14
I assume you hadn't put the house on the market, since you don't have an asking price. Do you even want to move? There is no reason you have to entertain offers.
If you are interested in selling, the benchmark would be current market value. This does not necessarily relate to the previous price and what you've spent on improvements; it's a matter of what ...
6
According to this website, a reasonable hourly rate for attorneys in the United States is between $100 and $300. So $1500 just to explain a legal document to you is a really hefty price.
The reason they charge you such a high price is because top law firms want to deal with top clients who come to them with very complicated legal issues (like companies). ...
5
No.
Purchasing (specific types) of real estate with the proceeds of the sale of (that same type of) real estate is the only way to not pay capital gains on otherwise taxable property.
5
Depending on the area, 3.5 years can change a lot. In either direction.
Fortunately, getting a more or less reliable estimate isn't that difficult.
Many real estate brokers will give you an estimate for free, hoping to convince you to sell through them (but you are not obligated to).
Banks offer this service in case you want to refinance your mortgage.
If ...
3
Effectively the other two partners end up paying the entire cost of the upgrade.
That's wrong. Regarding the first 120 of income, say there were NO repairs made:
each partner would get 40k
Now, say you loaned the 120 from a bank. Regarding the first 120 of income:
each partner would get nothing. Each partner misses out on 40k
Now, say you loaned the ...
3
If you have an real estate agent, ask them for a reference. They or their firm should have an idea of a local expert. Reviewing the plat is a normal part of the purchase process. It probably doesn't take a lawyer.
My experience is that should not take very long to explain. They can tell you what you can or can't do near that part of your property. They can ...
3
There is plenty of reasons, some come from the municipalities, some from potential landlors, some from the potential renters themselfes
Cramming lots of people on a small plot of land causes a high load on infrastructure: electricity, water, transportation, garbage collection, etc. While there are benefits of building denser (than single family homes) at ...
2
I suppose you never had the lovely experience of living in a high rise flat. In England, we had lots of them and are trying hard to get rid of them, due to their horrible effects on crime, loneliness, neglect and the occasional fire killing lots of people if corners are cut.
High rise buildings are not made for living.
2
what should we ask price wise?
The market value, of course. As @Phillip suggested, have a professional real estate appraiser (that's what they're called in the US).
And make the buyer pay all the closing costs.
I do not want to offend by asking too much
Stop thinking that way. Immediately!!! There is no offense in purely business negotiations (as ...
2
Disclaimer: I am not a lawyer and I don't claim to have extensive experience with lawyers. But based on my personal experience and some logic ...
I don't know what typical fees are for a lawyer in Maryland. May well be higher than here in Michigan. But I see @phillip found a source that says typical lawyer fees are $100 to $300 per hour, which sounds ...
1
If you want to respond to their offer:
Set the price at what you need to pay off the loan or the fair market value (which ever is higher); all closing expenses for the old house and the new house; the cost of moving; pain and suffering; and don't forget some profit.
make the deal contingent on you being able to move into your new place.
They need to pay ...
1
Your basis gets bumped up to account for that commission. Report it on line 18 of IRS form 8824 as the sum of your expenses and your basis. Instructions for form 8824 are here.
Line 18. Include on line 18 the sum of:
The adjusted basis of the like-kind property you gave up;
Exchange expenses ...
...
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