|
|
|
European Real Estate Prices To Drop In 2006
Areas of Europe popular with holiday home buyers could see property prices fall by ten per cent or more in the year ahead, according to overseas property specialists Tribune Properties.
2005 saw the first signs of a property slow down, and even...
Incentive can help address common problems
(NC)—Uncomfortable drafts on cold winter days, excessive condensation on windows and a heating system that operates continuously are all signs that your home may be wasting energy. And that's nothing but bad news.
First and foremost,...
Investing In Real Estate
Once you purchase your first home you realize the satisfaction in owning a piece of real estate. For many people their interest doesn’t stop there and they decide they’d like to continue investing in real estate beyond the home they live in.
...
The Pros Of Purchasing Off Plan
The general lack of stability or guarantee of returns available from the stock market coupled with a global housing boom have resulted in many more investors putting their hard earned sums of cash into real estate around the world over the past year...
Why You Should Buy A Condo Hotel?
The latest trends in vacation homes are showing that people have become more attracted to the idea of owning a condo hotel. It seems that owning a condo hotel is the best deal you can have when it comes to buying a vacation house. Why is that? Well,...
|
|
| |
|
|
|
|
Taking Title Of Your New House
How you take title in your new home is key decision. Unfortunately, in the euphoria of the moment, many new homeowners don’t put much thought into it.
Title
When purchasing a new home, you become the title owner of record. Essentially, this means you are listed in public records as the legal owner. This may sound like a simple concept, but how you’re classified as an owner can impact legal and tax issues. Here are some issues to consider when taking title.
Single Owner
If you are purchasing the property on your own, there is really only one title choice. Yep, you are going to be listed as the sole owner, to wit, in your own name. If you are investing in rental or commercial properties, you should speak with a lawyer about purchasing the properties through a limited liability company to limit potential liabilities.
Two or More Owners
If you’re married, many states require you to take title in a property as community property. In such states, you and a spouse are automatically considered to be joint owners regardless of any other factors. Community property title can have tremendous but macabre tax benefits. If one spouse dies, the living spouse gets a “step up” basis for tax consequence and huge capital gains taxes. For instance, if you purchased a home for $200,000 and it is worth $400,000 when a spouse dies, the remaining spouse
gets to figure any capital gains using $400,000 as the cost of the house instead of $200,000.
Joint Tenancy
In some states, spouses are not required to take community property title. Instead, they and any collection of two or more owners may take title in joint tenancy. The advantages of joint tenancy are twofold. First, you get the step up basis mentioned above. Second, title in the property automatically transfers to surviving owners upon the death of one owner. This means you get to avoid probate, an expensive and lengthy court process.
Taking Title
When buying a home, don’t just pick title willy- nilly. Take the time to explore the options in your state and pick the best one for you.
About the Author: Raynor James is with http://www.fsboamerica.org - providing FSBO homes for sale by owner. Visit our "sell my home" page at http://www.fsboamerica.org/seller.cfm to list and sell your home for free for one month. Visit http://www.fsboamerica.org/buyer.cfm to see homes for sale by owner.
Source: www.isnare.com
|
|
|
|
|
|