Articles Of Law

posted by HectorLesende on Dec 13

Renting a property in the Miami real estate rental market is more difficult than ever before. The number of potential problem tenants is overwhelming. The landlord must be able to set the correct rental price, advertise and market the property aggressively, collect all deposits, conduct a thorough tenant screening, collect the rent, do evictions, fill out the residential lease and all other pertinent documentation and disclosures, avoid emergency tenants and don’t try to do it yourself.

These are the 10 mistakes landlords make in the Miami real estate rental market.

1. Price – The landlord does not know how to obtain the right rental price. He/she will listen to a family member or friend who is not an expert and will offer the wrong amount. The landlord will lose hundreds of dollars a month if the house is rented for the wrong amount. The Miami real estate agent must obtain comparables of recent rentals in the area in order to determine the best rental price for the property. The comparable property must be similar to the subject property. The rental amount should not be negotiated.

2. Advertising – The landlord will try to save money and not advertise the rental property. This lack of exposure will hurt the landlord deeply. It is very important to advertise the property in all local newspapers, magazines, flyers, etc. The Miami real estate realtor should conduct at least one open house to get the proper property marketing. The property must be listed in the MLS to ensure maximum exposure.

3. Deposit – The desperate landlord will rent the property to the first person that walks in and will not collect any money in deposit. This is a recipe for disaster in the Miami real estate market. Never show that you must rent the property immediately. A three month deposit must be required up front. The third month deposit could be negotiated and paid in installments if needed.

4. Screening – Always obtain a thorough tenant screening investigation for potential tenants. Obtain a credit check, get a police report, call employers, check references, call prior landlords and ask if they would rent to the tenant again and did they pay the rent on time. Make sure the tenant has not been evicted before. Properly screening the tenant is an essential step in Miami real estate property management.

5. Evictions – Delaying or not evicting a tenant fast enough is a tremendously time consuming and costly mistake that will devastate the landlord. The landlord must be prepared to evict if after all the screening the tenant still won’t pay the rent due to lost of job or other unforeseen problems. Evictions must be started immediately. The Miami real estate rental realtor should be familiar with non-paying tenant eviction proceedings.

6. Emergency – Avoid a tenant who must move in immediately. Do not allow the tenant to move in without a full screening and verification being completed. A tenant who must move in right away is usually being evicted or has some other hidden agenda. Check all prior landlord’s references and run an eviction check and a credit check. Don’t allow the tenant to rush you into making a decision.

7. Lease – Never rent month to month or worse never rent the property with no lease at all. Always insist the tenant sign a one year lease and collect at least one month deposit. In today’s Miami real estate rental market a two month deposit plus the current month rent is the norm. All legal and biding documents should be in writing to avoid any misunderstandings. A lease is always required in court to provide repair, terms, and lease expiration and rent determination. All legal documents should be in writing.

8. Occupancy – Never give the tenant possession of the property without signing the lease or without a deposit. Do not give the tenant the keys to place some furniture or other small items inside the property. Tenants have been known to move in the premises before all terms and conditions have been established. Tenants will occupy the property and keys should be delivered only after all the paperwork is signed and all funds have been verified and deposited.

9. Repairs – Don’t allow the tenants to make unnecessary repairs prior to renting the property. Painting and cleaning the property is normal should be done. New refrigerator, new kitchen cabinets, new air conditioner, complete remodeling is not normal and should not be tolerated. Do no rent to tenants that have a long list of things to be repaired. Never allow the tenant to dictate all the terms for repairing the property as a condition of renting.

10. Don’t do it yourself – Always hire a Miami real estate professional do all the work for you. A landlord that tries to save money by doing it yourself will make a costly mistake. Usually the fee is only one month’s rent. Collecting and Evictions services are not included and are charged separately. The money you save by doing it yourself in the beginning will cost you triple in the end.

Landlords must avoid amateur mistakes in Miami real estate property management. Certain rules must be followed in order to rent the property to a good paying tenant who will pay the rent on time and take good care of the property. Most landlords simply do not have the time or the knowledge to properly conduct all the necessary steps in order to ensure renting the property to the best candidate. The best way to prevent non-paying tenants and avoid tenant evictions is by not renting to bad tenants at all. Hiring a Miami real estate professional to rent the property for you is a must.

Hector Lesende is Owner/Licensed Real Estate Broker in Miami South Florida. Please visit Miami Real Estate We will sell your home from only 1% commission. We provide a free Foreclosure and MLS list. Search Miami Lakes Real Estate and Coral Gables Real Estate We offer a South Florida Rental List updated daily.

posted by SarahMartin on Dec 12

When you feel very deeply about a cause, a petition is one way in which you can show those in authority that you are not the only one that feels this way. Through the signatures on the petition, you can show that others do support you.

Starting a petition is not a difficult process, but it is one for which you do need to have a valid reason. You not only have to identify the issue of the petition, but you also need to know the best person to whom you can address the petition.

Depending on the issue you want to address, some of the recipients of your position could be:

• Government departments

• Government representatives

• Politicians – state, provincial, federal

• Political parties

• Educational institutions

• Media

• Sports organizations

• Local authorities, such as city or town councils

• Entertainment producers

Even though traditional petitions are the most widely accepted because they actually have the handwritten signature of those who support the cause, online petitions (http://www.thepetitionsite.com/human-rights) are also readily accepted.

If you intend to start an online petition, make sure you meet the requirements of the recipient for this form of petition. State governments in the US for example, have different requirements, which means you should make sure you do your homework to have all the bases covered,

Research is also essential before you start a petition. You must have your position statement outlined very clearly and include research that supports your claim. This opening statement should include all the relevant information needed by both those you ask to sign and for those to whom you are submitting the petition. A basic outline for starting a petition (http://www.thepetitionsite.com/create-online-petition) is:

• Describe the current situation

• Suggest changes

• Explain why these changes are needed and how the changes will make improvements

• Make sure your statements in the petition all relate to the situation

• Reread what you have written to ensure there are no spelling or grammatical errors

In some cases you do need to have a certain number of signatures in order for the petition to be deemed valid. You should check this before you start. You should also make a decision as to how you are going to collect the signatures you need.

You can use both a traditional petition and an online one for the same cause, in which case you will collect a larger number of signatures. It takes more time to use a traditional petition, especially if it involves a very large area. For a local petition, you may easily be able to go door to door and get the support you need.

You may need permission to circulate a petition, whether it is in the traditional petition format or online. This is true if you want to petition authorities about an injustice you feel strongly about. For example, if you feel an individual or group of people have been unfairly treated, then you do need the permission of those involved before you start the petition on their behalf.

Whatever type of petition you start, you must make sure that as many people know about it as possible. If you feel strongly about changes to a situation, you must have as many names as possible so that those in authority realize that you are not the only one in this situation.

Sarah Martin is a freelance marketing writer based out of San Diego, CA. She specializes in society, culture, and the proper way to start online petitions. To browse a particular petition format, please visit http://www.thepetitionsite.com/.

posted by JohnAsh on Dec 12

Many first-time homebuyers, especially those who are just beginning their search for Connecticut real estate, may be worried if they have a less than ideal credit score. Contrary to what you may have heard, a less than stellar credit score doesn’t necessarily mean that you can’t buy a good property in Connecticut, however, if you want to avoid a mortgage loan with high fees and high interest rates, you’ll want to take some necessary steps to repair your credit score.

It’s quite simple. With a better credit score you will have an easier time finding a lender and landing a feasible interest rate, potentially saving you a ton of money over the course of your loan. Given the prices of homes in the Connecticut real estate market, most people don’t decide on a whim that they intend to purchase Connecticut real estate. Therefore, there should be plenty of time to make sure your credit report is accurate before you even begin searching through Connecticut real estate listings, calling Realtors and scheduling viewings.

Getting credit discrepancies cleared up before you seriously seek out Connecticut real estate for sale will spare you the potential embarrassment of having your financing delayed, or worse yet, having your loan application denied, over an issue in your credit report that could have easily been cleared up. It’s also good to know your credit score whenever you are shopping around for the best interest rate. You’ll close on your Connecticut property faster and the entire process of purchasing real estate in Connecticut will be much easier with some advanced preparation!

Most of us don’t look at our credit report enough. When was the last time you looked at your credit report?

Many people don’t know that it is their right as a consumer to obtain one free credit report per year from each of the three major credit bureaus – Equifax, Experian and TransUnion. It’s important to check these reports carefully because it’s not uncommon for credit bureaus to routinely make mistakes. Also, with identity theft being more prevalent in today’s computer driven world, it’s important to make sure that there is no suspicious information showing up on your credit report!

Whenever it’s time for a Connecticut real estate broker or lender to run a credit check, they too will order reports from each bureau. Because of this, it only makes sense that all three credit reports are monitored simultaneously and cleared up of any discrepancies at the same time.

Don’t concern yourself with missing information because some creditors don’t report their information regularly. That said, if certain accounts should read “closed” but instead read “open”, and if accounts that are paid up to date are reading “past due”, you’ll want to report this as erroneous because the number of open and past due accounts will negatively impact your credit score.

Pay close attention to anything that appears in your report that might not belong to you! This is especially important if you have a common name like Kevin Smith. Accounts belonging to another Kevin Smith could be showing up in your credit report. It’s not uncommon to find accounts belonging to a parent or sibling just because you once shared the same residence or mailing address. Have you ever received credit card applications where your name was misspelled or had a typo? Make sure there are no accounts with a different variation of your name. Always be aware of the potential for identity theft.

You want to highlight anything that is inaccurate or erroneous. If there is something to dispute in the report, write a letter to dispute the authenticity of each error. Tell them what is incorrect, why it’s incorrect, and request that your dispute is investigated and responded to. Be sure to mail any documents via certified mail. The agencies in question will investigate the claims and must provide proof that the debt listed in the credit report is valid. The creditor is commonly given anywhere from 14 to 30 days to respond before the item is deleted. At that time, you are to receive an updated credit report.

Reviewing your credit report isn’t the only step that you can take to improve your credit score. If buying Connecticut real estate is part of your future plans there should be a conscientious effort on your part to make sure that all of your debts are paid on time each month. Being late with payments not only earns you a penalty charge but it also raises your interest rate and can lower your credit score. Limit yourself to five open accounts, don’t overuse your credit cards and pay close attention to offers that come your way with 0% balance transfers and limited time 0% or low interest rates on purchases. Don’t be afraid of balance transfers!

Buying Connecticut real estate can be a daunting task. From finding the right property to securing financing, it can all be simplified with some planning and preparation ahead of time.

John is a contributor to a Connecticut Real Estate, Connecticut Mortgage, and Connecticut Realtor Guide.

posted by JohnAsh on Dec 12

One of the most tried and true methods of getting the best possible price on a home is to offer the seller less than the asking price.

Yet, many home buyers are hesitant to use this method of negotiating. They feel as if a low offer will insult the seller. Some real estate agents have acknowledged that many home buyers have also expressed a sense of shame or embarrassment by not offering the asking price.

True, you may in fact encounter many sellers who are offended by your low offer, but there are ways to prevent this from happening. It’s just a matter of assuring the seller that the price you are offering is what works best for your purposes and taking the time to explain your reasoning.

Is it not worth the gamble if there is potential to save anywhere from $10,000 or $40,000 on the deal? Think about it. That’s more money to allocate towards any renovations or furniture for the house.

Sellers definitely have an emotional attachment to their house but this doesn’t necessarily mean they will be insulted by a low offer. Many sellers and their realtors recognize that a buyer’s initial offer is nothing more than an opening negotiating ploy where the buyer is feeling out exactly how desperate the seller is to part with the property.

But, to cover your bases, you should accompany any low offer with an explanation as to why you feel the price cut is fair. For instance, if the property is in need of updating, particularly potentially expensive items like a roof, wiring, appliances and the furnace, you could specifically state this to help offset the possibility of insulting the seller.

If you have a friend or family member who is a contractor, take them with you to view the house, and have them work up an estimate of the potential cost of any renovations to include with the offer. If the bathroom doesn’t meet your criteria – how much will it cost to renovate the bathroom to suit your needs? By breaking things down like this, you are showing the seller that your offer isn’t intended as a slap in the face but more or less a means to show them the perspective from your side.

Hopefully, you are reducing the risk that the seller will be so insulted by your low offer that they refuse to counter and cut off negotiations completely. With any luck, particularly if the location isn’t necessarily a seller’s market, the seller might even question whether or not they’ve overpriced the house upon reviewing your offer and comments. Explaining your reasoning will also give the seller the opportunity to correct any misjudgment on your part. For instance, maybe the roof isn’t as old as you thought and they can make you aware of that fact.

Check out the market locally to determine if you have any leverage in making a low initial offer. It’s conceivable that the seller may have the home listed on the higher end of what comparable properties in the area are actually selling for. This gives you negotiating room. Also, if the house has been on the market for some time and has already been reduced several times, the owner may have already gone as low as they can possibly go and may not be so inclined to hear out your low offer. Some research on the part of you and your real estate agent is a means to ensure that you aren’t in any way insulting the seller.

It’s also not a bad strategy to offer the seller something in return to get them to look past the low offer or come back to you with a reasonable counter offer. It may help your case if you show the seller that you have mortgage pre-approval, can close within 30 days, are willing to pay a portion of the closing costs or can provide them with a larger earnest money deposit.

The main purpose of a low end offer is to alter seller expectations. There is an art to the whole process. Some experts state that you should never offer less than 20% – 25% of the asking price but many successful real estate investors will argue this. Their belief is that this method of negotiating for real estate is worthwhile if there is one seller who accepts a low offer after a dozen or more rejections from other sellers. The bottom line is you can never predict which owners may be open to a low offer so why not explore it? Some sellers are dealing with hardships like divorce or death. Other sellers may be in a hurry to sell in order to relocate.

Plus, let’s not forget how counter offers play into the process. Let’s say that the seller has their house listed on the market at $300,000 and your initial offer is $250,000. It’s fair to speculate that the seller will reject your low offer but they may also counter it at $280,000. So, by offering less initially, you’ve still managed to knock off $20,000 from their original asking price. The sellers may even claim this as a victory themselves because they’ve managed to get you to agree to $30,000 more than your initial offer. Everyone thinks they’ve won!

John is a contributor to a Connecticut Real Estate, Connecticut Mortgage, and Connecticut Realtor Guide. http://connecticutrealestateadvice.com

posted by JohnAsh on Dec 12

When you are getting ready to purchase a piece of residential real estate, you should bear in mind that there are several different types of residential properties that you can choose from. The most common types of residential real estate include single-family dwellings, condominiums, villas and townhouses. Each type of real estate that comes under residential category has its own sets of pros and cons.

Single Family Dwelling

Residential real estate lots that are listed as single-family dwellings are homes that are not attached to other houses. They are typically positioned on its very own lot. The lot size that the house is positioned on is determined by specifications that are specified by the governing township. When a piece of residential real estate is listed as a single family dwelling the house is not approved for more then one family living in it at a time. It is not meant to be divided into multiple apartments.

Single-family dwellings are the most common type of residential real estate in the United States. The advantages of single-family dwellings are that you have your own space and privacy, you will not have to pay a property manager, and you are free to make your own improvements and expansions. The disadvantages to owning a single-family dwelling is that you are responsible for taking care of all of the maintenance, there are not any amenities, you have to deal with landscaping, and residential real estate that is listed as a single family dwelling is usually more expensive then a townhouse or condo.

Condominiums

When a realtor tells you that they are going to show you a piece of residential real estate that is listed as a condominium it mean that you are basically going to look at an apartment. What makes a condo different from an apartment is that you own the condominium, and rent an apartment. The reason so many people prefer condos over other types of residential real estate is because they aren’t responsible for upkeep and maintenance, most condominiums include amenities like pools and laundry facilities, and that the condos are normally more reasonable priced then single family dwellings. The down side to condominiums is that you have to pay fees to the condo association, there is a lack of privacy, the only thing you own is your actual living space, the building itself is owned by a landlord, when you want to move it can be difficult to sell your condo.

Townhouses

Residential real estate that is listed as a townhouse property represents a property that is a sort of compromise between a single-family dwelling and a condo. A townhouse is a line of houses that are connected to one another; they are single-family dwellings that are attached. The upside of a townhouse is that they require a minimum amount of repair, security, and some townhouse structures include amenities. The downside of townhouses are the homeowners fees you are expected to pay, lack of privacy, and you are unable to choose an individual looking exterior for your home.

John is a contributor to a Connecticut Real Estate, Connecticut Mortgage, and Connecticut Realtor Guide.

posted by JohnAsh on Dec 12

One of the things that can make shopping for a new home more relaxing is getting preapproved for a real estate loan. A preapproved real estate loan means that you know exactly what price range the houses you are looking at will have to be. Knowing that you have a preapproved loan for real estate means that you can save yourself, the realtor, and the current homeowner’s time by avoiding houses that you will never be able to afford.

Get the available Listing

A preapproved real estate loan means that you will not even be tempted to walk through a house that you will never be able to afford. All you have to do is tell your realtor how large your pre-approved homeowner’s loan is, and your realtor will be able to search for appropriately priced pieces of real estate. Some real estate agents send listing of available homes via e-mail, a pre-approved home loan means that your agent can change the types of homes they send.

Another thing a pre-approved real estate mortgage will prevent you from is having to deal with a realtor that is hoping to pad their commission by pushing properties you simply cannot afford. Although most realtors are good people you occasionally run into one who doesn’t care if they sell you a piece of property you simply can’t afford, they show you the home hoping that you will fall in love with it and take a home loan that you may default on. Telling your realtor that you are pre-approved for a real estate loan means that they won’t be able to push more expensive pieces of property.

Examine the Property carefully

The amount of time you will save by not looking at real estate that don’t fit the specifications of your pre-approved real estate loan is time that you can better use to carefully examine the properties that you can afford. When you are examining a potential house, make sure you consider the cost of any repairs and maintenance that will be needed in the immediate future. Keep notes about the repairs, and get estimates, this is information that you can use to try and negotiate a lower price.

Enter into Negotiations with confidence…

Being pre-approved for a real estate loan can ultimately save your some embarrassment. There is very little that feels worse then making an offer on a home only to find that the bank won’t approve you for the necessary home loan, forcing you to retract the offer. Knowing you the loan for real estate is already approved means that you can enter into negotiations with confidence.

Because you have already contacted a bank and gone through the whole getting approved for a residential home estate loan you, and a majority of the paperwork has already been filed, you will find that you are able to expect a faster closing on your new home. When you are pre-approved for a real estate loan, all you really have to do is file a few papers, transfer the name on the home’s title, and tell the bank who to give the money to.

All in all, pre-approval for a real estate loan makes purchasing a new home a faster, more relaxing, and enjoyable process.

John is a contributor to a Connecticut Real Estate, Connecticut Mortgage, and Connecticut Realtor Guide.

posted by JosephHawthorne on Dec 12

1. How are sex offenses punished?

Punishment for a sex offense can vary dramatically depending on the category of crime. A misdemeanor sex crime conviction (such as indecent exposure) might receive less than a year of jail time, a fine, community service, counseling, or even probation. A felony, on the other hand, might be punished by a long prison term (up to a life sentence). Released sex felons must register as sex offenders. Multiple convictions typically lead to increasingly greater punishments.

2. Is consent a defense?

Consent, if it can be proved, is a defense to many sex crimes. However, some people are not considered able to consent to sex under the law. For those individuals, even if they explicitly agree, their agreement is not legally valid. For example, minors, the mentally disabled, and unconscious or intoxicated people (even if they willingly became intoxicated) typically cannot provide valid consent. Statutory rape or date rape charges may result.

3. What is entrapment?

Police operations often try to capture sex offenders by posing as prostitutes, underage individuals, or other parties in an attempt to catch them while committing (or preparing to commit) a sex crime. Some sex offense defendants argue that police actions, such as the offer of sexual services, are entrapment. Entrapment means that the police induced the defendant to commit a crime he or she did not intend to commit before it was suggested by the police. However, entrapment is not a valid defense if the defendant intended to commit the crime and the police simply provided a means to do so. In prostitution cases, for instance, the offer of sexual services by a police officer is almost never held to be entrapment because the defendant is generally found to have been intending to purchase sexual services prior to interacting with the decoy officer. The elements of an entrapment defense are complicated and very sensitive to the facts of your situation. Contact an attorney immediately if you believe you were entrapped.

4. Is it statutory rape if someone lies about his or her age?

A mistake about age is not a defense to statutory rape charges, even if the underage person lied and gave consent. It is a “strict liability” offense, which makes the perpetrator responsible regardless of the surrounding circumstances.

5. What is the difference between rape and sexual assault?

Many state laws no longer use the term “rape,” replacing it with sexual abuse or sexual assault to describe prohibited acts. Traditional rape is covered by these statutes and may be designated sexual abuse in the first degree. However, most sexual assault statutes cover more types of sexual acts and apply to victims of either sex. Also, husbands can generally be charged with sexual assault of their wives, and lesser offenses, such as unwanted touching, may be included.

6. What is probable cause?

“Probable cause” is a term that refers to the belief that a person has committed a crime by legal standards. A finding of probably cause can lead to an arrest or conviction. There is not a bright-line rule establishing precisely what is probable cause. However, a finding of probable cause requires objective facts indicating a likelihood of criminal activity. A hunch or an unfounded complaint alone do not satisfy the requirement.

7. Who must register as a sex offender?

Generally, any adult or juvenile who has been convicted of certain sex offenses, which vary from state to state, who is on active supervision for a sex offense, or who has been committed as a sexually violent predator must register with the state law enforcement agency as a sex offender. The duration of the offender’s duty to register varies, based on the original offense and the risk of re-offense. In some states, sexual predators or sexually violent offenders must register for life.

The information you obtain from this article is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.

Find a Minneapolis MN DWI lawyer at a local law firm that can provide you with an experienced DUI DWI attorney in Minnesota.

posted by ReedLattin on Dec 12

If you happen to have ugly houses in Phoenix and don’t think that you can sell without remodeling, you are mistaken. There are companies you can find that advertise we buy ugly houses Phoenix no matter what they look like. You don’t have to take the time to remodel or change your home if you truly want to sell it, because ugly houses Phoenix are fine just the way that they are. You might be surprised to learn that there is somewhere you can sell your house no matter what shape it’s in. However, it can be done, no matter how many ugly houses Phoenix that there are, we buy ugly houses Phoenix, taking the problem off of your hands.

If you’re trying to sell your ugly houses Phoenix fast, you can. Even in these slow economic times, you don’t have to spend thousands of dollars remodeling your ugly houses Phoenix, nor do you need to wait for months to find the right buyer. You can sell your home to someone advertises we buy ugly houses Phoenix, and be rid of the problem in no time at all. We buy ugly houses Phoenix, and being able to sell your home to companies that buy ugly houses Phoenix is going to save you a lot of time and trouble in your real estate endeavors. How great would it be to be able to get rid of your home in no time, and be able to move on with your life without worrying about ugly houses phoenix and waiting for them to sell? We buy ugly houses Phoenix, so that you don’t have to live with the stress.

Waiting to sell your ugly houses Phoenix might give you a lot of headaches, because the economy is slow and it might take months or even a year for your ugly houses Phoenix to sell if you’re not well prepared and know what you’re doing when it comes to finding someone to buy ugly houses Phoenix. If you truly want to be rid of your ugly houses Phoenix and can’t afford to invest the time and effort that you need into it, you need to check out all of your options. That includes finding someone who has a we buy ugly houses Phoenix program, whether it’s a company or just someone who is interested in a fixer-upper.

Ugly houses Phoenix are a popular item because too many people let their properties go and can’t afford to fix them up. That leaves them with ugly houses Phoenix, which many people won’t buy because they want a nice new home to move into. However, we buy ugly houses Phoenix, and there are many other companies that do, as well. It doesn’t make a difference how bad your ugly houses Phoenix are or how many ugly houses Phoenix you have. There are plenty of people who advertise we buy ugly houses Phoenix when you’re looking to be rid of them. Having ugly houses Phoenix isn’t the end of the world, because companies that state we buy ugly houses Phoenix and will be able to help you to be rid of your problems once and for all.

Reed Lattin is real estate investor in Phoenix, AZ Reed works for http://AllHomesAZ.com which buys all homes http://AllHomesAZ.com-member of the Better Business Bureau Sell your home fast at Contact Reed Lattin directly at 480-227-5214

posted by RichardElkowitz on Dec 11

So, you just bought a new home in Houston, Texas. Or, you are thinking about moving to the Lone Star State and buying some Houston real estate, but you just have not made it to paradise yet. Well, here is some information that will save you money if you’re a proud homeowner here. If you have not saddled your horse and headed to Houston yet, this information might get you to Texas a bit quicker.

First of all, we Texans don’t believe in a state income tax. Yep, we don’t have that critter in these parts. If you live and work here in Houston, you won’t pay one red cent of income tax to the state.

Secondly, for you non-Texans, or, for those who got here as quick as you could, Texas is a “homestead” state. This allows homeowners of Houston real estate to file a homestead exemption with the county they reside in. As a result, the homeowner receives a significant reduction in their annual property taxes from the county government and the appropriate school district. This can save the homeowner a bunch of money over the years.

For example, if you live in Harris County, in and around the Houston area, the homestead exemption gives you a 20% reduction off the assessed value of your home. Remember, we are talking about the home that is your primary residence. The school district, say Houston Independent School District, gives you a $15,000 reduction off the assessed value of your home.

Let’s look at the numbers for county taxes. If you home is assessed at $100,000 (simple math works best for me) and the county tax is .39 cents per hundred of assessed value, then your annual county taxes are $390.00. With a 20% reduction in value, your annual county tax reduces to $312.00. That was easy enough.

Now, your Houston ISD tax rate for year 2008 has been set at $1.1567 per hundred of assessed value. By the way, the tax rate in year 2005 for HISD was $1.62. Every little bit helps. Anyways, without a homestead exemption, your annual school tax will be $1,156.70. File your homestead exemption and “bam” your annual school tax is now $983.19 thanks to the $15,000 reduction of the assessed value.

The total savings between both tax entities is $251.51 per year thanks to the homestead exemption. Think of the savings if our property is assessed at $200,000 or more. I’m too exhausted now to do the math. I have no doubt you can calculate your savings quickly, especially if you are looking for a new home in Houston, Texas.

And, you want to pay more taxes—because?

For senior citizens and disabled persons, the tax savings for filing the appropriate exemption is even greater. It’s just a bit more complicated. You can go online with your county tax office and get just about all the information you need. Oh! You can call me too if you like, or email me at richardelkowitz@westsiderealtors.com. Whether it’s Houston, Texas land for sale or a new Home in Houston, you’re Re/Max Houston professional will locate the right property for you.

Contact Richard Elkowitz for Houston Real Estate and Searching Homes for Sale in Houston, TX.

posted by JackieJohnson on Dec 11

Is the ghost of repossession haunting you?

The sell and rent back scheme was born into the property market around 2006 in response to the fear of thousands of homeowners losing their homes. The idea of sell and rent back your home is basically a rescue from repossession. If the homeowner is struggling financially it is possible to turn to an investor and offer their home for a quick sale but with the benefit of being able to stay living in the property paying rent.

About 6-12 months later, the sell and rent back scheme evolved to help the homeowner even further. As many people had built up a lot of equity in their homes over the years, a new buy back option was introduced. This provided a huge benefit as it gave the struggling homeowner the option to buy back their home once they had sorted out their finances and therefore keep the vast majority of the equity for themselves.

However, once the homeowner has decided to take this path of sell and rent back, it is very important to be aware of some potential problems and the way in which they can be prevented:

Fee Payments

All fees in the sell and rent back scheme are paid for solely by the buyer. These include the survey and the solicitor costs. Be aware of any fees the homeowner is being asked to pay. The main reason for this is if the sale fell through, any fees paid will be lost.

Sudden increases in rent

It is very important the tenancy agreement is thoroughly read before completing on the sale. Make sure the agreement states that the increases are a maximum of twice a year and in line with inflation. Many unscrupulous companies offer a decent rent for the first six months and then on renewal of the agreement, hike the rent so high that the tenant has no choice but to move out.

Sale of the Property

Be aware that once the property has been sold the new owner can sell the property at any time forcing the tenants to leave with just two months notice. If the sell and rent back scheme was a part of the sale it is very important to ask for a restriction of sale agreement. This agreement prevents the buyer from selling the property without written authorization from the tenant.

Although there can be some pitfalls along the way, there are also many advantages in opting for the sell and rent back scheme. The first and most important is the homeowner will not be repossessed. There is always the option of selling the property on the open market; however this can take up to one year for the sale to happen in the present market. It is imperative that the homeowner write their finances down on paper and check if this solution is viable.

Another advantage is there is no cost involved for the homeowner who at this point cannot afford any extra expenditure. A third advantage would be total discretion. No one will know and the homeowner’s daily life will not be disturbed.

With home repossessions on the increase and at the highest level in years, the sell and rent back scheme definitely is an option to be considered at the first symptoms of a financial problem rather than leave it to the last minute.

Beese Properties is a well established property company which offers all of the above. They look for the best solution for the homeowner and if the sell and rent back scheme is the best option they will base the rent on the current rental market in the area. For more information, visit them online at http://www.beeseproperties.com.

Beese Properties is a reputable company with a dedicated team around the country that will buy your home. For more information on a sell and rent back home visit http://www.beeseproperties.com.