Can a Seller Credit a Buyer for Repairs?
Yes, a seller can credit a buyer for repairs. In fact, receiving a monetary credit in lieu of actual repairs is the most expedient and common outcome during real estate transactions. Often times, a buyer will discover broken items in …
Why Is NYC So Expensive?
New York City, renowned as the largest city in the United States, captivates millions with its vibrant energy and limitless possibilities. However, this dynamic metropolis comes with a price tag that matches its grandeur. From its massive population and high …
Board Approval Contingency When Buying a NYC Co-op
Standard co-op purchase contracts used in NYC typically include an unconditional board approval contingency. This means that your deposit is protected in the event of an outright board rejection or if the board approves you subject to conditions. In either …
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What Is the Florida Save Our Homes Property Tax Exemption?
Save Our Homes (SOH) is a property tax exemption for qualifying Homestead Property homeowners in Florida which lowers your property taxes. SOH works by capping the annual increase in assessed value for tax purposes. After the first year a homeowner …
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How Much Are Property Taxes in Miami?
Calculate your property taxes in Miami by multiplying your home's market value by 2.06152%. If you live in Downtown Miami (Miami DDA), the tax rate is 2.10833%. Property tax (millage) rates vary by city within Miami-Dade County. Refer to this …
Depreciation Recapture
Depreciation recapture refers to real estate investors being taxed at a maximum of 25% on the lifetime depreciation of a property when an investment property is sold. There is no depreciation recapture tax if a property is sold at a …
How Much Is the Los Angeles Mansion Tax?
The Los Angeles Mansion Tax refers to additional transfer taxes levied on luxury home sales in Santa Monica, Culver City and the City of Los Angeles. Each city recently implemented higher transfer tax rates for luxury homes via voter-approved ballot …
Can You Rent Out a House With a Mortgage?
Yes, assuming you've closed with a mortgage for a primary residence, you can typically rent it out after one year of primary residency. Additionally, most mortgage notes will have language requiring you to move-in and begin using the home as …
How Much Are Real Estate Transfer Taxes in Los Angeles?
All properties in Los Angeles County are subject to the LA County transfer tax of 0.11%. The City of Los Angeles, Culver City, Pomona, Redondo Beach and Santa Monica levy a city transfer tax on top of the LA County …
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