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Purchasing a short sale and bank wants me to share payment of seller's unpaid HOA fees lien can HOA fees be deducted as part of closing costs?
Assessments may not be tax deductable, depending on the status of the real estate visavis your primary residence. You may be able to reduce the price you pay for the real estate by the amount of unpaid assessments.
What else can I help you with?
How do you find the after tax price received by sellers?
To find the after-tax price received by sellers, you first need to determine the tax amount imposed on the sale. Subtract this tax from the market price of the good or service. The resulting amount represents the price sellers effectively receive after the tax is deducted. For example, if the market price is $100 and a $10 tax is applied, sellers receive $90 after tax.
What is payment term open account 50 days?
An "open account" payment term means that goods are shipped and delivered before payment is due, allowing the buyer to pay at a later date. In this case, a term of "50 days" indicates that the buyer has 50 days from the invoice date to make the payment. This arrangement is typically used in international trade and is favorable for buyers, as it provides them with time to sell the goods before settling the payment. However, it carries a higher risk for sellers since they extend credit without immediate payment.
What is the meaning of Open Account in Payment Terms?
An Open Account in payment terms refers to a transaction where goods are shipped and delivered before payment is due, allowing the buyer to pay at a later date, typically within 30 to 90 days. This arrangement is commonly used in international trade, providing flexibility for buyers while posing a higher risk for sellers. Open accounts are often beneficial for established businesses with a solid credit history, as they foster trust and encourage ongoing trade relationships.
What determines how the burden of a tax is divided between buyers and sellers?
The burden of tax is divided between buyers and sellers by the forces of supply and demand.
Is anyone using double payment system?
The Double Payment System is just another make-money-at-home scam. You are buying an e-book which you then have to try to resell to others to make money. If you want to make money you are going to have to do real work, or become a criminal, like the original sellers of the Double Payment System.
Do sellers pay closing costs in Michigan?
Sellers should pay closing costs in Michigan. However, this is not a law by any means. Sometimes the sellers will offer to pay half, or they may expect the buyers to do it.
Can you use sellers assist for the down payment on a home?
Essentially, they are lowering the price, not providing for your down payment. Also, the lender is going to want that money to come from your account... This is ONE way there are others where lenders will gift you the down payment which comes back to them at time of closing or just find a 100% lender.
Is Venmo safe for sellers to use as a payment method?
Venmo is generally safe for sellers to use as a payment method, but there are risks involved. It is important for sellers to be cautious and take steps to protect themselves from potential scams or disputes.
How long after your new house closes do the sellers have to move out?
This is something that can be discussed during the drafting of the initial contact papers. Typically, the sellers must be out by the closing date.
What is modern activities of purchasing?
Purchasing activities include researching the best sellers and negotiating on the price. With the Internet, purchasing is much easier than in the past.
Why do sellers care about the down payment?
Sellers care about the down payment because it shows the buyer's commitment and ability to secure financing for the purchase. A higher down payment reduces the seller's risk of the deal falling through and indicates the buyer's financial stability.
What are the average attorney fees for closing cost for home sellers in NJ?
In New Jersey, attorney fees for home sellers typically range from $1,000 to $2,500, depending on the complexity of the transaction and the attorney's experience. Sellers may also incur additional costs for title searches, document preparation, and other closing-related services. It's essential for sellers to discuss fees upfront with their attorney and clarify what services are included. Overall, closing costs can vary significantly, so obtaining multiple quotes may be beneficial.
What differentiates purchasing and procurement?
Procurement is the process of getting something including market research and evaluating sellers. Purchasing is the action of ordering or requesting something.
How can I avoid paying earnest money when purchasing a property?
One way to avoid paying earnest money when purchasing a property is to negotiate with the seller to waive this requirement in the purchase agreement. Alternatively, you can look for properties that do not require earnest money or find sellers who are willing to accept alternative forms of security, such as a letter of credit or a larger down payment.
How would you define money?
Money is any medium that is universally accepted in an economy by sellers of goods and services as payment and by creditors as payment for debts.
How do you find the after tax price received by sellers?
To find the after-tax price received by sellers, you first need to determine the tax amount imposed on the sale. Subtract this tax from the market price of the good or service. The resulting amount represents the price sellers effectively receive after the tax is deducted. For example, if the market price is $100 and a $10 tax is applied, sellers receive $90 after tax.
Do sellers care about the down payment when selling a property?
Yes, sellers typically care about the down payment when selling a property because it affects the buyer's ability to secure financing and complete the purchase. A larger down payment can indicate a more serious and financially stable buyer, reducing the risk of the sale falling through.
