Selling a property privately can reduce closing costs, allow for face-to-face negotiations, give full control of the sales process, and create a better timeline. However, it is important to educate oneself on laws and regulations before engaging in the transaction. Selling a home or other property privately is often an important and ambitious goal. Some […]
Listed property is a depreciable type of asset used for business purposes no more than half the time, subject to different depreciation and tax schedules. Revenue agencies provide guidelines for determining if an asset is listed property, including vehicles, cell phones, and computers used intermittently. Listed property is a depreciable class or type of property […]
Investment property is any real estate purchased with the intention of earning a return, such as renting, appreciation, or selling at a profit. One strategy is to live in one unit of a multi-family property while renting out the other. Equity can be used to finance the purchase of additional investment properties. Tax sales can […]
Property attorneys assist clients with buying or selling real estate, explaining legal terms and researching the property’s history to prevent legal issues. They also negotiate terms, prepare legal documents, and obtain title insurance to avoid legal problems. Property attorneys help their clients buy or sell real estate, which is why this type of attorney is […]
Property caretakers do not require specific education or training, but must be reliable and able to follow instructions. They can earn a salary or exchange services for free rent, and may find opportunities through referrals, advertisements, or agencies. Trustworthiness is important, and a criminal record or poor credit history may hinder job prospects. An individual […]
Property tax consultants help homeowners minimize their property tax and challenge excessive assessments. They review appraised property values and compare them to similar properties in the area to determine if they are consistent with market values. Training comes from direct experience in property valuation, sales, and taxation, and compensation is typically a percentage of the […]
Property insurance protects buildings and their contents, with various types available. Open risk policies cover any damage not excluded, while named peril policies list covered causes. Homeowners, renters, and commercial tenants can purchase insurance, and liability insurance is also available. Consult an agent to ensure suitable coverage. Property insurance is a form of insurance that […]
Property damage in the US can be caused intentionally, due to negligence, or by natural forces, and can include both personal and public property. Compensation for damages can depend on repair costs, losses incurred, and sentimental value, and disputes may be settled in civil or criminal courts. Legal professionals specialize in this area of law. […]
Commercial property includes offices, malls, hotels, and gas stations used for company’s money-making efforts. Real estate zoning laws vary and commercial properties are subject to a specific tax structure. Some jurisdictions have difficulty distinguishing between commercial and industrial property, especially if the property includes both manufacturing and retail space. Commercial property is real estate designed […]
Capital gains refer to profits made from selling investment properties, which may be taxable under local or national tax laws. Exemptions from capital gains tax on investment property include primary residence rider, owner financing, and capital losses. “Capital gains” is a term used to describe money made by buying something at a low price and […]
A property caretaker looks after residential or commercial buildings or land for a wage or in exchange for room, board, or other services. They are preferred over property managers for cost and convenience, and their jobs can be short or long term. No educational requirements are necessary. A property caretaker looks after a residential or […]
Property utilization is important in mortgage appraisals, as it determines the level of risk for lenders and affects the loan amount and interest rates. Properties are classified into primary residence, second home, or investment property, with each carrying different levels of risk. The intended purpose of the property also affects the loan amount. Property utilization […]
Property insurance covers personal belongings, automobiles, artwork, or real property. It may be required by state law or lenders. A property insurance estimate is needed to purchase a policy. Homeowner’s insurance covers the structure and some personal belongings. Valuable items may require an additional policy. A photographic record of household items is recommended. Property insurance […]
A Certified Property Manager (CPM) is a professional with expertise in managing various types of properties. They are certified by the Institute of Real Estate Management (IREM) and have a high code of ethics and commitment to continuing education. CPMs are skilled in financial analysis, wealth management, and have an average of 18 years of […]
Beneficial ownership means retaining benefits and liabilities of property without holding the title. It varies in law and may require legal advice. Disclosure of status is required in finance, and responsibility as a trustee is implicit. Consult a lawyer to avoid legal and financial penalties. Beneficial ownership is a form of ownership in which someone […]
Estate taxes are taxes imposed on the estate of a deceased person and have been a contentious political issue. The use of property taxes varies greatly from country to country, and jurisdictions that impose inheritance taxes generally allow exemptions for charitable bequests and spousal inheritances. Controversies over estate taxes generally center on their use as […]
A property and casualty insurance license allows agents to sell insurance products such as car, home, and renter’s insurance. Requirements for obtaining a license vary by region and may require classroom education and passing an exam. Renewals and continuing education may also be necessary. Insurance agencies may prefer to hire agents with experience and valid […]
Personal use property refers to items owned by an individual for personal use, including computers, TVs, and cars. They can be converted to business use, but their fair market value must be determined. Some personal use assets appreciate over time, while others depreciate. J Just as it seems to suggest, the term personal use property […]
Landlords can take rental tax deductions for expenses such as travel, office maintenance, property depreciation, local taxes, and employee costs. In the US, owners can deduct the purchase price and building repairs, while UK landlords can choose between a wear and tear allowance or deducting replacement costs. Professional expenses, including travel, advisers, insurance, and office […]
Investment property mortgages have higher interest rates than owner-occupied properties, but it’s still worth shopping around for the best deal. Gather property information and contact at least three lenders to compare rates, APR, and closing costs. Look at the APR rather than just the interest rate to determine the true cost of the loan. Choose […]
