|
|
| home about us free pdf software downloads links privacy site map copyright policy |
| In this chapter we will cover the following: Who are property
investors? Buying a home is also an emotional decision Why we all must invest
for the future Why choose to invest in residential real estate? The risks and
rewards of real estate Why home equity is important The tenant and the tax man
can help your investment Commercial property Arming yourself with knowledge.http://www.realestate.com.au/i/marketing/PoP_01.indd.pdf.
It has been the backbone of most family wealth since colonisation more than 200
years ago. In reality, it’s not always freestanding, it doesn’t always have much
land and it might be the place you escape to once the kids fl y the coop. That’s
right — only about one-third of people have a mortgage on the place in which
they live. Another third once had a mortgage but have paid it off, while the
remaining third pay rent. On average, you can take any three homes anywhere in
Australia and: The fi rst house is owned outright by the people living there. The
second house has a mortgage being paid off by the people living there. Home
‘equity’ has become a real buzzword. Home equity can be used for many things,
including helping you get into the real estate investment market. Residential
real estate is about providing a home for someone to live in and for you to make
a profi t from doing that. But commercial real estate is also an important part
of this investment sector. Our book is about arming you with the knowledge you
need to step out into the world of property and secure your future through real
estate. The rewards of real estate Real Estate Strategy? By Nevin D.http://www.highrealestate.com/hreg/RealEstateSolutions/Explore/HREG-strategy.reprint.pdf. Cooley, President, High Real Estate Group of a strategic real estate plan to a successful business plan is no Mick-ey Mouse affair. The result has been decades of continual expansion of Disney World — driven by a sound, strategic real estate plan with flexibility that is still in sync with the company’s overall business vision. But all businesses rely on some form of real estate to execute their business plans, whether it’s a one-person consultancy in a shared office space, a multimillion-dollar manu-facturer, or behemoths like Wal-Mart or McDon-ald’s. As Disney learned in Anaheim, the lack of a fully developed strategic real estate plan can limit a company’s ability to respond to future opportu-nities and challenges. Today, executives who have the responsibility of aligning their corporate real estate strategies with overall business plans see the need for more real estate assets on the balance sheet. Whether a firm is planning to increase or decrease its real estate investment, all firms share the same fundamental mandate: real estate investments must be tied strategically to the busi-ness plan. Because of that, real estate planning frequently has no in-house champion, making it all the more difficult to assemble the neces-sary resources when real estate deci-sion-making is critical. With a global market and ever-more sophisticated and complex business environments, it’s apparent to most that the days have passed when key corporate real estate decisions could be made on an ad-hoc basis by people who are skilled in other areas but unprepared to develop strategic approaches to You can imagine countless such problems which a real estate agent would be likely to encoun-ter in the daily practice of selling real estate.http://www.realestatepublishers.com/Images/Law_Chapt2.pdf. Knowing when these items are real and when they are personal is crucial to anyone involved with real estate. Usually a fixture started out as personal property and became a fixture because someone decided to make it part of the real estate. Annexation refers to how firmly the item is physically attached to the real estate. We refer to the party who installed or in-volved the item with the real estate as the annexor. Make careful note that Oregon courts normally recognize the modern concept that the item need not always be physically attached to the real estate to be a fixture. You cannot assume that if it is attached it is always real estate, and if it is not attached it is always personal property. Your ownership of real estate extends to the center of the earth and to a height above the land necessary for the ordinary and reasonable use and enjoyment of the property. Because the owner of land really owns a volume of space, we say that real estate is in-destructible and immobile. But since it involves an interest in real property, we refer to it as a chattel real. An article of personal property that has become part of the real estate by virtue of its attachment to the real estate is called ( ) a fixture. Clearly the pasture itself and the pond are part of the real estate, but they are not fixtures because they were never personal property that was later involved with the real estate. D A fixture is an item of real estate that at one time was personal property but which has Litigation is expensive, time consuming and emotionally difficult to handle.http://www.landy.com/download/genstar/realestate/woetoagents.pdf. If litigation is filed against a real estate agent, that agent can easily spend upwards of $100,000 defending a simple failure to disclose suit. A defendant must also spend a significant amount of time preparing a defense, including meeting with lawyers, responding to discovery and participating in proceedings. He was in a real estate class. Litigation pervades the real estate industry more than many other fields. Litigation involving real estate agents is prolific. When representing a party in a residential real estate transaction, it is statutorily required in some states (i.e. California) that real estate agents conduct a visual inspection and disclose all potential defects the agent observes. When conducting the inspection, a real estate agent should take his or her time and walk through each room and all accessible areas of the property, including, but not limited to, the interior, exterior, garage and grounds. Real estate agents should prepare and keep a transaction log wherein the agent documents occurrences affecting a transaction. Generally, in a lawsuit arising out of a real estate transaction, the outcome of the suit comes down to one person’s word against another’s. In addition to keeping a transaction log, real estate agents should document all issues and disclosures in a transaction. Reprinted with the permission of Shannon B. Jones, Attorney and Real Estate Litigation Expert. Shannon is an attorney/broker who has been defending real estate agents for more than 15 years. In many lawsuits involving real estate agents, the clients A lessor of real property (usually the owner) who does not live in or occupy a portion of the property.http://www.ctrealtor.com/consumerpdfs/RealEstateGlossary_English_Final_March_23_2004.pdf. In real property, the failure of the seller to pass title as expressed in the conveyancing document or implied by law. Short-term interim financing of real estate construction where the lender advances periodic disbursements to the builder as improvements are constructed on the mortgaged property. The name of an interest held in real property as either a tenant in common or as a joint tenant. Most commonly in real estate, written assurances in a deed by the grantor or implied by law. A written instrument when duly executed and delivered conveys title to or an interest in real estate. Where a real estate agent is designated as the agent for one of the clients when the real estate agency represents both a buyer and a seller. The cost of interest and other charges involved in borrowing money to build or purchase real estate. Personal property that is attached to real property and is legally treated as real property while it is so attached. In real estate, a method of purchasing property by making periodic payments to the seller. An agreement (a contract) between an owner of real property and a real estate agency whereby an agent agrees to find a buyer or tenant for a specific property for a fee. The legal document by which real estate is pledged to the lender as security for the repayment of a loan. A listing under which a real estate agent receives any amount over a given net amount to the seller. An agreement between a buyer and seller containing all of the essential terms and conditions for the sale of For applicants who request approval of eligibility to obtain an Alabama real estate license, complete this form in full.http://www.realestateexpress.com/prelicense/AL/ALDeterofLicenseEligibility.pdf. FEE: Attach a $25 cashier's check, certified check or money order (personal checks not accepted) made payable to the Alabama Department of Public Safety and mail to them at: Identification Unit, Alabama Department of Public Safety, P.O. 6. A. Have you ever made application for a real estate license to this or any other Real Estate Commission prior to this application? _____ B. Has a real estate license held by you ever been revoked or suspended? _____ If so, attach explanation on separate sheet of paper. 7. Since your 16th birthday, have you ever been: (other than arrest or conviction as a juvenile or youthful offender or any divorce action} I, the undersigned, am licensed by or registered with and/or applicant for licensure by or registration with the State of Alabama Real Estate Commission, hereinafter called AREC, which said entity is charged by law with ascertaining that persons engaged in the real estate business are trustworthy, bear a reputation of honesty and truthfulness, and have not been convicted of a felony or any criminal offense involving moral turpitude. The premises considered, I do hereby voluntarily and knowingly expressly waive and relinquish any and all rights, created by or growing from any slate or federal law related to or dealing with the right to privacy and/or The confidentiality of any governmental records, files, or information pertaining to me, to which, except for Ibis waiver, I would be entitled. This waiver is specifically intended to protect the Alabama Department Make sure this is the most recent application/instructions by downloading information from our website: www.http://www.dos.state.pa.us/bpoa/lib/bpoa/20/real_estate_comm/spoa_2108b.rec_sole_proprietor_reciprocal_license_application_0804.pdf.dos.state.pa.us/estate All real estate licenses expire May 31 of each even numbered year. JUNE 1ST OF THE EVEN-NUMBERED YEAR THROUGH MAY 31ST OF THE ODD-NUMBERED YEAR—$201.00 + $10.00 REAL ESTATE RECOVERY FEE* = $211.00 JUNE 1ST OF THE ODD-NUMBERED YEAR THROUGH FEBRUARY 28TH OF THE EVEN-NUMBERED YEAR—$138.00 + $10.00 REAL ESTATE RECOVERY FEE* = $148.00 Rather than requiring a licensee to renew a license so close to initial licensure, the initial licensure and renewal are combined into one fee. *If you currently hold/ever held a real estate license you have already paid the Real Estate Fund Fee, omit this $10.00 payment from the amount due. Licensees may include membership in a real estate association or organization as part of the trade/fictitious name; however, failure to maintain membership may constitute a violation of the Real Estate Licensing and Registration Act. Please see the Commission’s website, www.dos.state.pa.us/estate, for more detailed policies, additional policies as well as frequently asked questions. 8. In what state do you hold a real estate license? 9. Have you ever had a real estate license suspended or revoked or have you ever been subject to any other disciplinary action? JUNE 1ST OF THE EVEN-NUMBERED YEAR THROUGH MAY 31ST OF THE ODD-NUMBERED YEAR—$201.00 + $10.00 REAL ESTATE RECOVERY FEE* = $211.00 JUNE 1ST OF THE ODD-NUMBERED YEAR THROUGH FEBRUARY 28TH OF THE EVEN-NUMBERED YEAR—$138.00 + $10.00 REAL ESTATE RECOVERY FEE* = $148.00 MARCH 1ST OF THE EVEN-NUMBERED YEAR THROUGH MAY 31ST After entering into an agency relationship, a real estate licensee (meaning a licensed broker or salesperson) is considered a “fiduciary” of the client.http://www.ohiorealtors.org/members/client_brochures/WaiverOfDutiesStatement.pdf. This means the licensee will use his or her best efforts to further the interests of the client. Under Ohio law, these fiduciary duties may not be waived. The client’s real estate licensee must: Exercise reasonable skill and care in representing the client and carrying out the responsibilities of the agency relationship; Perform the terms of any written agency agreement; Follow any lawful instructions of the client; Be loyal to the interest of the client; Comply with all requirements of Ohio real estate licensing laws and other applicable statutes, rules, and regulations, including state and federal fair housing laws Disclose any material facts of the transaction of which the licensee is or should be aware Advise the client to obtain expert advice related to material matters when necessary or appropriate; Account in a timely manner for all moneys and property received in which the client has or may have an interest; Keep all confidential information confidential, unless permitted to disclose the information pursuant to ORC 4735.74(B). This includes the duty to not disclose confidential information to any licensee who is not an agent of the client. DUTIES THAT MAY BE WAIVED: Under Ohio law, a real estate licensee is required to perform additional duties for his or her client unless these duties are waived by the client. By signing below, the client agrees that the real estate licensee will not perform the duties initialed (only initial the duties waived) Sellers may waive: and Photographs are just a few of the documents that agents and brokers in the Real Estate business deal with in their operations and like most organizations, they are faced with many issues when trying to manage these documents.http://www.fabsoft.com/products/industry/downloads/RealEstate.pdf. Paperwork is misfiled, time is wasted trying to locate a particular document and files are undelivered due to inaccurate entry of information. FabSoft offers a variety of solutions that provide automatic delivery of documents to recipients via fax and email, intelligent archiving to digital archive systems, postal sorting, workflow routing and even management and distribution of digital photographs. No matter what the document management need may be, FabSoft has a solution that can efficiently streamline workflow and improve productivity for any organization in the real estate business. FabSoft’s Solutions and the FabSoft's Reform streamlines business workflow by automating document management, enhancement, and distribution. Reform will capture the print stream from any operating system, application, or device; enhance it; and intelligently distribute it to prin ters, fax, email and archive systems. Users can generate customized forms, invoices, transactional documents , etc. - giving them a professional look and feel without having to buy expensive pre-printed forms. *All of FabSoft's Solutions require Reform documents will be returned with the necessary handwriting at a later time or date, it is difficult to ensure that they are being filed with the correct client files. Real Estate companies will take numerous photograph s of available homes and for property inspection purposes. So if a real Decide When and Where to Move Selling a home can be an emotional experience, so take as much time as you need.http://www.northwestern.edu/hr/benefits/childcare/real%20estate%20tips%20seller.pdf. Where will you go if you sold your home today? Know where you want to be in a month or two from now because everything could come together quickly and smoothly the first day on the market. When is the best time to sell? Buyers generally start the process in the spring when the most homes go on the market. Choose A Realtor Choose a realtor with whom you feel comfortable. Use your network of friends and colleagues who might make a recommendation. Sometimes contacting an agent that has been successful in finding homes for colleagues in your field or industry may know how to work within your schedule and understand your needs. A real estate professional has a number of tools to help you sell your home. The Chicago area offers multiple listing services (MLS), but information alone isn’t likely to bring the right buyer to you. A knowledgeable agent can also help you decide the right price for your home in the market and make your home available to the most number of possible buyers. They buyer’s agent will help rationalize which are real concerns and possible remedies. If you do not know an attorney that practices real estate law, your realtor can refer you to a few. Copy A appears in red, similar to the official IRS form, but is for informational purposes only.http://www.irs.gov/pub/irs-pdf/f1099s.pdf. A penalty of $50 per information return may be imposed for filing copies of forms that cannot be scanned. You may order these forms online at Forms and Publications By U.S. Mail (http://www.irs.gov/formspubs) or by calling 1-800-TAX FORM (1-800-829-3676). See IRS Publications 1141, 1167, 1179, and other IRS resources for information about printing these tax forms. TLS, have you transmitted all R text files for this cycle update? The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. Address or legal description (including city, state, and ZIP code) Check here if the transferor received or will receive property or services as part of the consideration Buyer’s part of real estate tax Cat. The type and rule above prints on all proofs including departmental reproduction proofs. For sales or exchanges of certain real estate, the person responsible for closing a real estate transaction must report the real estate proceeds to the Internal Revenue Service and must furnish this statement to you. Shows the gross proceeds from a real estate transaction, generally the sales price. Shows certain real estate tax on a residence charged to the buyer at settlement. If you have already paid the real estate tax for the period that includes the sale date, subtract the amount in box 5 from the amount already paid to determine your deductible real estate tax. But if you have already deducted the real estate tax in a prior year, generally report this amount as income on the These interest payments were computed at a “fair market rate.http://www.abiworld.org/pdfs/com_real3.pdf.” The principal change is in the definition of “single asset real estate” in section 101(51B), and it is that the debt limit has come off. It used to be that a property with mortgages exceeding $4 million was not considered single asset real estate. The basic test for determining whether there is single asset real estate is whether the real property in question consists of a single property or project (other than residential property with fewer than four residential units) which generates substantially all of the gross income of the debtor, and on which no substantial business is conducted by the debtor other than operating the real property. Motels (without these services) are also likely candidates for single asset real estate status. In addition, if there is a dispute whether the debtor is subject to the single asset real estate rules, the “plan or pay” requirement in section 362(d)(3) now becomes operative on the later of 90 days after the order for relief or 30 days after the court determines that the single asset real estate rules apply. The problem for mortgagees of real property is especially acute, if the debtor is the subject of a new filing just after the mortgagee has succeeded in getting the old case dismissed, or getting relief from the stay. Besides new section 362(d)(4), which allows for relief from the stay against real property if the petition was “part of a scheme to delay, hinder and defraud” and permits the bankruptcy court to enter an in rem order with respect to the real property, which will be valid for two years, and enforceable in The Fund’s primary investment objective is long-term capital appreciation andits secondary objective is current income.http://www.seligman.com/pdf/campaigns/InternationalREClosedEnd/SLS_prospectus.pdf. Because the Fund is newly organized, its shares of common stock have no h istory of public trading. Shares of closed-end investment companies frequently trade at a discount from their ne asset value, which creates a r isk of loss for investors purchasing shares in the initial publicoffering. This risk is greater for investors who expect to sell the ir shares in a relatively short period after completion of the initial public offering. The Fund’s exposure to emerg ing markets may be greater if non-emerging market entities own emerging markets assets. This summary does not contain all o before investing in t he common stock. The Subadvisers utilize a relative valuation process in whichboth the intrinsic value and net asset value calculation results are analyzed in relation to current securities market prices b y the Subadvisers in the buy-hold-sell decision-making process for the Fund. In seeking to achieve the Fund’s objectives, the Subadvisers also consider information derivedfrom the extensive research and property management organization of its affiliates located in more than 125 key markets in more than 50 countries on five continents . The Fund may invest up to 30% o fits managed assets in securities of Real Estate Companies that are or ganized under the laws of emerging market countries. The Fund’s exposure t o emerging markets may be greater if non-emerging market entities own emerging markets assets. The Fund may engage in foreign currency transactions and other strategic transactions in Real estate sales positions should continue to be relatively easy to obtain due to the large number of people who leave this occupation each year.http://www.umsl.edu/services/govdocs/ooh20002001/536.pdf. As a result, people usually seek the help of real estate agents and brokers when buying or selling real estate. Real estate agents and brokers have a thorough knowledge of the real estate market in their community. Real estate agents are usually independent sales workers who provide their services to a licensed broker on a contract basis. When selling real estate, brokers arrange for title searches and for meetings between buyers and sellers where details of the transactions are agreed upon and the new owners take possession. Buy-ers can view interior and exterior images or floor plans without leaving the real estate office. Once both parties have signed the contract, the real estate broker or agent must see to it that all special terms of the contract are met before the closing date. Working Conditions Increasingly, real estate agents and brokers work out of their homes instead of real estate offices because of advances in telecommunica-tions and the ability to retrieve data on properties over the Internet. Some large real estate firms have several hundred agents operating out of many branch offices. Historically, many homemakers and retired persons were attracted to real estate sales by the flexible and part time work sched-ules characteristic of this field. Those seeking a broker’s license need between 60 and 90 hours of formal training and a specific amount of experience selling real estate, usu-ally one to three years. Some States waive the experience require-ments for the This notice serves to supercede the February 25, 2000 memo, issued by the Real Estate Commission (“REC”), regarding “Decisions on Legal and License Names and Advertising.http://www.hawaii.gov/dcca/areas/real/real_ed/re_school/sf0104.pdf.” Verify Real Estate Licensees Yourself You can verify if an individual or a company has a real estate license, if it is current, who the associating brokers are and their address, associating salespersons, license numbers, complaint history of the licensee, etc., by accessing the Professional and Vocational Licensing Search at www.ehawaiigov.org/serv/pvl. The public hearing was designed to hear all persons interested in the proposed amendments to Title 16, Chapter 99, Hawaii Administrative Rules ("HAR"), entitled "Real Estate Brokers and Salespersons." The Real Estate Commission accepted those recommendations that further clarified the proposed amendments. Three clarifications were made to the proposed rules following the Real Estate Commission meeting. Clarifying that branch offices located on an island different from the principal place of business shall be registered with the Real Estate Commission. The Real Estate Commission believes that the proposed amendments will increase the licensees’ understanding of the licensing rules by clarifying and standardizing the language. The Real Estate Commission anticipates long- and short-term impacts on the public, on economic growth and the economy of the State will be beneficial. The Real Estate Commission believes that with these proposed changes, the bureaucratic burdens will be lighter and will save money for the licensees and State government. The Real Estate Commission looks forward to the | ||
