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15 October 2024 | 1 reply
Again, the seller refused (although I'm not sure if this would've been resolved legally at settlement regardless). (3) The cell tower was additionally paying a portion of real estate taxes which we were unable to confirm how much they were responsible for and if they had held up their end in recent years. (4) Cell tower had the right to purchase the lot for $1 at anytime during the lease and the right for an additional 2,500 SF of ground space.In the end we backed out at the end of the due diligence period in order to recoup our earnest money.
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15 October 2024 | 26 replies
This should be your priority, not interviewing 6 law firms for what amounts to a very simple legal engagement.
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16 October 2024 | 1 reply
If you need financial help, ask under the "Finance, Tax, and Legal" forum.
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16 October 2024 | 3 replies
Wholesailing in Texas is legal if done properly.
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15 October 2024 | 40 replies
I am an attorney in NY, DC & MD and this is NOT LEGAL ADVICE.
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11 October 2024 | 2 replies
Assembly Bill 1771, also known as the California Housing Speculation Act, aims to change real estate tax policy to discourage investors from quickly reselling properties like single-family homes.Under the proposed bill, an additional 25% tax would be imposed on the gain from the sale of a qualified asset (including homes) within three years of the previous sale.The tax reduction is dependent on the number of years passed since the initial purchase of the qualified asset, ranging from a 20% reduction for sales occurring between 3.01 to 4 years to a 100% reduction for sales occurring more than seven years after the initial purchase.The revenues generated by this tax increase would be deposited into the Speculation Recapture Community Reinvestment Fund, which aims to support affordable housing, local governments, schools, and infrastructure projects.The bill is introduced by Assembly Member Ward, and the proposed tax changes would take effect from January 1, 2023.Assembly Member Ward argues that short-term investors in the market, including fix and flip investors, contribute to rising housing prices, limiting opportunities for Californians to purchase homes.While the bill may discourage short-term speculative transactions, it is worth noting that California's tax laws still provide certain advantages for investors, including unlimited tax write-offs and depreciation benefits.The bill is subject to legislative approval, and Assembly Member Ward will speak publicly about the bill at the San Diego County Administration Center on a specified date.Please note that this is a simplified summary of the bill and its potential impact on fix and flip investors.
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17 October 2024 | 12 replies
It would be wise to ask an attorney in that state.She should be ok because as of now I believe real estate wholesaling is legal in Newark, NJ.
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16 October 2024 | 25 replies
Legal ConsiderationsConsult a Lawyer: Ensure you understand the legal landscape for foreign investors in the US.
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17 October 2024 | 8 replies
But, there are many other fees that you could be charged so read the legal docs in full.