Tag Archives: property

3 Questions to Ask if You Want to Buy a House

House model and keys on top of mortgage papersHomeownership is, admittedly, not for everyone. There are people who think that buying a house is both a huge financial undertaking that could prevent them from “living in the moment” and a setback that keeps them from exploring career opportunities in other parts of the country (or the world) because they are tied to one address.

Still, many Americans consider becoming a homeowner as a huge achievement or even a dream come true. Here are some questions to ask yourself if you’re deciding to buy a home soon:

What is your long-term goal?

When you’re young, rich (or earning well, at least), and talented, it’s easy to dismiss thinking what the future could be if you don’t save now. After all, you earn well and you get to buy what you want, live where you want, and be where you want to be. Eventually, however, you will get old and you need to settle. In terms of living arrangements, what is your long-term goal? Do you want to jump cities until you are nearing retirement? Where will your future family live?

How much can you afford?

When getting a loan for your home, it’s important to be realistic about how much you can truly afford. This way, you don’t end up biting more than you can chew. Ask yourself how much you can afford every month in mortgage payments and most importantly, where will you get the money? Do you already have a Clarksville mortgage company in mind?

Where do you want to be in the next 10 years?

Buying a house is a huge and long-term financial responsibility. It’s important to ask yourself where you want to be in the next 10 or 15 years. Some people spend 20 years buying their homes. If you want to be a homeowner before you retire, start the purchase today.

When you’re young, you feel like you can do anything. But, you can really be a homeowner in your 20s or 30s if you start planning soon. Answer these questions before you plan to buy a home.

Home Buying Basics: The Section 32 Statement

For Sale sign outside houseAmong the most disregarded, but immensely crucial parts​ of purchasing a house is the “Section 32 Statement”. Some homeowners might or might not have heard of it, or perhaps even bought a home before without even glancing or truly understanding what was in Section 32.

If you’re a first-time homebuyer, you need to know and understand what a Section 32 Statement is to help make sure that you don’t run into any issues later on.

What Exactly is a Section 32 Statement?

Before signing a contract of sale, the lawyer of a vendor or seller would give their agent a Section 32 Statement so that the agent could, in turn, pass it on to prospective buyers. According to a top conveyancing lawyer in Townsville, in general, a Section 32 Statement would typically include the following details:

  • Title Details: This is an immensely crucial component of the statement that you should pay close attention to. Don’t forget to check the property’s measurements as stated in the property title, most particularly if what you’re planning to buy is a subdivided property. Put simply, make sure that the measurements are accurate.
  • Details about Building Permits if the Property has been Renovated Recently: If the statement includes permits and renovations, but lacks insurance information, you should ask the seller why.
  • Zoning Details: Make certain that you’re aware whether what you’re planning to purchase is a residential or commercial zone, and if it’s residential, what zone type.
  • Notices of Upcoming Orders or Works that Authorities Issued: This is very vital if there are changes to the property’s area that might impact you.
  • Outgoings: These usually include rates as well as strata or corporate body fees.
  • Easements: Easements are specific areas of the property that could be used by specific individuals or entity for a particular purpose, regardless if they’re the owner of the land or not. Easements are most commonly applied to drainage and road access. That said, easements could potentially compromise or affect any renovations that you’re planning to do.

Crucial Points to Remember

A Section 32 Statement is an important document that contains relevant details that could impact a buyer’s decision to go ahead with the purchase or not. With this in mind, once you receive this statement, it’s important that you go over it with your conveyancer or lawyer. He or she could likewise check its accuracy and determine if everything’s in order.

Should You Keep Your Property When You Sell Your Business?

A property being soldThese are some of the questions that business owners ask if they plan to exit their business in Utah. At the same time, they need to deal with the prospect of selling their property or company premises.

Is this year a good time to sell my business in Provo? How will the corporate tax cuts affect a possible company sale in Salt Lake City? You need to get answers to these questions, so you can make an informed decision.

Advantage of Selling

The advantages of a simultaneous sale of your business and company property include more liquidity on your investment portfolio. You would have more funding sources to pay off your urgent financial obligations to business partners and creditors.

If your business premises only serve a particular function, such as for manufacturing purposes, then you should consider selling it along with your company within a specific timeframe. While the U.S. government reduced the corporate tax rate, you should still expect some tax implications of an outright sale.

Financial Requirements

Small businesses should take note that it takes between six and nine months on average to complete a sale. Before you look for a buyer, you should have an organized set of bookkeeping or accounting records. Some buyers may ask for forecast growth estimates within five years, so consider doing that as well.

Capital gains tax, if there is any, will depend on how long you have been the business owner. You may pay a 15% tax if you have the ownership for more than a year. In other cases, it could go as high as 20% if you are in the highest tax bracket.

Business owners must think twice and consult a professional adviser about their plan to sell their company and property, as the pros and cons of selling will both depend on your case.

Tips for Those Buying a Home Property Transfer

Money Bag and a house Reaching an agreement of sale is the easy part when it comes to buying homes. As the buyer, you might be tasked with the job of worrying about all the legal ramifications of transfer so make sure to follow the tips below.

Shop for Quotes

Find out the typical house conveyancing fees in your area. Keep in mind though that cheapest doesn’t necessarily make this service the best one possible. The quotes should give a ballpark figure of how much will be spent, allowing you to stay within budget.

Check the Qualifications

Conveyancing is usually left to lawyers or licensed conveyancers. The question is – how long have they been in the practice of property conveyance? Ideally, they should be someone experienced in the process and has a firm grasp of the procedure. The main difference between the two is that lawyers typically offer a wider range of services. No matter what you choose, always ask for a license.

Ask About Fees When Sale Falls Through

Unfortunately, this does happen. You might pay to have the property conveyed to your name only to find that the sale doesn’t proceed. Make sure to ask your lawyer whether you will still be required to pay if the sale falls through and how much. It also helps to have an agreement with the seller on who shall pay the fee if the sale doesn’t push through.

Choose with Loan in Mind

If you’re buying the home through a home loan, then you should know that some lenders transact best through lawyers or licensed conveyancers. Allowing these two to talk will pave the way better towards a faster transaction. Just make sure the details are relayed to you exhaustively.

Of course, there’s also the slight possibility that the conveyance is left to the seller rather than the buyer. The setup depends entirely on the agreement between the two parties.

Residential Property

Understanding the Different Types of Residential Property Management

Residential PropertyKnowing the different types of properties and what suits you best should be the first things to take into account before buying residential property management rights, according to ResortBrokers.com.au. After all, there is a wide variety of housing available in the market. Each of them follows particular rules on transactions. So, here is a quick guide to the various property types available.

  1. Single-family Homes

The single-family home is the type most commonly associated with the term residential property. In most cases, the property is situated in its own land, separated from other housing units. But, there are instances when two or more separate housing units share a land. This type is considered the easiest to manage.

  1. Multi-unit Homes

This type is intended to be occupied by several families, with each one owning a constituent unit. They are usually made up by a ground floor and a second floor, with each unit attached to the next by a separating wall. The units also have their own separate front area, as well as their own electric and water lines. A multi-unit home for two families is sometimes referred to as a duplex, while those containing three or more units are more commonly referred to as townhouses.

  1. Condominiums

Condominiums are the newest residential property type common in large cities. These are usually large building complexes containing dozens of separate housing units. While they are sometimes thought to be like larger apartments, their main difference from the latter is that each family occupying a unit has ownership of that unit. But, condominium occupants share ownership of common areas like the pool or the gym. Hence, they are required to pay fees for the maintenance of these.

  1. Investment Properties

Their owners do not occupy these properties. Instead, they are rented out for a monthly fee. Apartments are the most recognized form of investment properties. Multi-unit investment properties are expectedly more difficult to finance than single unit ones as you are essentially getting several housing units.

Note that these are just the most common types of residential property, as there are new ones appearing every few years like modular and mobile homes. There are also hybrid types, which fall in between these. But, as said earlier, knowing all would be advantageous when considering buying residential property management rights.