Sometimes clients looking to cut costs on their next real estate closing have asked about the possibility of a "cash for deed." What does that mean, what are the risks, and how can this strategy save you money on your upcoming closing? We will try to answer these questions for you.
Here’s a question we were recently asked: “My brother — who is incarcerated — and I co-own 133 acres of land in Tennessee. I want to sell but he doesn’t. There’s no way to fairly divide the property because of the dimensions of the land, much of which is in a flood plain. What can I do? And how are the legal fees paid?”
Knowing what's expected of you at the time of closing on a property will protect you from financial surprises. Each state is allowed to determine its own taxes. Kentucky, for example, has an income tax while Tennessee does not. In the State of Tennessee, a transfer tax is collected anytime anything of value is exchanged for the transfer of real estate. It's a hefty tax that can add thousands to the final cost.
HPR stands for Horizontal Property Regime. In case you missed our last article on HPRs, we’ll fill you in before continuing onwards.
A Horizontal Property Regime is a legal way to divide a single property into two different properties, which is something that comes into play quite often in cities like Nashville. With Nashville’s economic boom, it has been estimated that as many as 100 people move here every single day.
A first glance, real estate law might seem like a very specific niche in the legal world. Well, it shouldn’t take much exploration to begin to understand just how much is encompassed by the term “real estate law.” Indeed, real estate law is a world unto itself, and one that often must be extended to include adjacent areas of practice. Indeed, real estate lawyers are forced to wear many hats!
Today we’ll be talking about one such instance of real estate law overlapping with other fields of practice. We often handle matters that blur lines between different areas of law, and the following matter is a perfect example of this.
If you’re planning to buy real estate, as exciting as that can be, there’s also a lot that can go wrong. As such, it is very important that you are familiar with the dangers involved in making investments like this, and take steps to keep your property safe.
Topics: Commercial Real Estate Law, Judgement Lien, Lien, Mechanic's Lien, Nashville Real Estate Law, Nashville Real Estate Lawyer, Real Estate, Real Estate Attorney, Real Estate Law, Real Estate Title, Residential Real Estate Law, Tax Lien
Buying and selling property and building a robust real estate portfolio can be an exciting experience for both parties, especially when profit, or gain, is part of the equation. Gain happens when property appreciates in value or when the seller takes advantage of depreciation deductions for tax purposes. In either case, it’s important to understand tax ramifications of your real estate transactions and how to make the most of your investment dollars. A 1031 Exchange may be a great option for maximizing your investment and getting the most out of your next commercial real estate investment.
Topics: 1031 Exchange, Commercial Real Estate, Commercial Real Estate Law, Nashville Real Estate Law, Property Tax, Real Estate, Real Estate Attorney, Real Estate Law, Real Estate Title, Residential Real Estate Law
Dreaming of the future, exploring neighborhoods and finding the perfect home is an exciting time for most home buyers. For sellers, the process can be equally exhilarating as they prepare to take their next steps. And that wonderful moment when you learn your bid has been accepted (or, if you’re selling, you accept a bid) is a sweet one. For many buyers and sellers, however, that euphoria soon dissipates as the walls of closing-related paperwork begin to close in.
Are you having problems getting along with the co-owner of your property? Do you disagree about how the property should be used? Do you want to sell, but your partner wants to stay? If you can’t see eye to eye with your co-tenant, maybe a partition action is right for you. To begin, let’s look at two example scenarios where a partition action might be filed.
Nashville is booming and so is the local real estate market. As Music City grows, the need for trustworthy real estate advice and representation is more important than ever.
According to the National Multifamily Housing Council, 37% of American live in rented properties. As homeownership falls, more people are renting and paying more for the privilege. Knowing what to look for in your residential lease will help you rest easy and enjoy your new surroundings. Hiring a real estate attorney to review your lease agreement is a sure-fire way to protect your rights and your future. Regardless of whether or not you work with an attorney, though, it’s important to know what to look for in a lease and understand your rights.