Category: Homeownership

The 3.8% Tax Is Not a Real Estate Transfer Tax

August 7, 2012

By Robert Freedman, Senior Editor, REALTOR® Magazine Shortly after the federal government enacted sweeping healthcare reform earlier this year, there was considerable concern over a last-minute addition to the legislation: a 3.8 percent tax on investment income of upper-income households to help shore up Medicare. The tax takes effect in 2013. Among the concerns expressed … More The 3.8% Tax Is Not a Real Estate Transfer Tax

Real Estate Term of the Day: Feng Shui

April 6, 2012

Real Estate Term of the Day: Feng Shui FENG SHUI – (pronounced “fund shway”) ancient Asian art of creating harmony and balance within an environment (Barron’s Dictionary of Real Estate Terms) According to the Institute of Feng Shui & Geopathology, “Feng Shui we evaluate a house and its property for sufficient Chi (pronounce “chee“). Chi is … More Real Estate Term of the Day: Feng Shui

Real Estate Term of the Day: Fee Simple

April 5, 2012

Real Estate Term of the Day: Fee Simple FEE SIMPLE – absolute ownership of real property; owner is entitled to the entire property with unconditional power of disposition during the owner’s life, and upon his death the property descends to the owner’s designated heirs (Barron’s Dictionary of Real Estate Terms) Ownership in the State of … More Real Estate Term of the Day: Fee Simple

Real Estate Term of the Day: Federal Tax Lien

April 4, 2012

Real Estate Term of the Day: Federal Tax Lien FEDERAL TAX LIEN – a debt attached against property for unpaid federal taxes; most often by the Internal Revenue Service (IRS) to attached property for payment of owner’s unpaid income taxes (Barron’s Dictionary of Real Estate Terms) The general rule of thumb is that tax liens … More Real Estate Term of the Day: Federal Tax Lien