Buying Less freedom in moving Responsible for all improvements and repairs Possibility of using the property for an unlimited period Sense of ownership, stability and community Possible appreciation/gains, making home ownership an excellent investment Freedom of renovating the property Responsible for property taxes and condo fees Possibility of paying property expenses with the rent Possibility of...
Protect Your Investment with the Inspection Contingency Clause What is the inspection contingency clause? This is a clause that gives the buyer the right to inspect the property that he or she intends to buy, with the purpose of determining hidden damages or deficiencies that need repairs and may not have been seen during the day of the first visit to the property. Where is this clause...
What Does Insurance Protect Against? There are different types of policies offering various coverage. Some of the most important coverages are related to: The internal and/or external structure of the property The personal belongings inside the property Damage to third parties (accidents that happen inside the property) Damage to other properties (in the case of condominiums or...
1. Set the Correct Rental Price Your main income for rental properties is the rent you collect. Therefore, make sure you estimate and establish a fair and attractive price so that you can rent the property right away. Take into consideration the comparable estimates that will give you the real rental value of your property. When comparing estimates, pay attention to the...
What You Should Know About Pre-construction Agreements The following are the most important elements that every investor/buyer should know regarding this type of contract: 1. They are Unilateral Contracts. The developer drafts the contract and sets all the rules. The purchaser isn't entitled to make any changes. This is also known as a contract of...
For residential real estate transactions, the standard commission is 6% of the home's sale price, which is divided equally. Three percent goes to the buyer's agent and the other 3% to the seller's agent. For residential rent transactions, the standard commission is 10% of the value of the lease, or one month's rent. This commission is divided equally for each of the agents involved in the...
The Eight Most Costly Mistakes Investors Make When Renting a Property 1. Ignoring local legislation and not hiring the proper lawyer. Knowledge of local tax and real estate legislation will help you save time and money. For example, what do you do when one of the following occurs? Payment is late Breach of contract Termination of...
Financing If you're considering buying a home in south Florida, either as an investment, vacation home, or permanent residence, it's important to consider the terms and conditions of getting a mortgage loan. Many financial institutions offer mortgage loans, from local and national banks to online financial institutions and private lenders. Getting Approved for A Mortgage Loan With low mortgage...
What is FIRPTA? It's the Foreign Investment in Real Property Tax Act of 1980. It is a tax law that applies to foreign persons who are disposing of U.S. property. Who does FIRPTA affect? FIRPTA affects all non-resident aliens and foreign companies not considered to be American corporations. From a taxation (tax return) standpoint, when a person who doesn't live in the United States or when a...
Benefits of Purchasing Through an LLC Protects the owner from possible property related lawsuits. This means that, in the case of a lawsuit, they can only go after a specific property and not any other asset. It allows you to deduct many of the expenses generated by the property. The LLC structure helps to avoid estate taxes. Since the legal entity never dies, even upon the death of the owner...
