A 1031 exchange, more commonly known as a “like-kind” exchange, is a legal tool that allows real estate owners to exchange pieces of property and defer capital gains taxes. This generally applies to investment or business properties. In the past, there was the ability...
Property owners who sell real estate at a profit may need to pay capital gains taxes. The reasoning is basically that the Internal Revenue Service (IRS) views the gain in value as a form of taxable income. The IRS generally applies a capital gains tax to the value of...
A real estate attorney can serve a number of functions. Common examples include: · Title work. A title search checks for issues that could hinder the transfer of ownership of property. An attorney can complete this search and help to resolve any potential legal...
One of the largest purchases a couple can make together is a home. If you and your partner are planning to purchase a home together or at least contribute to the costs of homeownership, it is wise to draw up an agreement detailing, among other things, how to handle...
The closing process to a real estate transaction is more than just that final meeting where the buyer signs paperwork and gets the keys. It can take weeks or months and begins when the buyer makes the initial offer. The basic timeline generally unfolds as follows:...
Refinancing is a serious decision, and one that is generally not free. In most cases, those who refinance their mortgage will need to pay closing costs that range from 2% to 5%. Even with this in mind, there are times refinancing still makes good financial sense....
In the legal world, a title search is defined as the examination of official county records to determine an owner’s rights to real estate property. The goal is to check for any defects that could hinder the transfer of property rights. Common examples can include:...
It can be difficult to know when it is time to make the transition from a home into a condominium. Those who are in the process of considering this move should discuss these five considerations to help guide their decision. #1: Maintenance, maintenance, maintenance...
Buying a second property is a big step. Although it is never possible to know with certainty that the risk will lead to reward, two situations that increase the odds of success include the following. #1: The property is in line with future goals It is important to...
Although buying property remains one of the biggest transactions most make in their lifetime, the process is arguably easier than ever before. Technological advances have provided access to information to help prospective buyers complete due diligence prior to moving...
