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The seller’s costs to sell that home include a mortgage payoff balance of $300,000, real estate agent fees of $15,000, attorney fees of $1,000 and other sales taxes and closing costs of $4,000.
"Unpaired words" at World Wide Words "Absent antonyms" at 2Wheels: The Return; Words with no opposite equivalent, posted by James Briggs on April 2, 2003, at The Phrase Finder; Brev Is the Soul of Wit, Ben Schott, The New York Times, April 19, 2010; Parker, J. H. "The Mystery of The Vanished Positive" in Daily Mail, Annual for Boys and Girls ...
In the United States, the purchase of rural land or raw acreage is generally for investment purposes, although some buyers intend to build a home and reside there. Often without standard utility services provided by a metropolitan municipality readily available, individuals have the responsibility to install methods of achieving a regulated standard of living.
When property prices are in decline, the practice of gazumping becomes rare. The term 'gazundering' has been coined for the opposite practice, whereby the buyer waits until everybody is poised to exchange contracts before lowering the offer on the property, threatening the collapse of a whole chain of house sales waiting for the deal to go through.
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The modern trend in the U.S. is that the implied warranty of fitness for a particular purpose applies in the real-estate context to only the sale of new residential housing by a builder-seller and that the caveat emptor rule applies to all other real-estate sale situations (e.g. homeowner to buyer). [3]
Taxpayers who hold real estate as inventory, or who purchase real estate for re-sale, are considered "dealers". These properties are not eligible for Section 1031 treatment. However, if a taxpayer is a dealer and also an investor, he or she can use Section 1031 on qualifying like properties.
Escrow can also refer to a shorter-term account used to facilitate the closing of a real estate transaction. In this type of escrow, the escrow company holds all documents and money related to closing the transaction, rather than having the buyer and the seller deal directly with each other.