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Homestead must own and occupy as of when to get the discount?
January 1st and apply by March 1st
Homestead requirement for size limit
160 acres outside and 1/2 acre within the city
what is save our home
caps the annual increase of assessed value by 3%
Federal income tax exclusions for capital gain on sale
- single $250,000
- Married $500,000
Federal income taxes: operating expenses (not reserves for replacement)
*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
Ownership characteristics: the bundle of rights:
- Disposition - may sell, pledge, or transfer (will promise)
- Use - May use and control
- Possession - may occupy in privacy
- Exclusion - may control entry onto land
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
trustee or grantee
easement by prescription
a right acquired after 20 years of using anothers property for a specific purpose
what is syndication?
- ownership by one entity
- ex: corporation, partnership, LLC (limited liability), company, limited partnership
(joint venture is a syndication for 1 project)
Joint tenancy - co-ownership with right of survivorship
cancellation provisions with condos
from builder first time sale is 15 calendar days
from owner for resale period is 3 business days.
time sharing ... how many days do you have right of rescission from signing?
what is encumbrance?
it is any right, claim or interest in property held by someone other than the property owner
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?
other ways of obtaining title:
Real Estate transfer upon dealth
other ways of obtaining title
personal property transfer upon death
ownership recognized by the courts after actual, open, continuous, notorious, hostile and exclusive possession of anothers land for 7 years
Special purpose deeds
- 1. personal representatives deed deceased
- 2. guardians deed minor
- 3. committees deed: incompetent
what is the cost of recording a deed?
.70 x 100
ex: 100,000 x .0070 = $700.00 deed cost
what is the cost of recording the note?
.35 per 100
ex: 100,000 x .0035 = $350.00
new and assumed notes - buyer pays
what is the cost of intangible tax
.002 x 100,000 = $200.00
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