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What is Earnest Money in Real Estate?
The Merriam-Webster Dictionary defines “earnest” as a serious and intent mental state or a considerable and impressive degree. Similarly, synonyms-thesaurus.com shows that synonyms for earnest include ardent, sincere, sober, and purposeful. From these clues, we can discern that “earnest money” is a means for demonstrating serious intent and sincerity. Typically, a potential buyer pays earnest money to a seller to indicate that their offer to purchase property is in good faith. From the seller's perspective, receiving earnest money provides some assurance that the prospective buyer won’t abandon the transaction without cause.
What is a Grantor Letter?
When delving into trusts, one important topic is taxes, the management of which is often a key consideration for creating them. The grantor is the individual who creates the trust, which is managed by a trustee, who is a different person or entity. The trustee should be a neutral third party who oversees the trust’s assets on behalf of the beneficiary, who is designated to receive distributions from the trust.
How Do I Determine the Value of My Mineral Rights?
The term “mineral rights” means the entitlement to use and profit from any minerals underneath a specific property. Mineral rights may be distinct from surface rights (the right to the surface of the land) and may have a different owner. Minerals may include:
How Much Do Property Managers Charge?
If you've recently invested in a rental property and want to hire a property manager to collect rents, screen tenants, and handle maintenance requests, knowing how much property managers charge should help you avoid overpaying. Keep in mind, however, that the answer to this question depends on the property manager or management firm you hire as well as the tasks they are being hired to perform. Here's a more detailed guide on how much property managers typically charge.
Can a Beneficiary Witness a Will?
A will and testament is an important legal document that allows people to determine how their assets will be distributed after they pass away. The only way to make sure that the will and testament is valid is to have one or more witnesses view the signing of the will. However, not everyone can be a witness. If you're wondering about the possibility of a beneficiary witnessing a will, the following guide provides you with a clear and detailed answer.
What is a Capital Improvement?
If you have direct ownership of a property used for business or investment, there could come a time when you might want to make a change to it. You might want to add an addition or refloor the asset. These are activities that fall under the category of capital improvement.
How Do You Value a Commercial Real Estate Property?
When you invest in commercial real estate, it’s vital to know the value of your assets. This statement seems logical since the value is essential information for buying, selling, financing, and paying taxes. However, it isn’t always simple to determine a fair price for a property unless you want or need to sell it (since, ultimately, how much a buyer will pay is one bottom line approach to valuation). Also, keep in mind that land value differs from a developed parcel's value.
What is a Letter of Instruction?
Planning for the transfer of your assets following death involves more than writing a will or establishing a trust (or both). A will often called the last testament—is a legal document describing how a person's assets will be distributed following their death. Everyone needs a will, but not everyone has the assets to warrant a trust. Those who do have trusts also need wills, which can provide detail about the distribution of personal effects and can also include the grantor’s wishes about certain things.
How Do I Find Who Owns Mineral Rights to My Property?
To the surprise of many, mineral rights and property rights are two separate things. Mineral rights can be sold or conveyed independently of property rights, so owning a piece of property does not always mean you also own the rights to the minerals under it. We’ll explain how to determine who owns your property's mineral rights.
How to Set Up a Payable On Death Account
Using payable on death (POD) accounts can be an efficient way to ensure the money you have in your personal bank accounts is immediately transferred to a beneficiary of your choosing when you die.
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