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

Details: Here's the most important thing you need to know: To qualify for the $250,000/$500,000 home sale exclusion, you must own and occupy the home as your principal residence for at least two years before you sell it. Your home can be a house, apartment, condominium, stock-cooperative, or …

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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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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. However, there are some pitfalls that a house seller in a hot

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Taxes You Need to Pay When Selling Rental Real Estate Nolo

Details: When you sell rental property, you'll have to pay tax on any gain (profit) you earn (realize, in tax lingo). If you lose money, you'll be able to deduct the loss, subject to important limitations. Your gain or loss for tax purposes is determined by subtracting your property's adjusted basis on the date of sale from the sales price you receive

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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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Determining Your Home's Tax Basis Nolo

Details: Thus, if you hold on to your rental property until death, your heirs will be able to resell it and pay little or no tax—the ultimate tax loophole. Example: Victoria inherits her deceased parents' home. The property's fair market value (excluding the land) is $300,000 at the time of her uncle's death. This is Victoria's basis.

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Is Home Staging Worth the Cost

Details: 7031 Koll Center Pkwy, Pleasanton, CA 94566. master:2021-06-24_08-52-37. Twenty years ago, nobody worried about "staging" their home before putting it on the market. Giving it a good scrubbing and hiding the kitty litter box was considered sufficient preparation for putting out the "For Sale" sign. But all that has changed, as more and more

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Selling an Arizona Home: What Are My Disclosure

Details: An Arizona seller has a duty to disclose important facts that might negatively affect the value of the property. (This comes from a court case called Hill v. Jones, 151 Ariz. 81, 725 P.2d 1115 (1986).) The most typical method for disclosing this information is by completing a written disclosure statement and giving it to the buyer.

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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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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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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. This arrangement has potential financial and other benefits to both landlords and tenants.

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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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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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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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I plan to sell my house: Can I evict my tenant

Details: Perhaps that means paying for the tenant's moving costs, or finding a rental broker. Perhaps that even means paying for the tenant's first month's rent or security deposit in the new place. Even paying several thousand dollars could be worth it to ensure that the overall sale goes off without a hitch.

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Selling a Home in Oregon: Key Legal Requirements Nolo

Details: In Oregon, something called "the statute of frauds" applies to the sale of real property. This a legal doctrine requiring certain contracts to be in writing. So, any agreement to sell your home must be made in writing and be signed by all parties. Even if you negotiate new terms with the buyer, the amendments must also be in writing and signed

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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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Difference Between Second Homes and Investment Properties

Details: The many different types of investment property include: residential rental properties. commercial properties, and. properties purchased to "flip" (resell for a profit). Investment property loans usually have higher interest rates and require a larger down payment than properties that people use as second homes.

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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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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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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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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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Michigan Real Estate: Buying, Selling, and Owning Property

Details: Step 4 of 5. You can help the attorneys better evaluate your case by describing the amount and type of your tax debt and any actions such as an IRS notice, payment plan, wage garnishment, or lien. Step 5 of 5. By clicking “Submit,” you agree to the Martindale-Nolo Texting Terms.

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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). Some or all of the rental payments can be credited against the

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Tribal Land Foreclosures Nolo

Details: Learn about foreclosures of homes on Native American land. A mortgaged home located on tribal land is subject to foreclosure if you fall behind on your monthly payments, just like other types of real property. Native American tribes are sovereign governments and …

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Sell Your Home FSBO or With a Real Estate Agent

Details: Selling a house without an agent is called a FSBO (pronounced "fizzbo"), or For Sale By Owner. As you might have guessed, people who try it usually develop some appreciation for how agents earn their commission. If you want to go it alone, be sure you have the time, energy, and skills to …

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Selling Your House- Legal Book

Details: Selling Your House: Nolo’s Essential Guide gives you all the tools you need to strategize, plan, and close the deal, including: choosing among offers and negotiating the contract. Strategize for a quick and successful home sale with this all-in-one guide. See below for full product details.

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My home is in foreclosure and someone boarded it up while

Details: Typically, the mortgage servicer hires a property preservation company to take care of the property. Unfortunately, property preservation workers sometimes go into currently occupied homes, cause damage, or take valuables. Some of the reported abuses that property preservation workers have committed are: changing the locks on the wrong house

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Legal and Financial Issues to Consider When Co-Owning a

Details: If you take title to property as a TIC, you and your co-owner (s) will want to draft a written agreement covering each owner's rights and responsibilities. For multiunit property, the TIC agreement gives each owner rights to, and responsibility for, one unit, which creates a feeling of separate ownership.

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Reducing Capital Gains Tax Using Expenses of Sale Nolo

Details: They pay a 6% sales commission to their real estate broker ($48,000) and another $22,000 for attorney fees, closing costs, escrow, and closing fees. They subtract these sales expenses from the sales price to determine the amount they realized from the sale. $800,000 - $80,000 = $720,000.

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Should You Hire a Real Estate Agent or Lawyer to Buy a

Details: Even if your agent is scouting out homes for you, there's a lot to be said for scanning the listings and, if possible, attending open houses yourself. (After the start of the COVID-19 pandemic, some areas of the U.S. have limited or canceled traditional open houses in …

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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 or leases land, but owns the mobile home itself.

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

Details: For married homeowners filing jointly, up to $500,000 of gain is excluded from income. To qualify for the exclusion, the home must have been used as a main home for two years out of the prior five years before the sale. For details, see The $250,000/$500,000 Home Sale Exclusion. At the time you inherit a home, you won't qualify for this exclusion.

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Can I Build a Tiny House on Vacant Land in Oregon

Details: What foundation your tiny house is placed on may impact whether your tiny house is lawful on a vacant lot. First, as noted above, different building and safety standards apply to tiny houses on wheels and tiny houses on permanent foundations. If the tiny house is built on a permanent foundation, the Oregon Residential Specialty Code will apply.

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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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Can I Build a Tiny House on a Vacant Land in Colorado

Details: Like a tiny house on a foundation that must comply with the local building code, tiny houses on wheels in Colorado may have to meet certain safety standards. For example, if you buy a new park model recreation vehicle to use as your THOW, it must comply with American National Safety Institute standard 119.2, according to the Colorado Statutes

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How Much Does Owning a Home Really Cost

Details: That means your immediate upfront cost will be the down payment (traditionally 20%, or $40,000 on a $200,000 purchase) plus closing costs and fees. For another thing, a home is almost like a living thing; it changes over the years, and your needs from it change as well. So let's consider how much your ongoing, month-to-month, year-to-year, and

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Can I Put a Tiny House in My Backyard in Florida

Details: Question. I live in Florida and want to put a tiny house in my backyard. Eventually, I plan to use it as a residential rental, but for now, while my children are living at …

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How to Buy a Home in Massachusetts Nolo

Details: In most other states, when you decide to buy a house, your real estate agent would write up an offer on a standard form that's used statewide. After a bit of negotiating, you and the seller would sign the offer form, thus turning it into your purchase contract. In Massachusetts, however, this is a two-step process.

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Selling a Texas Home: What Are My Disclosure Obligations

Details: Disclosure Laws in Texas for Home Sales. Seller disclosures in Texas are governed by Texas Property Code Section § 5.008. It says that sellers of single-unit residential real property must give purchasers a written notice containing their knowledge of the condition of the property, and sets forth language that should be on that form, focusing

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Which has a better return on investment, condos or single

Details: Answer. 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. Condos are often considered easy, low-maintenance options

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How Does Seller Financing Work in a Home Sale

Details: How to Structure a Sale With Owner Financing. Seller financing can be carried out in one of two ways. The first is for the seller to "take back" a mortgage on the house. You, the buyer, sign both a promissory note (promising to repay the loan) and either a mortgage or a deed of trust (allowing the seller to foreclose if you fail to pay).

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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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Zombie Foreclosures Nolo

Details: Zombie Foreclosures in Wisconsin. In the case of The Bank of New York Mellon v. Carson, 2015 Wisc. 15 (Feb. 17, 2015), the Wisconsin Supreme Court decided that banks couldn't let zombie homes linger in the foreclosure process indefinitely. The court ruled that the sale must take place within a …

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Can I Build a Tiny House on Vacant Land in Florida

Details: Hiring local experts, like a tiny house builder and a land use attorney, may be helpful. Before Buying Any Florida Land, Complete Your Due Diligence. With tiny houses, it's critical to complete a thorough inspection of any prospective property before you close on the sale.

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Who Gets the House When an Unmarried Couple Splits Up

Details: If the two of you didn't sign a joint house ownership agreement that sets forth your intentions in case of dissolution, you have two choices. You can either follow the legal procedures that apply in your state—typically this means the court will order the property to be sold, and the net proceeds (after paying mortgages, liens, and costs of sale) to be divided—or you can reach your own

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