When working with seniors, there may be special considerations associated with acquisition and disposition of real estate not commonly associated with the typical sales transaction. Such special considerations may include:
Incapacity of an owner to execute a deed. Use of a power of attorney to execute a deed and/or close the sales transaction. Conveyance of title to or from a trust. Death of co-owner. Tax related issues associated with the disposition of real estate such as estate tax and capital gains tax. Medicaid recovery actions and recapture liens. Estate planning issues associated with the manner in which a … (4 comments)
The Missouri General Assembly has several proposals that would reduce the effectiveness of the Missouri Historic Tax Credit Program or, worse, eliminate it in future years. As a Realtor serving the historic neighborhoods of the City of St. Louis, Missouri, the Missouri Historic Tax Credit has been an extremely important tool for financing the construction and rehabilitation of historic buildings throughout the State of Missouri. With changes in the credit markets, the importance of the Missouri Historic Tax Credit Program as a financing tool for construction projects has increased (not increased).
CURRENT LEGISLATIVE PROPOSALS Here are some of … (9 comments)
SHOWDOWN IN VALUES - ASSESSOR VERSUS THE MARKET DATA The reassessment of real estate taxes in 2009 should be interesting. On one hand, the Mid-America Regional Information Systems, the local multiple listing service … (2 comments)
legal: 2008 Real Estate Law Update (Missouri) - Legislative Action
- 10/23/08 09:02 AM
Here is an update of a few changes in Missouri law that may have an impact or relate to sales transactions in Missouri: HCS SCS SB 1033 - Real Property Transfers to Counties - Acknowledgements Now Required In Missouri (except the City of St. Louis), grantees generally are not required to execute the deed conveying the property. This law changes existing law by requiring that property transfers (except water and sewer line easements) to a county (whether by dedication or donation) be signed, proved and acknowledged by the county commission as a condition for recording. Comment: The City of St. Louis … (7 comments)
legal: Seller's Disclosure Statements - Tips for Managing Risk and Limiting Potential Liability
- 10/20/08 06:40 PM
Over 70% of claims asserted against real estate agents arise regarding disputes regarding defects in or physical conditions of the property sold that impact the value, desirability or use of the property. Seller's disclosure statements, if handled correctly (as explained below), are an effective means to reduce and manage the risks associated with misrepresentation and non-disclosure claims. The reason that seller's disclosure statements are effective is because they require sellers to make affirmative representations regarding the condition of the property and because they put the purchaser on notice of potential defects or physical conditions of the subject property thereby placing the … (9 comments)
legal: A Primer on Cohabitation Agreements - Sex and the City and the Pitfalls of Cohabitation
- 10/20/08 04:34 AM
Buyer Beware - Purchase of Homes by Non-Traditional Families Joint ownership of residential real estate by unmarried individuals is increasingly common. Recent census figures indicate that there are over 6.5 million unmarried cohabitating couples in the United States. Gay couples, elderly couples, heterosexual couples deferring marriage (divorced or otherwise), and couples purchasing homes prior to marriage have all contributed to this growing trend. This shift in the dynamics of the family has inserted a new issue in real estate sales that was generally not addressed or widely discussed prior to the 1990s. If you are purchasing a new home and you … (4 comments)
legal: A Primer on "As Is" Sales
- 10/16/08 05:38 PM
What is an "as is" sale? As real estate professionals, there are times when we are directed by the owner of the property to offer the property for sale on an "as is" basis. The intent of the owner may be to emphasize that the owner is not willing to make repairs. In other cases, it is the intent of the owner to limit both the right to inspect and the owner's responsibility for repairs. The overall purpose of "as is" language is to shift the economic risk of defects from owner/seller to the purchaser. When is an "as is" sale … (9 comments)
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Ryan Shaughnessy
Broker/Attorney - Your Lafayette Square Real Estate...
A Blog for New Home & Other Sales Professionals and for Sellers and Buyers Interested in City Living
PREA Signature Realty proudly serves the communities of Lafayette Square, Soulard, Benton Park, Benton Park West, Downtown Loft District, Forest Park Southwest, Central West End, Tower Grove East, Tower Grove South, Compton Heights, Shaw, The Hill, Dogtown, Carondelet, Holly Hills, St. Louis Hills, Dutchtown, and the Other Historic Neighborhoods of the City of Saint Louis, Missouri.
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