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Sandy Gadow
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Who Controls The Closing Date For Escrow – The Buyer Or The Seller
When you make an offer to purchase a property, you will sign a Purchase or Purchase and Sales Agreement with the Seller. This document will be the binding contract and agreement between you and the Seller and the provisions in that document will spell out certain events which must take place before your escrow can …
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When Would I Use Direct Deeding?
When you are exchanging property under a 1031 Tax Deferred Exchange, you may choose to “direct deed” your property to the buyer or have the seller direct deed his property to you. Direct deeding is achieved by deeding your property directly to the buyer rather than to an intermediary, which initially was the common practice …
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When Is Escrow Considered Open?
When you give your deposit to the real estate agent and the signed sales agreement has been signed by both the buyer and the seller, the agent may then “open” escrow. If there is no real estate agent involved in your transaction, the escrow may be opened by either the buyer or the seller. When …
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That Condominium Will be the Perfect Rental Property
Condominiums may appear to be the ideal way to purchase rental property, as their price is often lower than the price for a single family home. You may find a condominium unit which is in an ideal location, located near schools, work, and public transportation. The unit may be in “move-in” condition with terrific views. …
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Tax Prorations At Closing Time
Among the various items which will be prorated, or shared between the buyer and seller at the closing will be real estate property taxes. Although prorations are normally pretty straightforward and easy to understand, property taxes can be a problem if provisions are not made for an increase in tax assessment which may occur after …
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Six Ways To Hold Title of Investment Property
One of the most important decisions that needs to be made at closing is how you choose to hold title. It determines how you will be insured, but it can also have significant legal and tax consequences. For example, there is an option available to married couples that provides protection from creditors in the event …
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How Do I Prepare for Closing?
Prior to the actual closing day, there are several things you should do to be certain that your real estate transaction will close on time, and that everything will go smoothly. A day or two before closing, you should review your final closing statement or HUD-1 Statement, whichever is used in your area of the …
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For Tax Purposes, What Is The Best Time To Buy My House?
Knowing when to close your real estate purchase can work to your advantage at tax time. You may want to consider postponing your December closing until January of next year, if it will benefit you on your tax return. You would make this determination in several ways. First, you need to review your tax liabilities …
For Tax Purposes, What Is The Best Time To Buy My House? Read More »
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Finding Hidden Costs on Your Closing Statement
Throughout the closing process, you will have been given various documents, some being mandatory government disclosure documents. These disclosures are meant to keep you fully informed in regard to the costs you will or may incur in your closing. Among these documents may be a Good Faith Estimate of Closing Costs and a HUD-1 Statement. …
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Closing Escrow When You Are Out of Town
It may happen that you or your spouse must be out of town at the time of your escrow closing. Perhaps you suddenly have to go out of the country and you may be worried how you are going to close your escrow on time when you can’t physically be present for the closing. There …
