August 17, 2017 Posted by: Iulia Zecheru
What is Probate Sale? When somebody dies intestate (no will) or without bequeathing their property, the state takes over and administers the sale of the property in probate court. Probate is the court administered process of gathering and distributing the deceased person’s estate to the heirs. The sale will be supervised by a probate attorney or the estate representative who will hire a real estate agent. The probate process appears in 2 situations: If the deceased person had a will and the property is subject to probate, the probate process […]
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July 12, 2017 Posted by: Iulia Zecheru
1031 Exchange A 1031 Exchange is when you sell a property and buy another “like-kind” property within a certain period of time following specific rules. A 1031 tax exchange provides exceptions and tax deferments for like-kind exchanges, which refer to the process of swapping one business or investment asset for another. Basic requirements: 1. Property qualifications – The property is for productive use in trade or business or for investment; – It needs to be “like kind” property (for example, a condo can be exchanged for a single-family home) – […]
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June 20, 2017 Posted by: Iulia Zecheru
Escrow is an arrangement in which a buyer and the seller have a third party, the escrow agent holds money and the documents on their behalf until the transaction is ready to close. The escrow agent is often called a neutral depository. Escrow has some benefits because parties are protected against change of minds and they don’t have to attend the closing in person. Usually, the listing agent will open escrow after an offer was accepted. During escrow, it’s common for the buyer to order title insurance to make sure […]
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