When you want to sell commercial real estate to a non-profit such as a church, the group may not be able to pay you full property value. What can the non-profit do to make the commercial real estate sale worth it for the seller? The group may be able to offer the seller a tax deduction in exchange for a cash contribution in addition to the property. It's important to involve an attorney in the transaction.
The home buyer wants to purchase a home his father and uncle inherited but avoid as many taxes and a reassessment of the property if possible. He wonders if a transfer of the property is the right move to avoid taxes. Transfers maybe unlawful and a local attorney who knows about intra-family transfers should be able to help with this property transaction.
Can I cancel a real estate contract? A reader that wants to walk away from a real estate deal because there are too many issues with the house, builder, and real estate agent. However, you usually can't just terminate a contract. The buyer must determine if the problems are enough to truly prevent occupancy.
What happens if I transfer a commercial property to an LLC? Is there a capital gain because the basis gets stepped up or does the owner's basis remain unchanged. You may need an appraisal of the property to determine what your gain was and depending on how long you held the property, you will owe tax on the sale.
After paying back and current taxes on a property that was quit claimed to you, can you take full title to a property? The answer? It depends on how the quit claim deed was drafted and what its intent was.
Investing in real estate? Buying foreclosure properties can be a viable and effective way to invest in real estate. But be careful that the way you structure the deal is not unethical or outright illegal.
A loan approval letter will generally state that the borrower is approved for a loan and will fund on the loan upon satisfaction of certain conditions. A loan commitment letter will state that a lender commits to fund on a loan upon the satisfaction of certain conditions. Both of these types of letters are routinely used by lenders and most people involved in real estate closings will accept either type.
Most rental property owners put the title for their property in their own name is the standard, but holding title in the name of a corporation can make sense in certain situations. The advantages of holding a real estate investment in a corporation or limited liability company is to insulate the shareholders from lawsuits that may come about from the ownership of the property.
