In a previous article I had asked you, the alert readers of this real estate column, to casually drop me a line, email or send up a smoke signal with all your real estate questions. The response was truthfully so overwhelming, we had to hire numerous assistants to help with opening the volumes of mail, answering questions, collecting data and so on. Readers had some great questions.
This question was sent in by Luci: Why do some properties have multiple or split ownerships?
To be honest, there are so many reasons why buyers may elect one type of ownership over another. Perhaps a property is being purchased for a business (think rental property) and the owner wants to place the titling of the property into a business name rather than her/his personal name. Many times this is done for tax or accounting purposes.
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Other times couples purchase properties as joint tenants, meaning if one owner were to pass away, the other then owns the property entirely. There are many different ways to own and title property. It’s best to contact your attorney for advice on your individual situation.
Lloyd asked about details of 1031 Exchanges
This is a giant topic, and it might take several full pages of this newspaper to even begin to properly explain. So here’s my shot at it in two sentences: A 1031 Exchange has to do with the profit you have from the sale of an investment property, and using that profit to help buy the next property to defer paying back depreciation (a taxable event). The "exchange" is transferring that monetary investment from one property to another.
There are so many rules and regulations on this 1031 Exchange business that the answers and the details are best handled by other professionals. I would refer you to my 1031 Exchange expert: Tanya Angell at Union title at 402-323-1888.
REALTORS® are first and foremost guides and counselors. When we aren’t showing you houses or marketing your home, we spend our time building relationships with experts in their respective fields so that we have the resources and connections to help you make the most of the home (or real estate investment) buying and selling process.
Reach the editor at 402-473-2644 or email@example.com.