For assistance with your next home purchase, contact the real estate professionals at Ferguson Realtors, who can lead you through the many details that are involved in a real estate transaction. Call us toll-free at (800) 747-0713.
I have worked for Ferguson Realtors for 16 years and they have promoted, supported and help grow my professional career in real estate. Ferguson Realtors is always on the cutting edge of technology with high quality video, photos, websites and creative ideas in advertising to get homes Sold! Their ethics and integrity, that is the Ferguson name, is also unparalleled in the business. Ferguson Realtors has a personable and friendly atmosphere to work in, while being one of the leading Realtors in the industry. Ferguson Realtors is a company that I am proud to say that I hold my license with and plan to continue my career with for years to come.
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Check-out this property that offers access to Community and Wellness Centers, plus pool, tennis and play ground:
The REALTORS®’ Code of Ethics was established in 1913 by the National Association of REALTORS®. It’s a set of rules that were established to raise the standards of professionalism and service in the real estate industry. The rules are divided into three areas: 1) a broker’s duties to his clients, 2) a broker’s duties to his fellow brokers and 3) a broker’s duties to the public. The current Code of Ethics contains seventeen articles.
Over its one hundred year history, the Code of Ethics has been amended and revised to keep up with the changing times. Local REALTOR® Associations are charged with enforcing the Code of Ethics and handing down punishment to those found to be in violation of one or more of the articles.
To keep REALTORS® up to date on the Code of Ethics, the National Association of REALTORS® requires all REALTORS® to take a training course on the subject every four years.
In recognition and appreciation of their obligations to clients, customers, the public, and each other, REALTORS® continuously strive to become and remain informed on issues affecting real estate and, as knowledgeable professionals, they willingly share the fruit of their experience and study with others.
Source: National Association of REALTORS®
Source: National Association of REALTORS®
When you sell a stock, you owe taxes on the difference between what you paid for the stock and how much you got for the sale. The same holds true in home sales, but there are other considerations.
How to Calculate Gain
| Your home’s original sales price when you bought it (not what you brought to closing). | |
| Additional costs you paid toward the original purchase (include transfer fees, attorney fees, and inspections but not points you paid on your mortgage). | + |
| Cost of improvements you’ve made (include room additions, deck, etc. Improvements do not include repairing or replacing existing items). | + |
| Current selling costs (include inspections, attorney fees, real estate commission, and money you spent to fix up your home to prepare it for sale). | + |
| Add the above items to get your adjusted cost basis: | = |
| The final sale amount for your home. | |
| The adjusted cost basis figure from above. | – |
| Your capital gain: | = |
A Special Real Estate Exemption for Capital Gains
Up to $250,000 in capital gains ($500,000 for a married couple) on the home sale is exempt from taxation if you meet the following criteria: (1) You owned and lived in the home as your principal residence for two out of the last five years; and (2) you have not sold or exchanged another home during the two years preceding the sale. You may qualify for a reduced exclusion if you otherwise qualify but are short of the two-out-of-the-last-five-years requirement if you meet what the tax law calls “unforeseen circumstances,” such as job loss, divorce, or family medical emergency.
Source: National Association of REALTORS®
Some items should always be examined.
The home’s “skeleton” should be able to stand up to weather, gravity, and the earth that surrounds it. Structural components include items such as the foundation and the framing.
The inspector should look at sidewalks, driveways, steps, windows, doors, siding, trim, and surface drainage. They should also examine any attached porches, decks, and balconies.
A good inspector will provide very important information about your roof, including its age, roof draining systems, buckled shingles, and loose gutters and downspouts. They should also inform you of the condition of any skylights and chimneys as well as the potential for pooling water.
They should thoroughly examine the water supply and drainage systems, water heating equipment, and fuel storage systems. Drainage pumps and sump pumps also fall under this category. Poor water pressure, banging pipes, rust spots, or corrosion can indicate larger problems.
You should be informed of the condition of service entrance wires, service panels, breakers and fuses, and disconnects. Also take note of the number of outlets in each room.
The home’s vents, flues, and chimneys should be inspected. The inspector should be able to tell you the water heater’s age, its energy rating, and whether the size is adequate for the house. They should also describe and inspect all the central air and through-wall cooling equipment.
Your inspector should take a close look at walls, ceilings and floors; steps, stairways, and railings; countertops and cabinets; and garage systems. These areas can reveal leaks, insect damage, rot, construction defects, and more.
Inspectors should check for adequate insulation and ventilation in the attic and in unfinished areas such as crawl spaces. Insulation should be appropriate for the climate. Without proper ventilation, excess moisture can lead to mold and water damage.
They’re charming, but fireplaces can be dangerous if they’re not properly installed. Inspectors should examine the vent and flue, and describe solid fuel-burning appliances.
Source: National Association of REALTORS®
This property is a rare opportunity; check it out:
Update your mailing address at usps.com or fill out a change-of-address form at your local post office.
Change your address with important service providers, such as your bank(s), credit companies, magazine subscriptions, and others.
Create a list of people who will need your new address. Whether you plan on sending formal change-of-address notices in the mail or just e-mailing the family members, friends, and colleagues who should be informed, a list will ensure no one gets left out.
Contact utility companies. Make sure they’re aware of your move date, and arrange for service at your new home if the service provider will remain the same.
Check insurance coverage. The insurance your moving company provides will generally only cover the items they transport for you. Ensure you have coverage for any items you’ll be moving yourself.
Unplug, disassemble, and clean out appliances. This will make them easier to pack, move, and plug in at your new place.
Check with the condo board or HOA about any restrictions on using the elevator or particular exits or entrances for moving, if applicable
Pack an “Open First” box. Include items you’ll need most, such as toilet paper, soap, trash bags, chargers, box cutters, scissors, hammer, screwdriver, pens and paper, cups and plates, water, snacks, towels, and basic toiletries.
If you’re moving a long distance:
Obtain copies of important records from your doctor, dentist, pharmacy, veterinarian, and children’s schools.
E-mail a copy of your driving route to a family member or friend.
Empty your safe deposit box.
Source: National Association of REALTORS®