, you get a number of deductions for the costs of ownership. In addition, you get extremely favorable treatment when you sell it. Finally, although the tax deductions available at the time of purchase are more limited, you can still generate tax write-offs at that time, as well.
You can use a cash out refinance lot loan to extract equity from raw or improved plots of land. Lenders define your lot as improved if a road leads to it and it has access to utilities such as water and electricity, while plots that lack this access are regarded as "raw." You can use a lot loan for any legal purpose; however, you can obtain a special kind of loan, known as a permanent-construction loan, if you plan to build a home with the loan proceeds.
Conducting a boundary, or fence line, survey can prevent expensive legal battles to resolve boundary disputes. Some local codes require a property survey before approving fence installation. Place the fence as close to the property line as possible without encroaching on adjacent properties or leaving too much of the property on the other side. Sharing the fence with the neighbors may be an effective solution. The surveyor may flag along the property line to help with fence layout. Keep the permanent survey markers unobstructed by the fence construction so that they're easy to locate in the future.
Owning farm land provides you with the opportunity to grow crops and raise livestock, but it can also affect your tax bill. The amount you owe on taxes for the farm will be impacted by how you use the property and when you sell it. Some states also have special property tax treatment for agricultural land.
Land contracts, also known as contracts for deeds, are ways for sellers to finance the purchase of property by a buyer who chooses not to use bank financing. Buyers on a contract receive benefits including flexibility and, at times, better than market rates. Sellers of a contract are able to turn their piece of real estate into a long-term income stream and spread their capital gains, if any, out over time. Unfortunately, they also mean that the seller is locked into a long-term relationship with the buyer, and will need to defend their interests if the buyer defaults under the…
Buying land using pretax dollars refers to buying undeveloped real estate with money from a retirement savings plan funded with tax-deducted dollars. The easy method is to take a distribution, pay taxes and buy the land. A real estate individual retirement arrangement (IRA) keeps the asset pretax. The Internal Revenue Service is the regulatory authority designating exactly what you can do. While real estate is a permitted investment within IRA accounts, there are very specific rules to follow, otherwise you could have the entire investment deemed a liquidated asset where you become responsible for all taxes and early distribution penalties.
When you file for a Chapter 13 bankruptcy, you develop a plan to pay back debts over time through an agreement worked out via the courts. Sometimes called a "wage earner's plan," the debtor proposes a repayment plan to make installments to creditors over three to five years against his monthly income. The plan generally protects their assets, such as land and property, from seizure or liquidation.
Land contracts, real estate purchase agreements or real estate installment contracts, as they are sometimes called, raise a variety of tax liability questions. These types of contracts present questions regarding the real estate transfer tax, federal income tax liability, federal income tax deductions and state income tax. The tax issues become further complicated whenever the seller provides a form of seller financing in which interest accrues on the financed portion of the contract.
When a buyer wishes to purchase property, he may pay the purchase price in cash, secure a traditional loan through a bank or finance company or enter into a land contract for the purchase. If you have sold property to a buyer by entering into a land contract and the buyer has subsequently defaulted on the contract, your options will be determined by state law. You may be able to proceed by using the simpler eviction process or you may be required to file a formal foreclosure action.
When making an offer to purchase commercial property, the terms contained within the purchase offer determine the conditions in which you can cancel the offer, without penalty from the seller. Purchase offers typically contain contingencies. These are actions or events that must occur before the contract is binding. An appraisal contingency prevents you from paying too much for the property. Real estate laws and contracts vary by state. Depending on your location, your attorney might prepare the contract or you might use a standard commercial purchase contract commonly used in your state.
Purchasing a property with a limited liability company (LLC) is advantageous because it protects the asset if you end up in financial trouble. A limited liability company is a business entity that passes its profit and loss to the individual. While you have the benefit of the income, the asset is owned by a business entity that your creditors will not go after in the event of personal financial trouble. The disadvantage of buying a company with an LLC is that you'll incur less favorable loan rates and higher costs due to lender preferences for residential buyers.
Part of an executor’s responsibility is to ensure that sales of the estate’s assets are handled properly. To help inform the executor of the estate’s worth, the executor will order appraisals of the unique and more valuable assets. These appraisals are estimates and the executor can sell the property below that stated value, as long as the executor exercises sound judgment and promotes the interests of the estate.
A developer can be a professional in a number of different industries who facilitates, causes or oversees the development of a product or asset. The skills necessary for such professionals depend heavily upon the specific industry. Preparing for a career as a particular type of developer may require specific types of education, training, certification and licensure.
The profit or loss from the sale of land, as with any other property sale, has a tax obligation. You must report the sale of the land to the IRS. Any profit you make is classified as a capital gain and is subject to taxation, but the amount you actually pay depends on how you obtained the land, the profit you made and how long you owned the property. Basically the taxable amount is the resulting amount when you deduct the sale price from the price you originally paid for the land. Add this information to IRS Form 1099-S in…
A land contract is a type of seller financing arrangement where the buyer of land pays the seller in monthly, quarterly or annual payments over time. The land contract therefore involves two distinct components: the real estate transfer and the financing arrangement. Each of these two components produce important tax consequences for the buyer and seller.
A land form is a physical feature of the earth, such as a butte. Factors used to categorize a land form range from its elevation to the rocks or soil that make it up, to its relation to larger surrounding geographical features. Designing a land form project provides you a better understanding of how the area's smaller features shape its overall topography.
A land contract provides a means for a property owner to sell land when the purchaser is unable to come up with the cash or a loan to purchase the property in full up-front. Instead of collecting an up-front payment, the seller collects installment payments for both the principal listing price and interest. Land contracts may be taxed at the initial closing and on an annual basis, as long as the purchaser continues making installment payments to the seller.
