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The $250,000/$500,000 Home Sale Tax Exclusion Nolo

Details: This means, for example, that you can move out of the house for up to three years and still qualify for the exclusion. This rule has a very practical application: It means you may rent out your home for up to three years prior to the sale and still qualify for the exclusion. Be sure to keep track of this time period and sell the house before it

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Tips for Selling a Property With Existing Tenants Nolo

Details: Many real estate investors are happy to pick up a property with an existing tenant who is up to date with rent and has a lease or rental agreement in place. If the tenant's lease will expire shortly after the sale closes, or if the tenant is month-to-month, then the property might also appeal to buyers who want to reside in the property

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How to Arrange a Short-Term Rent-Back With Your Home

Details: What if the sellers manage to negotiate a sale of their old home before finding, or closing on, a new one? A rent-back agreement can be critical to ensuring that the sellers don't face a gap in housing. Purpose of a Rent-Back Agreement. Following the closing, "your" house is no longer yours. Title formally transfers to the buyer. This means

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Selling Your Home in a Hot Market Nolo

Details: Real estate sellers might think that a “hot” market means fast, easy money for their home. After all, a hot market means low inventory combined with lots of buyers looking for the perfect place. In many instances, a hot market does indeed mean a faster sale at or above asking price.

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Taxes You Need to Pay When Selling Rental Real Estate Nolo

Details: For example, if your city installs curbing on the street in front of your rental house, and assesses you for the cost, you must add the assessment to the basis of your property. Example Viola bought a small apartment building and sold it six years later for $300,000.

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Tips for Showing Rental Property During Coronavirus (COVID

Details: The coronavirus (COVID-19) presents unprecedented challenges for landlords—the virus didn't get the message that vacant rentals still needed to be filled.Between shelter-in-place orders and social distancing efforts, it might seem daunting—and even risky—to try to show your rental property to prospective new tenants.

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Tax Benefits of Selling Your House by Installment Plan Nolo

Details: The seller must also pay regular income tax on the interest paid each year. The following example shows how this works (for simplicity's sake, the house sale price is $100,000). Example: Liz sells her rental house to Derek for $200,000. Derek pays Liz a $20,000 down payment and agrees to pay the remainder in equal $20,000 installments over the

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Is Home Staging Worth the Cost

Details: Home Legal Topics Real Estate & Rental Property Selling a House The Home Sale Process Is Home Staging Worth the Cost? What a good home stager does, and why—despite the added expense—you might want to hire one to help you sell your home.

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Is Your Rental Activity a Business or an Investment

Details: This was so even though the only work the owner seemed to have done was listing the property for rent or sale with agents. (Hazard v. Comm'r, 7 T.C. 372.) The IRS agreed to follow this case (GCM 38779 (7/27//81) and the tax court continues to follow it throughout the country except the northeast. However, the IRS and courts have also said that

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What Should I Consider When Buying a House at Age 60 or

Details: If you have always owned standard single-family homes, now might be the first time you've looked into buying a condominium, townhouse, or similar property. These can offer significant advantages to seniors, such as reduced maintenance of the roof, land, and other common areas (which the homeowners' association takes care of).

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The Basics of Rent-to-Own Agreements Nolo

Details: Rent-to-own agreements, also called lease-to-own agreements or lease-options, are traditional leases agreements that also give the tenant an option to purchase the rental property, typically a single-family house, sometime after the beginning of the tenancy.

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Difference Between Second Homes and Investment Properties

Details: Basically, if you purchase real estate that you'll use to make a profit, rather than as a personal residence for you and your family, that property is considered investment property. The many different types of investment property include: residential rental properties; commercial properties, and; properties purchased to “flip” (resell for

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How Can I Buy an Abandoned, Derelict House

Details: After all, abandoned homes are bad for both financial institutions and municipalities. Local governments typically do not want vacant homes within their jurisdiction. These properties often fall into disrepair or attract squatters. They also lower the number of residents paying property taxes, affecting the municipality's potential income.

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What does it mean when a property is REO

Details: Foreclosure is the legal process where real estate secured by a mortgage or deed of trust is sold to satisfy a debt. Depending on state law and the circumstances, the foreclosure will be judicial or nonjudicial.At the end of the process, the property is sold so that the lender can recoup the amount it loaned to the defaulting borrower.. At the foreclosure sale, the foreclosing bank can make a

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Sell Your Home FSBO or With a Real Estate Agent

Details: holding one or more open houses, possibly including weekday open houses for other real estate brokers to visit as well as weekend open houses for the public (which itself involves many tasks, such as arranging for and putting out signs in advance, and providing food for the broker's open houses, as is traditional in some areas)

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Listing Your House: What List Price Should You Set

Details: Although the public can access data on homes currently for sale, agents have access to a lot more. Your agent should be pulling out details on homes sold recently (within the past six months; three months if your market is shifting quickly) in your area (within a quarter to one half mile, adjusting for any dramatic changes in neighborhood).

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Why Shouldn't I Sell Without an Agent (FSBO) When Houses

Details: When there is low housing inventory, prospective buyers—the people whom you're hoping will flood in to look at your home—are more likely to use an agent to locate homes for sale, either before they come on the market or immediately upon listing. Most of the time, agents are looking on the Multiple Listing Service (a realtor-created and

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Buying a Mobile Home Instead of a Regular Home: Pros and

Details: Mobile homes, also known as “manufactured homes," are built in a factory and placed on a trailer chassis to allow them to be moved. Mobile homes are sometimes placed in a mobile home park or on leased land. In these cases, the owner rents a space …

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Residential Home Sellers in Washington: What the Law

Details: Not every home seller is governed by this law. It applies only to sellers of “residential real property,” which refers to real property (land) consisting of between one and four residential dwelling units, including condominiums (with some exceptions) and manufactured or mobile homes. (See, Revised Washington Code (RCW) § 64.06.005.)

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Michigan Real Estate: Buying, Selling, and Owning Property

Details: Home Legal Topics Real Estate & Rental Property Buying, Selling, and Owning Real Estate in Your State Michigan Real Estate: Buying, Selling, Learn what the law requires of you when you list a home for sale in Michigan, and when bringing the sale to a close. Owning a Home in …

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Discovering Unpermitted Construction When Selling Your

Details: See “Required Disclosures When Selling U.S. Real Estate” for more information. Also, your published listing (on the MLS or within other marketing materials) should clearly indicate if there is an unpermitted area of the house (such as “one bedroom plus unpermitted second bedroom”). If you choose to sell the house as-is, be prepared.

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Costs to Expect When Selling Your Home Nolo

Details: If your local real estate market is sluggish, buyers might also ask you to pay all or a hefty portion of the closing costs, which typically add up to 2% to 5% of the selling price. Transfer tax. Your city or state might require you to pay transfer taxes, as a small percentage of the sale price. Property taxes.

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Rights of Renters in Foreclosure Nolo

Details: For example, in Minneapolis and its surrounding suburbs, 38% of the 2006 foreclosures involved rental properties; in Minneapolis alone, 65% were rentals. Who Are the New Landlords? When an owner defaults on a mortgage, the mortgage holder, often a bank, either becomes the new owner or sells the property at a public sale.

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The Home Sale Process Nolo

Details: It's never too early to think about how your home can best attract potential buyers! From basic repairs to home staging, and onward to holding open houses, hiring a real estate agent, making disclosures, and planning your move, you'll find lots of useful information here.

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If You Inherit a Home Do You Qualify for the $250,000

Details: Who Qualifies for the Home Sale Tax Exclusion. First a little background. The tax law provides homeowners with a generous tax exclusion when they sell their property. Up to $250,000 of any gain from such a sale received by a single homeowner is tax free. For married homeowners filing jointly, up to $500,000 of gain is excluded from income.

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Tips for Building, Using, or Renting Out a Tiny House Nolo

Details: A tiny house, like a car, tends to depreciate over time; as personal (not real) property, it doesn't add value to the property it sits on (although you can always sell it separately). So, while the rental income from either an ADU or tiny house may end up paying for the investment in the long term, garage remodels typically hold their value longer.

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IRS Rules on Real Property Sales to Relatives Nolo

Details: However, if you sell property you acquired from a relative at a loss, you cannot deduct the previously disallowed loss at all. The entire loss disappears. Example: Assume that Marcia sold her rental property for $60,000, resulting in a $15,000 loss (remember, she purchased the property for …

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Selling an Oregon Home: What Are My Disclosure

Details: If you are selling residential real estate in Oregon, the law requires that you deliver to each buyer who makes a written offer to purchase your property a property disclosure statement (ORS 105.§ 465(2)).The requirement applies whether you are selling a single family home, duplex, triplex, quadplex, condominium unit, timeshare, or manufactured dwelling.

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Selling an Arizona Home: What Are My Disclosure

Details: Home Legal Topics Real Estate & Rental Property Selling a House Preparing, Showing, For example, the standard Arizona real estate contract requires the seller to provide the buyer with a copy of a report showing a five-year history (or the length of time the seller owned the property if less than five years) of insurance claims filed on the

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Home Buying Timeline: From Offer to Purchase Contract Nolo

Details: If the Seller Accepts Your House Purchase Offer. With any luck, after submitting the offer to buy a house, the first thing you'll hear back from your real estate agent is that the seller is interested in going forward. But that doesn't yet mean you're in contract; that is, mutually bound to complete the sale.

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Theft During House Showing: What Can We Do

Details: Theft from homes that are being shown is not uncommon. The most commonly stolen item is prescription medicine, followed closely by jewelry and small electronics. Agents don't always closely supervise clients when showing homes, so the “buyer” might wander alone through the house, with free rein to open doors and drawers.

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Which has a better return on investment, condos or single

Details: As with all real estate investments, it depends—on the particular property, location, market, and other factors, such as the annual return you expect on the investment, or cap rate. Some of the relative pluses of single-family homes over condos include: Appreciation potential.

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FSBO Home Sellers: Here's How to Reduce Your Capital Gains

Details: When you use a real estate agent to sell a home, the commission you pay is an expense that the IRS says will reduce the amount of capital gain realized on the home sale. When you don’t use a real estate agent, you will probably spend at least ten hours a week responding to prospective buyers via telephone or email and showing your home.

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If I buy a home at a foreclosure sale in California, can

Details: three months after the foreclosure sale if the sale proceeds were sufficient to cover the total debt that the homeowners owed, or; one year after the foreclosure sale, if there was a deficiency (Cal. Code Civ. Proc. § 729.030.) (A “deficiency” occurs when the foreclosure sale price is less than the total debt that the homeowners owed.

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Seller Financing: How It Works in Home Sales Nolo

Details: The seller leases the property to the buyer for a contracted term, like an ordinary rental -- except that the seller also agrees, in return for an upfront fee, to sell the property to the buyer within some specified time in the future, at agreed-upon terms (possibly including price).

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How Much Should You Pay for a Fixer-Upper Home

Details: Home Legal Topics Real Estate & Rental Property Buying a House Affording a House. for instance), a real estate agent or anyone else who has been going to open houses and following recent sales can probably tell you what a “typical” home of a certain size will sell for. (This may have little to do with the amount the seller listed it for

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Selling a Home in Florida

Details: Typically, the seller pays a 6% commission to the real estate listing agent, who then splits this with the agent (if any) who represents the buyers. The commission comes out of the proceeds of the sale and you pay it at closing. Contract Forms Used for a Florida Home Sale

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How to Buy a Home in Massachusetts Nolo

Details: Hiring a Real Estate Agent in Massachusetts. The role your real estate agent will play depends partly on whether you line up your own, “buyer's agent,” or whether you will be using a particular home's seller's agent to wrap up the deal. You have the right to be represented by your own, "buyer's" agent.

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Selling a Connecticut Home: What Are My Disclosure

Details: The only penalty spelled out in the disclosure form is a $500 violation—payable to the buyer at closing—if you fail to submit the form. Indeed, some real estate experts advise sellers in states with rules like Connecticut's to simply take the small monetary hit and avoid the disclosure form altogether. After all, making disclosures might

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Selling an Ohio Home: What Are My Disclosure Obligations

Details: If you are getting ready to sell your Ohio house, you know that you are about to face a mountain of paperwork. Whether you choose to use a REALTOR or go it alone, you likely need to complete a Residential Property Disclosure Form (according to Ohio Revised Code § 5302.30).With all the effort involved in selling a house, you might be inclined to rush through this form, but there are many good

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Overview of Landlord-Tenant Laws in Ohio Nolo

Details: Landlord Access to Rental Property, Tenant Protection Against Retaliation, and Other State Laws in Ohio. Several other landlord-tenant laws in Ohio affect both property owners and renters, including: restrictions on landlord's right to access rental property (Ohio landlords must …

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Can You Sue a Home Seller for Undisclosed Defects in Ohio

Details: Home Legal Topics Real Estate & Rental Property Homeowners buyers know that homes may not be perfect, they generally expect that the seller would warn them of any known material defects in the home. Under Ohio law, in fact, sellers must disclose any material defect about which they are aware before the sale is complete. If you discover a

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If I buy a home at a foreclosure sale in Michigan, can its

Details: I've been renting an apartment in Grand Rapids, Michigan, for ten years. My landlord drastically increased my rent so I'm trying to find a house to buy. I was looking online and found a property that is being foreclosed that appears to be in good shape. I'm thinking about purchasing it at the foreclosure sale, but I'm a bit worried about doing

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Mobile, Manufactured, and Tiny Homes Nolo

Details: Manufactured Homes: What Happens If I'm Behind on My Land Lease Payments? If you default on the lease or rent payments for the land your manufactured home sits upon, you could be evicted and have to move your home.

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Selling Your House- Legal Book

Details: Real estate markets tend to be weakest in cold, dreary winter months (who wants to look at houses in the rain or snow?) and strongest in the spring, when the sun is shining and flowers are blooming. Of course, if you live in an area with year-round sun, such seasonal considerations are …

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