An Overview of the Withholding Requirements for “Foreign Persons” By Steven R. Greenberg Effective January 1, 1985, Congress enacted FIRPTA (Foreign Investment in Real Property Tax Act). The purpose of FIRPTA is to minimize the ability of foreigners (individuals and entities) from taking the proceeds from the sale of U.S. property without paying tax on the profits. Section 1445 of the Internal Revenue Code (“IRC”) requires that the buyer of U.S. real property collect and pay over to the Internal Revenue Service 10% of the purchase price within twenty days after the closing, unless: 1. The seller is a U.S. […]
Design Lines – Buying Art By Pamela Hughes In a column a few months ago, I wrote about the art of framing. Now, after spending a few weeks searching the art markets for clients, it seems appropriate to write about the selection and purchasing of art. The phrase, “Beauty is in the eye of the beholder,” is never as true as it is with art. Even educated and totally knowledgeable art critics can have different views on a particular piece of art. Sometimes art is selected because the viewer sees it as pleasant, calming, beautiful, technically well-produced, shocking, avant-garde, valuable, […]
What To Expect From A Great Architect By Clifford Scholz I feel that open and straight forward communication is the most important part of the total design process. The “process”, as we evolve through our work begins with the site itself. A good architect will strive to understand the site attributes and the site will be visually reviewed for the following considerations: • Geography • Topography • Climate • Sun Angles/Orientation • Surrounding Properties • Access Points • Views/Wind Orientation • Environmental Considerations • New and/or Remodeling Potentials The site is then reviewed for these additional zoning and building regulations: • Existing and/or Proposed Zoning • Lot Coverage Considerations • Building Height […]
Finally Some Relief For Tenants On Their Foreclosed Rental Property By Steven R. Greenberg On May 20, 2009, President Obama signed into law the “Helping Families Save Their Homes Act of 2009″ (the “Act”), which includes the “Protecting Tenants at Foreclosure Act.” The Act provides new protections for “bonafide” tenants of residential property being foreclosed by a lender holding a federally-related mortgage loan. The Act is intended to provide protection for tenants of properties of which a lender has foreclosed who find themselves evicted overnight from their homes at the completion of that foreclosure, often losing advanced rental payments and […]
Under Promise And Over Deliver By C. J. Coury I am sure that you have all heard the phrase “Under Promise and Over Deliver” and that you do your best to live by it. However, some times we don’t recognize the opportunity to follow this sage advice when it presents itself. The current market is presenting us all with one of those opportunities right now – Setting Proper Expectations. I recently received several requests from REAL Magazine contributors and readers to once again stress the importance of reducing preventable stressful situations by setting the right expectations at the beginning of […]
What’s So Bad About Short Sale Flips? By Anne L. Weintraub, Esquire Anne Weintraub P.A. REALTORS®, buyers and sellers are being approached by vendors on a daily basis to participate in short sale flips. Short sale flips occur when a third-party individual or business negotiates with the seller’s lender to take a short payoff. The lender relies on the vendor’s package from the seller which includes an offer from a buyer-who may actually exist or not-when it grants the short sale approval. The buyer allegedly closes on the property, the lender gets paid off, and then the buyer sells […]
Go Global – When Is A Dollar Not A Dollar? By Pat Tan Currency Considerations When Buying And Selling International Real Estate. The decision to buy or sell a piece of property in another country is not one to be taken lightly. There are many aspects of an international transaction that will differ significantly from country to country. Obviously, investors need to understand the local laws and business practices of the market in which they plan to be active, and to identify trusted partners in that country to assist them with the transaction. In addition, it is vitally important to […]
Entity Ownership Of Real Estate By Jeff Riddell Last article we talked about how individuals can own real estate. Now let’s turn our attention to ownership in an entity. Let’s look at a few. We’ll start with corporations. You probably know that corporations—other than some federal corporations like banks—are formed under state law. Although corporations are great for businesses, corporate ownership of real estate is generally not favored regardless of whether the corporation has elected to be taxed as an “S Corporation” or a “C Corporation.” Double taxation—both corporate and shareholder level—can be one problem (at least in a C […]
“Recessionista” In The Kitchen – Part II By Tracy Eisnaugle Last month’s column was Part I of “Recessionista” In The Kitchen, we embraced our inner lunch lady and learned how to pinch a penny by multi-purposing our proteins. Being that I love to cook and enjoy the creative process almost as much as I enjoy eating and saving a buck, it was difficult to fit all of the kitchen related Recessionista tips into one column. So this month we finish off the kitchen with a few cooking, prepping, shopping, and dividing techniques. Living in Florida is a wonderful experience, but […]
Design Lines – The Concession Golf Clubhouse By Pamela Hughes For this month’s column, I thought I’d write about a spectacular and very fun project that I have been working on with the famous fashion designer, Adrienne Vittadini. Adrienne and I have spent almost two years designing the interior for The Concession Golf Clubhouse. The Concession Golf Club and Residences is being developed by Kevin Daves with an outstanding golf course designed by Jack Nicklaus and Tony Jacklin. The golf course was named “America’s Best New Private Golf Course” in 2006 by Golf Digest. The Concession is named after the […]
Why Are We Still Considered A “Declining Market”? By C. J. Coury Many of my Mortgage Loan Officers and REALTOR® acquaintances have asked me this question lately. The primary reason for their inquiry seems to be the fact that Fannie Mae and Freddie Mac eliminated this damaging and self-fulfilling moniker months ago. While that is true, the fact that these agencies no longer consider this classification a requirement in setting their loan to value ratios the problem persists. The primary enforcers of the “declining market” designation are the Mortgage Insurance Companies. This is why the additional 5% down payment requirement […]
Choosing the Right Home Watch Service By Susan Robinson Home watch services are becoming more prevalent in our area and as realtors and brokers you are sometimes asked to recommend such a service. Here are some questions you and your buyers should consider when choosing a reputable home watch service: • How long have they been in business? This is a business that is really based on trust and reputation. How long a firm has been in business will signal that they are known in the community, that they have figured out how to make a living at this business and […]
Recessionista” In The Kitchen – Part I By Tracy Eisnaugle Being eco-chic is a not so difficult, I gladly accepting my new role as a positive Recessionista and I’m determined to learn how to be thrifty with a smile. In a previous column we reviewed some simple ways to go green and conserve on our utility costs, once you start saving money and finding more efficient living practices it becomes an addiction. So I thought I would start a Recessionista series sharing some economical techniques not only to get you through these difficult times, but to keep with you along […]
Alternative Ways To Own Real Estate By Jeff Riddell If you’re ready to start your real estate investment career—or have already started and may be acquiring more properties—we need to talk about how to hold title. In other words, who should be the “grantee” in the deed you receive. The first choice, of course, is yourself, or you and your spouse if you are married. Most people take title to their properties in their own name when they are beginning their real estate investment careers because it is simple and cheap. You sign the purchase contract in your own name […]
Go Global …. Experience Island Living in the Bahamas By Pat Tan When Christopher Columbus first visited the Bahamas in 1492, he found Indians occupying islands surrounded by white and pink sands and crystal clear waters. Columbus was followed by a group of Puritans who landed in the Bahamas in 1648, and by Loyalists fleeing America after the War of Independence, many of whom brought their African slaves to the islands. Today, the Bahamas is a rich tapestry of African and European cultures living in harmony on those powder sands and enjoying all that the crystal clear waters have to […]
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Sunday, August 30, 2009
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