Top Real Estate Articles

What is a Tenancy Agreement?

May 31, 2009 Real Estate Properties

A tenancy agreement is drawn up between the landlord and the tenant. It spells out the terms under which both the landlord and the tenant have agreed upon on renting a place owned by the landlord. The tenancy agreement can be a written or an oral agreement. There is no statuary law requiring all properties rented in the UK to have a written tenancy agreement.

A contract will be fabricated of uttered terms along with unstated terms. Expressed conditions are those which cover up the fine points. The expressed terms in an occupancy agreement are:

Name of the tenant and the landlord

Address of the land being hired

Date of start of the tenancy

Name and addresses of other persons authorised for by means of the property. This is lest of a dual rental.

The duration of the tenancy

Amount of rent, and when it is due

If some other services are to be provided in the contract. Like laundry, meals, sum of utility cost etc

Notice requisite to be given earlier than vacating or taking back control of the property.

These are the bare minimum state terms that are covered in a lease agreement. The unstated terms are that the property-owner will perform primary repairs. Your landlord will keep the supply of water, electricity, gas, sanitation, and heating in a good quality working order. You must be allowed to inhabit in concord without interference from your landlord. You must not be treated unfairly due to your sex, race, religion, sexuality, or disability. In return, you will occupy the place serenely and not indulge in any unlawful activities on the premises.

These are the terms that are covered in most common tenancy agreements. However, there can be other conditions, like regarding smoking or keeping pets. In case of there being no written agreement, you have the right to ask the rent collector to give you the name and address of the landlord. In case of a written agreement, you and your landlord will sign all the pages of the agreement and each one will keep a copy of it.

Occupancy agreements are approximating a treaty and must be in black and white in plain, easy English. You or the landlord can change a tenancy agreement, if you both equally agree to do so. You or the landowner can end a tenancy agreement by giving the notice given in the tenancy agreement. You and the proprietor can furthermore agree to enlarge the rental on the same terms or on different terms.

A sham agreement is one which gives you or the landlord fewer rights than allowed by law. Whether the agreement is an oral or a written one, it will be termed as a sham agreement.

An occupancy contract can be distorted if together concur to change it. Let’s say, you endure a disability, in that case your property-owner is obliged by rule to make changes to the home to cater for your disability. This is enclosed in both spoken and written agreements.

The wants of occupancy agreements fluctuate for England, Wales, Scotland, and Northern Island. When taking or drawing up a rental agreement, it is paramount to check up on the pertinent rules. In some places, printed tenancy agreements are compulsory. It’s finest to check with an estate manager or a counselling council what the statuary requirements are.

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Texas Mortgage

May 31, 2009 Real Estate Properties

When you are in the marketplace for a new home, one of the most complex aspects of the purchase may be selecting a financing vehicle for your property. Mortgage loans have become quite diverse in recent years in a scheme to accommodate each monetary need and housing purchase. One loan package which has become rather popular is the adjustable rate mortgage. These loans generally start out with an enticingly low interest rate that will will rise and fall with market trends. But the variable rate mortgage isn’t the best choice for everybody. Read on for tips on selecting the right mortgage product for your needs.

The low introductary rate is a great benefit but the rate can change intermittently based on the US Treasury Bill and other factors. If it appears that interest rates are falling, the adjustable rate mortgage might be the right product.

This is also a good choice if you may be needing additional money in the 1st year of the loan for home enhancements or landscaping. However, loading up on debt during this time will cause a significant problem if your monthly payments finish up rising before your balance is paid in full. Some householders will also opt for an adjustable rate mortgage if they aren’t not staying in the house long, since the rates won’t have time to max out during a shorter term. You can also begin with a variable rate mortgage and then refinance as the rate starts to rise. However, bear in mind that refinancing will be done at the present market rate, which may be higher or lower than your original rate.

It is not the best product for everyone however. Some people may use the adjustable rate mortgage to buy a house that is out of their price range but with such a low introductary rate, they don’t recognize they’ve overpaid until a few years down the road when interest rates rise. It is crucial to understand the terms of the loan because there may be caps on how high the rates can rise and how much your monthly payment can increase. You have to be prepared for the possible increases so that you are not shocked when they happen.

The adjustable rate mortgage isn’t right for everybody, but it could be a savvy finance choice for some. If a variable rate mortgage sounds like the right loan product for you, talk to a loan officer about the ins and outs of the loans they offer and ensure you understand the terms completely prior to signing on the dotted line.

Finding the best mortgage interest rate is easy once is easy once you have the basics of the way in which the lending process works. Try a few shops and do not be scared to ask lenders to go lower to ask lenders to give you the hottest deal possible. You could be agreeably stunned at the loan terms you get.

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Choosing the Right Home for You and Your Family

May 31, 2009 Real Estate Properties

By Christopher Ulrich, Editor, HomeBuyersGuide.com

Buying a new home is the single largest buy most Americans will ever make. Unfortunately, many spend less time deciding on what house they should invest in than they do on purchasing the latest cell phone. That isn’t to say they’re not capable - they simply lack a method of evaluating house.

Before You Search for a House, Decide What You Really Want

This sounds simple enough, but many people do not spend the time to decide what kind of houses purchase they want to make. They start visiting open houe events, fall in love with a property and make an offer. Months or more than a decade later they decided they bought the wrong home for a variety of reasons. “If only we knew then what we know now…” they think.

Plan for the Long Term

Most people will live in their house anywhere between 5 and 50 ages. Examine what your needs will be ten more than a decade from now. Ask yourself:

Are you planning on starting a family? With how many children? Be sure you have enough bedrooms and that the rooms are large enough for the children to grow into.

Are you planning send your children to public school or private school? Private school can be expensive. If you make that choice of private school, you may want to live in a nicer town with a lesser quality school district; both the homes prices and taxes may be lower for a similar home.

Are your children walking in to be driving in the next several years? Do you have sufficient parking?

Do you anticipate bringing your parents in to live with you?

Could you want a mother-daughter with separate kitchen and entrance or simply another bedroom in the main house? Will you prefer a ranch vs. a two-story home?

If you are selecting a location near your work, is there other work nearby if you have to change jobs? Are you better off driving a greater distance but being nearer to another urban area?

Plan for the Features You Want

Decide now how a wide range of bedrooms and bathrooms you want. Do you want a finished basement? What about a swimming pool and deck? How about a home office? There are a wide range of features you can select in a home, and it is far easier to find it in a home you are looking to buy, rather than adding it in the future. If there is an critical feature you want that is not in a particular home, make sure you can add it later (ex., do you have room to add a pool later on). For a complete checklist list of features to review, see http://www.HomeBuyersGuide.com/features.cfm

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Real Estate Investing For Long Term Gain.

May 31, 2009 Real Estate Properties

The real estate market has hit bottom. Prices are being dropped on everything. However this is the best time to be a real estate investor. When you are investing in real estate the market doesn?t matter as much as the price you can buy property at. If you are holding long term then you have to accept the market fluctuations. But if you can buy at the lower end of the cycle that is the best time to buy. The trick is knowing when that is.

Now that the market is experiencing a downturn it is a great time to be buying. Just look at the foreclosure lists. You have a massive inventory to choose from and most are at below market value. Go for positive cash flow whenever you can. In other words make sure your rental income equals or exceeds your outgoing including mortgage repayments. If you have other income you may be able to stand an extra $100 or more per month to top off the mortgage but try to avoid it.

If the property market is rising you can be confident that the value of your investment is increasing. That is where your profit is and you should be able to sell if necessary. However, that was a few years ago when the market was more positive but now the reality is that the market has dropped and you need to be able to hold long term without any worries. It may take a few years before we hit healthy real estate selling conditions again, let alone a property boom.

Several investors that started during the “boom” now have to change how they are thinking about investing. This is the time when we separate “those who can from those who got lucky and made a few bucks”. Now is when the long term hold plans must start becoming the focus. This is a business. You need to do the math. Will your income from your investment cover the expenses/new mortgage?

Having said all that, we cannot avoid the fact that with good research and due diligence the depressed market presents investors with the GREAT opportunities to build a portfolio of properties for long term gains.

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Why Should I Think About A Fixed Rate Mortgage?

May 31, 2009 Real Estate Properties

Well take a look at fixed rate mortgages and how they can be good for you. Then prepare to be amazed at the savings made with a mortgage overpayment calculator. You get security from the fixed rate mortgage & you may get a nice surprise from the overpayment calculator.

A fixed rate mortgage is a special type of mortgage where you have a fixed interest period. A fixed period of interest that may be a couple or several years. Because the interest rate is fixed, so are your monthly payments.

Are there any benefits to a fixed rate mortgage? Because your payments stay the same you don’t get ups and downs in your monthly payments. You can benefit by knowing your monthly payment is fixed which allows you to budget more effectively.

Bank base rates may rise drastically, however yours will be the same because it’s fixed. There have been some alarming short term interest rate rises in our recent history. A rapid rise over a year or so could really see payments rise for those on standard variable mortgages.

There can be certain circumstances when a fixed rate mortgage may not be right for you. You may decide you need to move house, or even have an unexpected child and simply need more room. Any sort of situation like this can cause unexpected charges by way of redemption penalties.

A redemption penalty is a charge that almost always comes with a fixed rate deal. These charges can be pretty steep, and come at a time when you don’t need the extra stress. If a charge like this will hurt you then you must think very carefully before taking a fixed rate mortgage.

It’s worth thinking about paying a bit extra each month in addition to whatever you normally pay. You may have a fixed rate but it doesn’t mean your payments have to be fixed if you can afford extra. You lender will prefer you make the minimum payment and will never tell you it’s possible to pay extra.

What are the up sides to paying extra each and every month? Topping up your monthly minimum payment means you can knock a few years of the length of your mortgage. You also save a lot of money in the process, sometimes a staggering amount.

What do you do with a mortgage overpayment calculator? You input various figures relating to your mortgage. You can then play around by changing the figure you can afford to overpay.

You get to see what sort of length in years you can knock off. You get the expectant cash saving as well. Both the years and cash saved obviously increase if you put in a higher overpayment figure.

There are astonishing amounts of savings to be had. If you had a 25 year mortgage and borrowed 100 grand at 5% interest. Making an overpayment of 50 every month will save you 12,000 and knock over 3 years off.

If you can afford to pay 100 extra instead of 50 what would happen? The same mortgage example but paying 100 extra every month. You get to shave over 6 years off the length and over 20 grand saved. That’s pretty good.

One more advantage is that the years you save are payment free, nothing at all to pay. You could be free of the shackles of your mortgage early by paying a little more now. You will never hear this from your lender though; it’s simply not in their interests to tell you to pay off early.

If we look at the example where we paid 100 extra and knocked over 6 years off the length. We could save a further 40 thousand by not having to pay your lender every month. You don’t pay this money to your lender so you get to keep it, either save it or spend it.

There you have a few benefits of going for a fixed rate mortgage. Not only do you get set monthly payments, you get to sleep easy at night because of it. Also consider the huge potential in making a little overpayment every month. Even small amounts will add up.

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Horse Farms Tennessee

May 31, 2009 Real Estate Properties

A horse farm may very well be the most beautiful piece of real estate that you can imagine. Horse farms are always picturesque, peaceful, and serene. Think about it ” approaching the main house on the long, winding drive only to be met with a neat, two story house with flowerboxes, and a barn nearby. The whole scene is set with white board fences and rolling green pastures in which a few frolicking horses are enjoying the breezy day. Sound nice? Of course it does.

Now, imagine Tennessee with its rolling hillside landscapes to the west, majestic mountains to the east, and a great river in between. Add to that the perfect weather in spring, summer, and fall with relatively mild winters. As one of the more beautiful southern states, combining its natural beauty with the dream of a horse farm and you get perfection. If this is appealing to you, perhaps horse farms in Tennessee are where you need to be.

Real Estate in Tennessee is really affordable right not. Because it is so affordable the market for Tennessee Horse farms has really picked up. Many families have decided that now is the time to buy a horse farm in Tennessee. The state of Tennessee is perfect for those who love to ride horses. It is also a fantastic place to raise a family. The schools are excellent and there is plenty of nature to visit and explore. Tennessee is also a very horse friendly state, which makes it the perfect place to own a horse farm.

Many people are buying land in Tennessee and building their own farms. Some others are purchasing farms that have already been up and running for years. Before you buy a Tennessee horse farm there are a few things that you should take into consideration.

Always confirm the acreage. What is advertised in the listing may or may not be accurate. When you are considering any of the beautiful horse farms in Tennessee just make sure to compare the survey and the deed ” they should be an identical match. In addition to confirming the acreage, you will also want to make sure that there are no boundary encroachments or disputes. These can end up being quite expensive for you, so it is a good idea to be prepared in advance. Another common oversight when people look at horse farms in Tennessee is the access it has. If the property does not have its own entrance to a publicly maintained road, you need to make sure you have legal access to that road.

Before settling on any of the gorgeous horse farms in Tennessee also get a copy of the current tax-assessed value of the property. This will give you an idea of what your costs will be and if the price they are asking for the farm is fair. When you make your offer, base it on what you think the property is worth to you. Remember, there is always room for negotiation!

It is important that you have a realtor to help you along the way. A real estate agent can answer questions for you, as they have knowledge of the area. You would be wise to hire an attorney as well. Have your attorney look over all the paperwork to make sure everything is correct.

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How Much Does It Cost To Move To Panama?

May 31, 2009 Real Estate Properties

Once you decide to permanently relocate to Panama. You will evaluate many factors. The first and most important thing aspect to take into considerarion when deciding to relocate to Panama is what will be your legal status. In short, how will you be able to stay in the country for the long term without breaking the countrys immigration laws?

The easiest and probably most used method of achieving this is by applying for what is called the “pensionado” visa program. All foreigners who receive a steady retirement pension or income from a government, development organization or private company and wish to reside in Panama, qualify for the program. The basic requirements are as follows: 1. Minimum monthly retirement income of at least $1,000 per month for the rest of the applicants life; or 2. Minimum monthly retirement income of $750 a month if the applicant invests in a property in Panama valued at over $100,000.

The process includes submission of the following documentation: - Certification of retirement and verification of pension amount. If this amount is perceived from a foreign company then further documentation is required. This includes a certification to be provided by the private company which proves the availability of funds for the remainder of the applicants life, a copy of the pension check, receipt or statement, and contact of the pension funds administrator of the company. - Should you have dependents, proof of income of up to $250 per dependant; Documentation or certification of the property purchased by the applicant from the Public Registry. Should a spouse also wish to move with you, then the income needs to be verified by both parties and as such the documentation must be provided for both applicants. There are several firms in the country that can help you find the perfect Panama Real Estate proposition for your needs and will walk you through this process.

There are numerous benefits to achieving residency in Panama this way including the right to import a car every two years free of tax, the right to import household goods for your residence free of tax up to $10,000 and discounts at major food chains and services granted to senior citizens in Panama as per Law 6 of 1987.

Depending on the complexity of the case, the legal costs range around $2,500 for this service. This visa scheme is beneficial to retirees who wish to reside in Panama as it provides several benefits to the applicants. The entire process is quite simple and may take between two to three months to process. It is one of the most economical ways to move to Panama.

Moving to Panama has an immediate return on investment.

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Middle Tennessee Equestrian Property

May 31, 2009 Real Estate Properties

You may have come to the time where you need to combine your horses and house into one location. With credit being so tight and the economy so rocky today, you shouldn’t want to put good money out to keep up a house and then your horses in a different location. When do investing in a new equestrian-type property, this can be a financial as well as an emotional jump to take, but you end up saving a nice chunk of cash do this. You may just want to say this is the time for you to purchase Tennessee equestrian property.

Think about that buying this type of property can over the years save you money. Consider the fees you won’t have to pay for livery services. You will monthly save money when you have your horses to take care of at your new home. You will be able to have more control, not only financially, but also you will be able to give them better quality care, because you will be right there to see what is going on.

This just may happen to be the right moment for you searching Tennessee for the right piece of equestrian property, due to the bad economical state this country is in, the equestrian people are not buying that many new equestrian properties. There are several properties up for sale at bargain prices. It is truly the buyer’s market for more that just regular houses!

The equestrian-style property located throughout Tennessee is known to be a very good investment. Even though the values are down on properties at present, these values will increase over time, so you will make a wise move for yourself, your bank account, and your horses if you do this now. Away from just being a wise move money wise, owning the Tennessee equestrian properties is a great move that benefits the horses and your family members too. Living in the equestrian or neighborhood that is horse friendly, you get plenty for you money. These properties provide their owners with the best quality of homes that are luxurious, landscaping, and the land is the best quality too.

So, if you are ready to take the plunge into the equestrian real estate market, what should you consider when looking for land? First of all, look at the properties with a horses eye view. Take a look around; is the property near competition venues and riding schools? Is there room for off-road hacking? Is there easy access to local roads for bulky horse trailers and horseboxes?

Be sure that what yard is included is well laid out and in good shape. The yard for the horses should be conveniently accessed from the barn, stable and the house. The fencing should be sufficient and in good shape. There should be enough space in the yard also. The drainage for the yard needs to be enough too to prevent flooding.

Remember to check the kinds of facilities provided. It is true that less can be more! Don’t shell out cash for a bunch of facilities that you have no need for.

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Understanding Prop 13 Assessment

May 31, 2009 Real Estate Properties

California only allows two things that initiate a re-assessment: transfer in ownership (also called a transfer) and new construction. A transfer in ownership is when any part of the ownership interest in the home has changed whether money changed hands or not. The Assessorss Office will review the transfer to see if its re-assessable. If it’s an assessable change in ownership, the data is sent to the appraisal staff to give or review the value and modify the base value appropriately. A change in ownership that isn’t assessable must have fallen within the parameters of an approved exemption. A transfer into a revocable trust or an inter-spousal transfer that are both examples of exemptions allowed in California articulated in our Inherited Property and Exemptions Guide detailed in the California Little Black Book.

When a transfer is exempt, the ONLY way the Assessorss Office knows this is through forms and/or applications which are recorded along with the deed or later requested by the Office of the Assessor to confirm an exempt transfer. So when there is no exemption, the transfer in ownership is considered assessable per Prop 13. Which means if you do not apply for the exemption, submit a form or offer accepted documentation for an exemption, the transfer is considered assessable automatically. The Office of the Assessor is a mass assessment organization and unless you tell them what you need preferably through forms and documents they wont know what may or may not apply to your change in ownership.

The other trigger for re-assessment based on Prop 13 is new construction. The Assessors’s Office is told by the city or county building and safety offices. The city or building and safety give the information about issued permits to the Office of the Assessor for property tax purposes. Keep in mind, your city receives some of your property tax dollars so though its primarily a state tax your local municipality benefits from it. The permits are given to the real property appraisers to update the building record and change the base value if warranted based on Prop 13. Normally, it takes the Assessors’s Office a fair amount of time to get to since field work is necessary to find out what was done to your house and then a valuation process. If there is a demo, your property taxes will likely be reduced, if there is an addition there is likely going to be an go up. So, if you demolish a pool your property taxes will decrease and if you add a pool, your property taxes will increase. Construction varies from home to home and it will be reviewed based on the value that was added or taken away. This is clearly explained in the California Little Black Book with examples and scenarios. When was employed by the Assessor I assessed countless homes where various types of construction was done and would be happy to answer any questions you may have pertaining to this!

Like new construction there will be a re-assessment of a property if the use of it changes. For example if a complex of co-ops is converted into condominiums the Assessor will reassess the value of each unit because the change affects the market value of each unit. However, generally in California there are two events that trigger re-assessment based on Prop 13: change in ownership or new construction.

About the Author: Valerie Faltas, Property Tax Expert has been involved in all facets of real estate for over ten years including assessments, appraisals, estates and trusts, investing and much more. She is a Certified Property Tax Appraiser, Licensed Residential Appraiser and a member of the International Association of Assessment Officers. As a real estate investor and advisor she is well versed in all aspects of real estate. To contact Valerie Faltas go to her website: www.propertytaxlittleblackbook.com.

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The Law Leading Renting Property in the UK

May 31, 2009 Real Estate Properties

Rental laws can be quite problematical and thorny to identify with. Still, it is above all central to comprehend and get hold of adequate knowledge of your rights, whether you are a boarder or a resident. There are numerous important things you must know about law governing rental properties in the UK.

The rent for the property should be discussed and decided before you sign any agreement. If you think that you are being charged too much rent as compared to other renters, you can consult the rent review commission which will decide the perfect rent. If the resident does this, on the other hand, there is nothing which could guard them from being cast out by the landlord.

The rent ought to be augmented by the landlord after informing the occupant and by using a suitable form. If, in any case, the renter is not agreeable, they can go to the rent assessment committee. In this case, the proprietor has the authority to evict the resident at any time prior to one month notice for no reason. There is nothing in the law that could defend the renter from being turned out by the owner. There is no official restriction on the deposit, but it is likely to have one month’s deposit which is against the law.

The agreement can be signed regarding any term with the consent of both the parties. Mostly, six months, one year, or three years agreement is made, but long term contracts can also be held. After the property is rented out, it is conditional that the renter shall not further offer it for rent to someone else without telling the landlord.

When a contract or agreement takes place between the tenant and the landowner for six months or so, the landlord cannot evict them unless they break a rule or law. This is applicable even where the contract being signed is shorter than six months. After the six months span, the landlord is required to give the usual two months notice to evict someone.

For long term contract, the owner cannot relate for ownership of the property till the six month phase is over. At the end of the time, the deal becomes a monthly tenancy, and only two month notice is indispensable to remove someone.

A certain charge gives the boarder further rights, furthermore the landlord needs an exceptionally superlative reason to expel the lodger on the other hand, fresh contracts are not guaranteed rental, as this needs to be stated in the agreement or the landlord needs to give note for it. In an explicit tenancy, you can only be expelled provided that you have not paid the rental fee or the landholder wants to shift in that home.

The government does have the authority to specify rent increases, but only conditionally. The proprietor would never be able to end the lease before the rent has been paid. However, the tenant always has the right to check out on the property at the end of a year, if they want to do so. The rights of the tenant are extensive, and in many cases, the tenant even could pass on the rental agreement to his or her inheritors.

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