. - The buyers signed the release of contingencies at the end of the 60 days due diligence period - Buyers didn’t perform and asked an escrow extension of 4 months which was granted against a full release of the earnest deposit - Buyer signed the release and EM was transfered by the escrow company to my account- After the 4 months period buyers failed too close again- I served a notice to perform as well as a demand to close escrow- Sent the cancellation of contract and escrow but buyers refused to sign and informally communicated their desire to recover their EM- I refused to return the EMWhile the contract is likely dead, the unfortunate consequence of this situation is that the open escrow must be disclosed to the new prospective buyers which obviously is a turn off and causes me financial damages.I talked to an attorney who thinks the contract is void and suggested sending a formal letter to the buyers from his office to have them sign the cancellationThoughts anyone?

@Dave E.

@Polo VazquezI was looking to transfer out of upstate NY through the Post Office (my other job), and I put in for just about anywhere that’s hot and McAllen called first.

The Taxable Value is uncapped and equated to the SEV upon a sale or other transfer of property ownership, with limited exceptions.Once you know the Taxable Value, you can look up the property tax millage rates, which each city & county sets separately (with voter approval).So, yes, it is very possible for property taxes to jump from $907 to $3200 if the seller has owned the property for quite some time.You can use this tool to estimate your future taxes after they are uncapped: https://www.michigan.gov/taxes/0,4676,7-238-43535_43540---,00.html

Am I able to file a schedule E next year if I am receiving income as an individual? 

This is one of the reasons I usually tell people to not transfer personally financed properties into an LLC.

Leases transfer to the new owner, so the tenant would be protected for that term.

However, transfer taxes can be quite expensive upon purchase / sale. 

However, I had a few months of vacancy and in order to pay for expenses I transferred money from my personal bank account to my business bank accounts.

This is why he said he wanted to do a trade instead.Has anyone ever come across anything similar to this, where a seller would rather trade a property through some sort of transfer deed, rather than an out right sale?