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Homestead must own and occupy as of when to get the discount?
January 1st and apply by March 1st
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Homestead requirement for size limit
160 acres outside and 1/2 acre within the city
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what is save our home
caps the annual increase of assessed value by 3%
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Federal income tax exclusions for capital gain on sale
- single $250,000
- Married $500,000
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Federal income taxes: operating expenses (not reserves for replacement)
*mortgage interest
*straight-line depreciation on improvements (NOT LAND)
- 27.5 years residential (1-4 units)
- 39 years nonresidential (5 or more units)
- example: worth $127,500
- land: $100,000
- House: $27,500
- 27,500 / 27.5 (years) = $1000.00
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Ownership characteristics: the bundle of rights:
D.U.P.E
- Disposition - may sell, pledge, or transfer (will promise)
- Use - May use and control
- Possession - may occupy in privacy
- Exclusion - may control entry onto land
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statute of frauds - contracts that convey an interest in real estate
- 1. must be in writing and signed to be enforceable
- 2. one exception is lease agreements for one year or less
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receivee
trustee or grantee
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easement by prescription
a right acquired after 20 years of using anothers property for a specific purpose
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what is syndication?
- ownership by one entity
- ex: corporation, partnership, LLC (limited liability), company, limited partnership
(joint venture is a syndication for 1 project)
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Joint tenancy - co-ownership with right of survivorship
has PITT
- Possession
- Interest
- Title
- Time
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cancellation provisions with condos
from builder first time sale is 15 calendar days
from owner for resale period is 3 business days.
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time sharing ... how many days do you have right of rescission from signing?
10 days
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what is encumbrance?
it is any right, claim or interest in property held by someone other than the property owner
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the owner of parcel A has the benefit of a right-of-way easement across parcel B. The owner of parcel A holds which type of easement?
Appurtenant
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other ways of obtaining title:
Devise is:
Real Estate transfer upon dealth
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other ways of obtaining title
Bequest =
personal property transfer upon death
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adverse possession
ownership recognized by the courts after actual, open, continuous, notorious, hostile and exclusive possession of anothers land for 7 years
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Special purpose deeds
- 1. personal representatives deed deceased
- 2. guardians deed minor
- 3. committees deed: incompetent
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what is the cost of recording a deed?
.70 x 100
ex: 100,000 x .0070 = $700.00 deed cost
seller pays
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what is the cost of recording the note?
.35 per 100
ex: 100,000 x .0035 = $350.00
new and assumed notes - buyer pays
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what is the cost of intangible tax
.002 x 100,000 = $200.00
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tax example for $100,000 with $20,000 down
- deed tax = $100,000 / 100 = 1000 x .7 = $700
- Note tax- $80,000 / 100 = 800 x .35 = 280
- intangible tax = $80,000 x .002 = $160
- seller pays $700
- buyer pays $280 + $160 = $440
total taxes paid $1140.00
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