Property is anything you own, whether it’s land, a house, electronics, a car, or collectibles. Learn more here about buying and selling property, taxes, and protecting your assets.
Easement May Allow Access To Septic Field
A homeowner has lived in a house for 12 years, only to discover that her septic lines run into her neighbor's property. This home owner probably has no recourse against the people she bought the home from, because the statue of limitations has probably run out. But the homeowner should talk to a real estate attorney. Since she bought the property with the usage, she may be able to continue using the septic field.
Tax Hints For Selling Rental Property
Homeowners lived in a home for 2 years and then rented it out for the past two years. They want to continue renting it out, but they will sell now if that's the only way to avoid capital gains tax. The IRS website is a good place to check for the tax implications before making any real estate decisions.
Understanding Adverse Possession
Adverse possession means you acquire property by openly using a home, claiming it as your own and paying all of the expenses, including the taxes, for a certain period of time. The time you must occupy the property ranges from 7 to 21 years, depending on the state.
Acquiring Property By Adverse Possession
A homeowner has been caring for the empty property next to his own for eight years. He is wondering if he has a claim to the property. It's possible to acquire property through adverse possession, but it requires a lot more than mowing the lawn and clearing snow.
Property Transfer: How To Avoid Tax Penalties
A home owner has just found out that she doesn't really own the property, but her father-in-law's name is on the title. He bought the property under a 1031 exchange and might face stiff tax penalties if he transfers the title to his son and wife. To defer taxes with a 1031 exchange, the owner must replace that property with a replacement investment property within a certain time period, usually 180 days from the sale of the original property.
Real Estate Agents And Lockbox Use
When a real estate agent uses a lockbox on a property - is the seller receiving subpar service? Many real estate agents use lockboxes on properties so that the seller or agent does not have to be present when a home buyer wants to tour a house. But others believe agents should try harder to attend the showings or send a representative to show how much value they're adding to their commissions.
Adding Partner To Property Deed
To convey part of your property interest to another person, your deed must specifically state that you are conveying to a person a certain percentage ownership in the property. In some cases, the clearest way to convey title would be to convey title to yourself and to your partner and indicate that each of you are owners at to a 50 percent interest in the property.
Refinancing Property After Divorce
If you are getting property as part of a divorce settlement, what is the best way to refinance your mortgage payment? What are your options on how to refinance the mortgage on the property you will be receiving in the divorce? You should be able to afford the new mortgage payment after refinancing.
Real Estate Property Value: Finding The Original Sales Price
It can be difficult to find the original value of real estate property. Finding a copy of the original deed or other related documents can help you determine the original sales price and value of a piece of real estate. Ilyce and Sam tell you where to look if you're trying to find the original sales price and value of real estate property.