Rules of Property Ownership in India - Deciding the Name of the Owner Requires Special Attention

Deciding the name of the owner of the property can be complex task. From the following discussions you can have an insight on the rules regarding inheritance of a property in India.

Individual ownership

Property

It means a single person has the authority to sign a deed to sell, rent, or lease a property and no one else can do the same with the property.

Rules of Property Ownership in India - Deciding the Name of the Owner Requires Special Attention

Normally, there is no chance of conflict in transaction of individual ownership properties. But the owner's not staying in the same town may lead to a trouble. In such cases a power of attorney may be given to a trustworthy person to handle and take decision on the property related issues.
The owner can decide his successor of the property and make a will in favor of the successor accordingly.

The religion may influence the personal law, which comes into the force in case of non-availability of a will, and it is better to consult a lawyer to be clear about the merits and the demerits of such laws.

The different religions come under different Succession Acts. The Indian Succession Act describes the laws related to the Christians, Jews, and the Parsees, where as the Hindu Succession Act says about the laws applicable to the Buddhists, Jains, and the Hindus. According to the Muslim law, however, the owner has the right to give only one-third of his property to the successor and the rest will go as per the Muslim law which has further divisions according to different sects.

Joint ownership

In Joint ownership any one of the owners has the right to decide on a property, and it eliminates the need of a power of attorney if one of the owners is absent. The surviving owner becomes the sole owner of the property in case of the death of the other owner. Therefore, the survivor ship and the security come automatically. Even not making a will make no difference in Joint ownership.
In Joint ownership the signature of both the owners is must to sell or taking their names off the property. Therefore it is difficult to revert the decision of having sole ownership after making a Joint ownership deed.

In case of a permanent split like divorce, each owner will have an equal share of the property. But if the property is purchased or built on the investment of one of the owners then the person can suit a case showing all details of his or her investment asking for the sole ownership of the property in the court.

Co-ownership

Co-ownership ensures the relevant share of the property out of the investments of each owner. Therefore, having co-ownership for a property is a wise decision if two people are investing for the same. The share of the property may depend upon the investments of the co-owners. If the percentage of ownership is not specified in a co-owners deed, the equal share will go to each owner.

Each of the co-owners can have a separate agreement of co-ownership stating his/her share on the property which helps to avoid the legal complications in case of separation between the co-owners, and each of the owners can decide their successors for their respective shares.

Nomination

This option is meant for the apartments in co-operative societies. The nominee can never be proclaimed as an owner. In case of the death of the original owner, until and unless the nominee is mentioned as a successor, he or she cannot become owner of the property.
A nominee becomes a member of the society and a nominal owner after the death of the owner, but the person named in the will becomes the beneficial owner.

Lessons to be learned

It is wise to draw up a will immediately after you own a property.

You can give the power of attorney to a reliable person for your individually own property.

Please have wise thoughts before making somebody a joint-owner.

Having co-ownership is a wise decision for your investment toward buying a property.

Draw up a will naming the successor of your share in case of co-ownership.

It is always better to draw up separate wills naming the successor even if the co-owners decide to give their share to the same individual.

In Goa, as per Portuguese law, the wife holds the ownership of the 50% of her husband's property and vice versa.

Rules of Property Ownership in India - Deciding the Name of the Owner Requires Special Attention

To know more about property laws India and other issues related to buying properties in India, please visit MastGhar.com

We are a real estate agency in India and official marketing partners of trusted property developers. Visit - MastGhar.com

Personal Property Vs Real Property - Understanding the Difference, Avoiding the Lawsuits

Let's take a look at Personal Property as it compares to Real Property. This is a topic that comes up a lot when a real estate transaction gets difficult and the two parties (buyer and seller) begin to argue over what stays in the house and what doesn't according to the contract and law.

Personal property is defined as all property that can be owned and does not fit the definition of real property. In other words, if it is not real property then it is personal property. An important distinction between the two is that personal property is movable. Personal property is also referred to as chattels. For those of you who like to work on expanding your vocabulary.

Property

Next let's look at some examples of personal property including manufactured housing, plants, crops, and classifications of fixtures.

Personal Property Vs Real Property - Understanding the Difference, Avoiding the Lawsuits

Manufactured Housing is defined as dwellings that are not constructed at the home site. These are normally trucked in and placed on the property. For those of you breaking down the word manufactured, and wondering why all homes aren't considered manufactured, since they are after all "manufactured" think of mobile homes as manufactured. Here's the tricky part, if the manufactured home has been attached to the property then it is REAL property, if it is just sitting there and hooked up to utilities then it is PERSONAL property. Why would it matter? well, if it is REAL property, then the property taxes are higher because the government sees the homes as essentially adding value to the land it sits on.

Plants and Crops: There are two categories here and both have their differences. Trees, perennials, shrubbery and grass that do not require annual cultivation are considered real property or real estate. And these transfer with the sale of the property. Crops on the other hand that are harvested on an annual basis, are considered emblements. Or personal property and in the sale of the property, the crops that are being produced stay with the seller for that current harvest.

Here are some additional details... if an item on the land, lets say a tree (which is real property) is cut down and separated from the land (called severance), then it becomes personal property. It is also possible to do the same thing but the other way. If the tree that was cut down is used to build a home on the property, through annexation, it become real property.

Fixtures - these are often the hot topic in the sale of a home because sellers often take their fixtures with them when they move, and that is against the agreement set out by the contract. Knowing what a fixture is, will help you understand what to expect stay with the home and what does not. A fixture is personal property that has been affixed (attached) to the land or building and it becomes real property. Remember real property stays with the home when it is sold.

How do you test if an item is a fixture or personal property? Here are the three basic tests the court will use to decide.

1. Method of Annexation - how permanent is the method of attachment? Can the item be removed without damaging the surrounding property?

2. Adaptation to Real Estate - Is the item being used as real property or personal property? For example a fridge is normally considered personal property because it can be removed easily. However if the refrigerator has been adapted to match the kitchen cabinetry, it become a fixture.

3. Agreement - Have the parties agreed on whether the item is real or personal in a purchase offer.

The overall rule is to determine, what is the purpose of the fixture? Is it's function to be personal property or a real property.

Trade Fixtures are the exception to the rule. A trade fixture is property used in the course of business. Often it will be attached to the property and resemble real property. However, if it is something used as part of the seller's trade, it is considered personal property and does not stay with the home.

Often home buyers will be looking at homes and what draws them to the home will be certain aspects of the home. Fixtures such as entertainment centers, backyard gazebos and surround sound speakers are often considered fixtures and real property that will stay with the home. However a home owner may consider those items of great value and may be planning on taking them to their new home. It is very important to identify what fixtures you want and expect to stay in the home and put those items in the purchase agreement so everyone will be on the same page and in agreement from early on.

Personal Property Vs Real Property - Understanding the Difference, Avoiding the Lawsuits

Flinsk Real Estate is a company dedicated to educating home buyers and helping home buyers get the most out of their home buying experience. http://flinskrealestate.com

How to Get a Clear Face And Keep It With These Great Tips For a Clear Face

Boy! There's nothing like a clear face, free from pimples, blemishes and spots. There's nothing like being able to look in the mirror and seeing smooth clear skin and a clear complexion. And, there's nothing like being able to stop being embarrassed about bad skin problems.

So you want to know how to get a clear face and acne-free skin? Following is some information and tips for what works for acne.

\"oily Skin\"

Where does acne come from?

How to Get a Clear Face And Keep It With These Great Tips For a Clear Face

Although acne can be very complex, the causes of it are relatively simple. Basically, acne will come from a combination of the following:

o Irritated hair follicles

o Loosened, dead skin cells

o Overproduction of oil from sebaceous glands under the skin

o Bacterial build up

o Clogged pores

Other factors than can cause acne are:

o Heredity

o Stress (this can make oil glands overact)

o Hormone fluctuations (men and women)

o Some pore clogging cosmetics

o Dirty make-up applicators

So what works for acne?

Following are some tips and information about the first steps to take to get rid of acne problems. With an effective acne treatment system your skin should clear within a week or two.

Clear Face Tip #1: Do an analysis

Make a determination about what type of skin you are dealing with. Is it dry? Is it oily? Is it a combination of oily and dry? Is your skin normal? Or do you have sensitive skin? Knowing what type of skin you have will help you determine what works for acne, blemishes and spots for yourself.

Clear Face Tip #2: Oily skin

Oily skin appears shiny and pores are often big which makes the skin prone to blackheads. If the skin on your face tends to be oily all over, or on certain areas, it is best to use a face wash that is oil-free, and also contains salicylic acid on affected areas. Also for oily skin, women make sure you use only oil-free, hypoallergenic makeup products.

Clear Face Tip #3: Dry skin

Dry skin tends to have a tightness to it, and is prone to developing fine wrinkles. For people with dry skin, you will want to use a face wash that will not strip natural oils from your skin. Also, instead of toner, you will need to use a good moisturizing cream.

Clear Face Tip #4: Combination or normal skin

With skin that is combination or normal, you will notice that the pores are not real big or small, but medium sized. This type may also be prone to an oily t-zone, while being more dry on the cheek areas.

Clear Face Tip #5: Sensitive skin

This skin type is very delicate and the pores are very fine. Sensitive skin has a tendency to become inflamed, and also to break out in rashes from allergic reactions. Also for sensitive skin, ladies make sure you use only hypoallergenic makeup products.

Clear Face Tip #6: Follow an effective regimen for a clear face

Although the above tips for a clear face are good, they do not make up a complete effective facial regimen. To get clear skin, you need to follow a complete acne-free skin care system which includes useful information about your skin condition, diet advice, and a step-by-step routine in order to get the results you need. Cleansing, alone, is not enough.

How to Get a Clear Face And Keep It With These Great Tips For a Clear Face

Don't let 99 cents stand between you and a clear face. Click HERE and get the Cure for Your Acne System while it's just 99 cents now.

The Best Cleanser and Face Wash For Oily Skin

The best cleanser and face wash for oily skin helps reduce oil production that give you skin that "shiny" look, while improving tone and reducing pore size.

What are the Causes?

\"oily Skin\"

Chronic or acute oiliness is often the result of over-active sebaceous glands.  Sebaceous glands secrete sebum (oil) that helps hydrate, moisturize, and nourish the skin and hair.  On the face sebaceous glands are most concentrated on the forehead, nose, chin and cheeks.  This encompasses the "triangle" area referred to many dermatologists.

The Best Cleanser and Face Wash For Oily Skin

Warm weather, changes in barometric pressure, and high relative humidity stimulate oils and increases the chance of an overly oily complexion.  Physical exertion, strenuous exercise and hot working or home environments can exacerbate the problem.  And the problem can be extensive.

Excess oil production can trap dirt and bacteria that lead to enlarged pores, inflammation, and redness.  A primary contributor to acne is the infection that develops when dead skin cells, yeast, and oil combine.  Irritation, redness, and mores severe problems such as psoriasis, eczema and cracking can occur.

Take the Shine Away

The best products - face cleansers and washes - for cleaning an oily complexion are formulated with Zinc PCA and gentle surfactants that clean trapped oils and dirt from pores, while leaving dermal layers hydrated.  The trick is not necessarily regulation, but improving the health of your skin and avoiding drying.  While dryness temporarily makes us feel like we've licked the complexion problem, excessive drying and lost moisture is not good.

The best washes use Hyaluronic Acid to retain moisture along with DMAE, Green tea and Panthenol to soothe, protect from cell damage from oxidization and to help shrink pores.  Used in combination you get effective control of excessive secretions and improved dermal health - providing long-term control for a health, clean complexion.

The Best Cleanser and Face Wash For Oily Skin

Visit SkinEnergizer online for the best Oily Face wash for a clean, clear complexion.

Find advice, tips and recommendations for regulating oil, cleaning bacteria, and avoiding acne, inflammation and eczema. Zinc PCA products regulate secretions, while providing vital hydration. For more severe or acute oily complexion, use an advanced-formula Oily Face Toner.

Best Moisturizer For Oily Skin - 3 Natural Ingredients That Will Shave 10 Years Off Your Age!

The best moisturizer for oily skin contains natural ingredients that have been proven to prevent oily skin and keep your skin looking fresh and young.

It's not always easy to know what to look for in the best moisturizer for oily skin, because if you start searching online, you'll find a lot of conflicting information.

\"oily Skin\"

With all that said, let's take a quick look at three natural ingredients I use on a daily basis to keep my skin oils in check:

Best Moisturizer For Oily Skin - 3 Natural Ingredients That Will Shave 10 Years Off Your Age!

1. Cynergy TK

Cynergy TK is one of the most effective ingredients I have come across. I don't like hype, but Cynergy TK deserves all the credit it gets.

It has been called a miracle ingredient because of its ability to increase collagen and elastin in your body and help you look years younger.

2. Jojoba Oil

Jojoba oil is completely natural oil that has been proven to prevent both dry and oily skin. It naturally balances your skin's sebum.

It has also been proven effective in reducing wrinkles, fine lines and other aging signs. Another place it's effective is reducing stretch marks.

3. Babassu Wax

Babassu is a light, natural wax. It soothes and softens your skin. When I started using it, it gave my skin a nice soft and velvet-like feel.

It also creates an invisible barrier that protects your skin from dirt and grime, while also keeping your skin moisturized.

Finding the Best Natural Moisturizer

There are so many moisturizers, gels, lotions, serums and creams out there that you have to stay educated and make the right choice. With the above three ingredients, you should have no problem.

Just make sure you get a 100% chemical-free skin cream, and your skin will start looking better in no time, just like mine has.

Best Moisturizer For Oily Skin - 3 Natural Ingredients That Will Shave 10 Years Off Your Age!

SECRET BONUS TIP!

If you want to find the best moisturizer for oily skin, strip years away from your age and banish wrinkles, age spots and sagging skin for good: you need to do your research! Find proven natural skin care products that do what they say and you will discover, like I did, that staying young and beautiful is not as difficult as some would have you believe!

Visit http://www.moisturizerreviews.net/ to discover the exact same secrets and lies I uncovered that big skin care companies do not want you to know!

The List of Community Property States

There are two different laws that decide property ownership in the event of death or divorce. They are known as community property and common law. Common law is also known as separate property. The list of community property states only consists of nine states. 

The majority of these states are out west. Community property means that anything acquired during the marriage belongs equally to the husband and wife. If the husband and wife get a divorce, they will be required to split their assets they earned while they were together right down the middle.

Property

The states that follow the community property law are Arizona, Nevada, California, New Mexico, Idaho, Washington, Louisiana, Wisconsin and Texas. All of these states agree that everything earned during the marriage should be divided equally at the time of a divorce.

The List of Community Property States

Unless an estate plan is clearly written out and notarized, each state will decide exactly who gets what in the even of a split between the couple. While they follow the same general rule, the courts will decide exactly how their assets will be divided if rules between spouses are not written clearly.

Alaska also falls under the list of community property states but has a little more leniency when it comes to the law. The couple can decide what property they will consider separate and what they will consider community. If someone lives in one of the nine community property states listed above, they have to be careful with any gifts or inheritance they may obtain during the marriage. If the individual decides they want to keep something that is given specifically to them, they need to put it in a separate account that is under their name only.

States who don't have the community property laws keep all assets separated between the husband and wife. If a divorce occurs, the husband and wife keep everything that is in their own name, including debt. If anything is listed jointly, the courts determine who gets what.

Sometimes this can work out better if one person is the sole earner. They aren't going to give the other person the things they have worked hard for.

For investors that plan to or have over the years accumulated large amounts of investment properties and live in a state that falls under the list of community property states, it would be wise to file your taxes separate from your spouses.

The tax benefits are not as great for those who file separately but they will have less tax liability.

The laws also make provisions for the allocation of real estate investments into safe entities like limited liability companies or trusts. I would like to state very strongly that professional legal assistance and advice is very important and can protect you from getting in way over your head.

The List of Community Property States

For more information on Community Property States you should follow the link and enjoy the relevant articles on the authors website.

If I Pay Back Taxes on Property, Do I Then Own it?

"If I pay back taxes on property, do I then own it? This is a pretty common question/misconception among the tax sale "uninitiated." While purchasing tax property is hands-down the best way to invest in property, it's not as simple as you just pay the back taxes on property, pick up the deed, and then go on your merry way.

Most of the time, you'll be bidding on the property against other bidders at tax sale. Because of the competitive nature of the business, most properties get bid up near retail value. This is not a good way for beginners (or anyone, really) to invest. Plus, you can't inspect the properties first. There is another way to get these properties, however, that allows to you pay back taxes on property and as little as 0 for the deed, and then flip the property for thousands in profit if you like: buying property outside the auction.

Property

There's no secret society here; if you want to avoid the tax sale, you have to purchase from the owners. But the timing is the really important thing here. If you approach them prior to the tax sale, they are probably still thinking they will come up with the cash to pay the taxes off in time. Or, you won't get a hold of them at all; they're too busy dodging creditors and trying to avoid the whole ordeal.

If I Pay Back Taxes on Property, Do I Then Own it?

By waiting until after the tax sale, those who can pay off, will have. The rest will fall into one of two categories: desperate to sell, or don't care anymore. The ones who are desperate to sell have no choice but to sell at a steep discount. Those that have decided to just let the property go (you'll find many of these!) will be happy to sign over their deeds to you for as little as a couple hundred dollars, just to move on from the tax sale.

If you follow the above advice, you'll find you can acquire a lot of property very quickly and cheaply. You can even get started with as little as 0 in the bank. If you don't have the money to pay the taxes, you can always flip the property to another investor, still at a steep discount, and walk away with a few thousand in profit on the deal.

If I Pay Back Taxes on Property, Do I Then Own it?

The current foreclosure rate won't last forever - take advantage of it now.

Learn more techniques to get properties outside of auction for 0 or less. Free e-book - Click Here: http://Deed-Grabber.com

Want real-estate-sized paydays without owning property? Read this Free Guide to tax sale overages -- a secret money-making machine of the Tax Sale "Insiders."

States With No Income Taxes & States With Low Property Taxes

Real Estate Investing & Property Tax Rates

In the United States, property tax is assessed by local government at the municipal or county level. The property tax assessment is based on two values--the value of the land, and the value of the building. Since property tax is calculated at a local-level--and since changes occur frequently--it's tricky to determine the exact spots where property tax is the lowest. However, the following information should help you locate areas with high appreciation AND low property taxes.

Property

Which States Have the Lowest Property Tax Rates?

States With No Income Taxes & States With Low Property Taxes

County tax rates are often averaged into a single figure, and this number is used when comparing property taxes between states. Surprisingly, Wyoming has the lowest property tax rates. Unfortunately, property values in Wyoming tend to be pretty depressed, due to low population influx and a lack of jobs. Also, Wyoming does not rank highly when it comes to appreciation rates for residential and commercial real estate. Just because an area has low property taxes does not mean it will be the best area to invest in (or relocate to).

What to Look For When Investing

Look for an area that has a consistent rate of real estate appreciation, combined with fairly low property taxes. Often, local property tax rates are low because real estate appreciation in the area is low--so you need to be careful. Cities located next to universities and areas where businesses are relocating are usually excellent spots to buy real estate. Paying attention to population growth can help you spot real estate trends and make wiser investments.

Medium-Sized Cities With the Lowest Property Tax Rates

According to data gathered by the Office of the CFO in Washington, D.C., the following cities have the lowest property tax rates in 2006, based on an annual income of ,000. Assuming you earn ,000 annually, here are the property tax amounts you would pay in each city...

Birmingham AL -- 8

Cheyenne WY -- ,108

Phoenix AZ -- ,248

Wichita KS -- ,309

Denver CO -- ,362

Charleston WV -- ,395

Oklahoma City OK -- ,538

Kansas City, MO -- ,595

Little Rock AR -- ,648

Louisville, KY -- ,713

Jacksonville FL -- ,744

Honolulu HI -- ,781

Billings MT -- ,864

Salt Lake City, UT -- ,904

Virginia Beach VA -- ,918

Jackson MS -- ,971

Charlotte, NC -- ,021

Boise, ID -- ,176

Columbia SC -- ,214

Las Vegas NV -- ,225

Sioux Falls SD -- ,228

New Orleans, LA -- ,231

Wilmington DE -- ,416

Memphis TN -- ,501

Albuquerque NM -- ,517

Houston TX -- ,861

The Connection Between State Income Taxes & Property Tax Rates

States with no income tax (see list below) usually have high property tax rates in their respective counties (The state needs to get its revenue from somewhere!). However, the trade-off is that you will have zero taxes on all earned income. This can be a huge advantage. Instead of paying the state 7 to 15 percent (or more) of your income, you can keep your hard-earned money, and invest it back into real estate or other investments. There are currently nine states that do not tax income at the state level.

States With No Income Tax

Alaska

Florida

Nevada

South Dakota

Texas

Washington

Wyoming

New Hampshire*

Tennessee*

*New Hampshire and Tennessee do not tax earned income, but they DO tax capital gains (dividend and interest income).

How To Find the Best of Both Worlds: Low Property Tax & No State Income Tax

If you're looking for the best of both worlds (low property tax and no state income tax), you may want to consider the following cities:

Sioux Falls, SD

Houston, Texas

Jacksonville, Florida

Memphis, TN

Cheyenne, WY

Las Vegas, Nevada

You can also explore less well-known cities in the nine "no-income-tax" states. Smaller towns and cities generally offer "quality of life" advantages, and higher-than-average price appreciation and growth.

Conclusion

Now you know which states don't tax income, and which areas have the lowest property tax rates. Armed with this knowledge, you can focus on finding the best spot for your next home or real estate investment.

States With No Income Taxes & States With Low Property Taxes

Michelle Taylor is a real estate investor in the Southeast who loves finding great real estate deals, and writing about real estate, personal finance, and economics. She publishes economic articles, personal finance tips, and posts on real estate investing.

Property Tax Valuation - How to Calculate

How exactly does your city come up with your property tax value? Are you concerned that your real estate taxes might be unfairly high and want to see if you are eligible for a reduction? That is what we discuss here.

First of all, no matter how confusing your property tax statement is, with all of the various terms, ratios, millage rates, etc calculating your real estate taxes really boils down to only a few factors: the market value of your property, your cities assessment ratio and the tax rate.

Property

The market value is what your property would sell for on the open market, without any "undue influences," like being in a state of foreclosure, structural issues with the property, short sales time frame, etc. Again it's what your property sells for under a normal sale.

Property Tax Valuation - How to Calculate

Property Tax Valuation

The assessment ratio is very important to calculating your real estate taxes and is what is sometimes referred to as your "property tax value". What cities do is multiple your market value, by the assessment ratio, the resulting number is the assessed value.

For example if your properties market value is 0,000 and your cities assessment ratio is 80% your property tax value would be: 0,000 x.80= 0,000 assesed value. Assessment ratios vary from state to state and from jurisdictions. Your assessment rate could be totaling different than your neighboring town.

Tax Rate

The tax rate is also known as a millage rate and is the actual rate that property owners pay in their given town. Like the assessment ratio the tax rate varies from town to town and also from building types. For example a commercial building will be taxed at a different rate than a single family home.

In addition, a single family home used as a rental property will normally be taxed at a high rate than a single family home that is occupied by the owner.

To figure out your annual taxes you multiple the tax rate by the assessed value. For example take the assessed value of 0,000 x.020 (tax rate/millage rate) = ,000 in annual property taxes.

Property Tax Valuation

On a real estate tax appeal you can only debate the fair market value of your property. You cannot argue the tax rate or the assessment ratio (unless they made a mistake and recorded your property in the wrong category). But again, you can only argue the assessors opinion of your properties value. Keep in mind that most cities assessors are over worked and or under qualified, so they very often make outright mistakes. If you know of other similar properties in your area that sold for less than what they have recorded your property at, than you most likely have a case and could save a lot of money.

Don't be like the 98% of property owners that don't bother to appeal their real estate taxes. They are leaving thousands of dollars on the table for no reason. The process to appeal is really not complex and won't eat that much of your time.

Property Tax Valuation - How to Calculate

Jeff Rauth, President of Commercial Finance Advisors a Property Tax consulting firm and a commercial mortgage broker. More information on appealing your taxes at SBA 7a Loans More general info on appealing can be found here as well: SBA Business Loans

Developing Your Property Management Business Plan - How to Start a Property Management Company

The recent real estate "crisis" has caused a number of beneficial effects on the property management industry. There has never been a better time to consider starting a property management business than right now.

1. Houses are not selling, therefore homeowners that need to move and/or investors are forced to rent their units out; thus increasing the rental property supply chain.
2. Houses are foreclosing by homeowners and being bought by investors that in turn rent the property out. This increases the amount of supply as well.
3. The homeowners that were foreclosed upon will now be renters. Thus increasing the rental pool and increasing demand.

Property

The above items create a perfect storm for the Property Management Business Industry. The purpose of my article is to present and discuss the 6 categories that are paramount in developing your property management business plan:

Developing Your Property Management Business Plan - How to Start a Property Management Company

1. Executive Summary
2. General Company Description
3. Description of Services
4. Marketing Plan
5. Operational Plan
6. Budget

1. Executive Summary - Include everything that you would cover in a five-minute interview. Who are the owners, what is their experience in this industry? Explain the fundamentals of your business. What do you think the future holds for your business and your industry? Make it enthusiastic, professional, complete, and concise.

2. General Company Description - This includes your mission, vision and company commitments, Who is your target market (higher/lower end residential, multi-family, commercial), what price range of properties will you target, what area(s) will you target, who are the prospective tenants and what's the future of your industry? Form of ownership, what factors will make the company succeed? What strengths do you personally bring to the business? Long term: What are your plans for the future of your business? Growth? If so, at what rate and how will you achieve it?

3. Description of Services - Describe in depth your property management service structure. What will you perform on a monthly basis for your property owners? What will be your monthly fee structure? What additional services will you offer such as evictions, project management, maintenance and what will your fee structure and profit center look like?

Much of your service offering will be developed by performing a complete competitive analysis. Your offering needs to be correctly place in the marketplace to make yourself unique. You should know your competitions monthly fee structure, how many properties they manage, number of managers, etc.

4. Marketing Plan - Bottom line: Your plan for how to attract clients. How will you get your company and offer in front of your prospective property owners. How will you utilize the following: (website, SEO (search engine optimization) plan, online marketing, signs, advertisements, associations, relationships, networking, direct mail campaigns, signs, yellow pages, calling for rent by owners, etc.)

By the way, there are methods that are much more effective than others for a start up real estate management company. Be sure to do your proper research before you unnecessarily spend money.

5. Operational Plan - Explain the daily operation of your business; (its location, equipment, people, processes, and surrounding environment.) If you are starting out opening your own prop mgt business, you will want to spend the majority of your free time in marketing techniques.

6. Budget and Financials - Includes your start up expenses, capital expenses and expected monthly recurring expenses. If you are starting out a your business with 0 properties as I did, you will want to start with a minimal budget in mind. Keep your costs as low as possible. What is your expected income based on your predicted growth rate?

Conclusion: Properly developing your property management business plan is the key to your success. Starting a property management business can be very rewarding, however not having the right direction and foresight from the beginning can blind you and your business. Remember; "Failing to properly plan is properly planning to fail."

Developing Your Property Management Business Plan - How to Start a Property Management Company

Patrick Rogers is the owner of Rents2Riches, a Property Management Business Coaching Company that is dedicated to the phenomenal development and growth of the Property Management Industry. Patrick also develops marketing products that help existing and startup Property Managers get more clients and learn the tips and tricks in operating a Property Management Business.

Patrick offers his own personal property management business plan free for download at PropertyManagementBusinessPlan.com.

How Property Taxes Are Calculated On A Home

Real estate properties in the U.S. are taxed by the federal and state governments. Taxes on these properties are a major source of revenue for local governments. Property tax rates, in the form of percentage, are usually decided by city councils, school boards, town boards, village boards and county legislatures and are collected each year by municipalities such as cities, counties and districts. Every year normally during September or October, the board conducts budget hearings to find out how much funds they will need for their operations the following year. The tax rate is then determined by dividing the board's total taxes by the total assessed value of the jurisdiction.

Property taxes have a special purpose. The funds collected from taxpayers
are used by municipalities to improve vital public facilities and infrastructure such as schools, sewers, libraries, fire stations, hospitals, parks, roads and bridges.

Property

Laws on the various aspects of real estate properties as well as forms of property tax vary from state to state. However, there's a standard formula in calculating property taxes on a home. The normal process involves multiplying the assessed value of a certain property by the prevailing tax rate. Exemptions, if any, are then deducted from the resulting figure. Currently, some 40 states give property tax credits or homestead exemptions that allow a property to have a lower taxable assessed value.

How Property Taxes Are Calculated On A Home

In some states, the property tax rate is known as a millage tax, millage rate or mill levy with one mill equivalent to 1/1,000 of a dollar. Simply put, an owner of a property will have to pay one dollar for every ,000 in taxable value.

The assessed value of a property is vital in determining the property tax. It is here where the assessor comes in and not in calculating the property tax as some other people might believe. To get the assessed value, the assessor estimates the market value of a property or the price it would likely sell for in the real estate market. This is done by conducting studies and analysis of the local real estate market and taking into consideration new construction, improvements done to the property and demolition of structures.

On your own as a homeowner, you should get an idea of your home's market value based on the sale prices of comparable properties in your neighborhood. If in the event you find that your assessment is a bit high, there is still a chance to have the value reduced through administrative and judicial proceedings or by consultation with your local assessor.

In coming up with the assessed value for residential properties, the actual value is multiplied by the residential assessment rate. The residential assessment rate is usually set by the state thus, it differs in every state.
So for example, the actual value of a home is 0,000 and the assessment rate is 7 percent, the assessed value would be ,400.

Meanwhile, in getting the property tax for the same home valued at 0,000 with a tax rate of say, 25 percent, multiply the assessed value with the tax rate (,400 x .025) and you'll have a property tax bill of ,100.

Keep in mind that property taxes have to paid each year and failure to do so would mean penalties. If possible, learn more about this important tax and other related programs such as tax breaks and tax reliefs that could provide you and your family reduced taxes.

How Property Taxes Are Calculated On A Home

This article is brought to you by LegalHomeForms.com Download over 60 of the most used real estate forms and contracts. Find forms like the quit claim deed, or offer to purchase real estate form.

How to Start a Property Management Business

Property management is a business that is regulated and requires a real estate license in many states. This first step requirement means that the potential buyer of an existing business would need to be qualified to run the business. They would also need to meet the same requirements to start one from the ground up.

One way to get experience in the business is go to work for a large management company and learn the ropes. At the same time you could be completing any educational requirements and prepare for taking the license required to professionally manage properties. Starting a company of your own will take some strong detective work to find a property that is looking for management or looking to replace the current management firm. This will entail a great deal of cold calling and phone work to come up with possible clients.

Property

At the same time you could get a web site built so you will have something to point people to when you are speaking with them on the phone. You would also mention the website in all communications or advertisements. All of this would come after you have decided on a company name and have a phone number and address for your business.

How to Start a Property Management Business

Knowledge and preparation are requirements for success. Whether you buy an existing business or start one up, you will need to gain experience and first hand knowledge of the business from some source. The best way to gain real experience is to work in the business for a year or so for a management company. The requirements in your state should be checked also to see what licenses are needed. There could also be educational requirements that you would have to obtain. A smart person would make sure they have all of these ducks out of the way while working for someone else. The real estate department of your state will be able to give you the information you need to know. There also could be an association of property managers in your area. Both of these sources are a place to start to find the information you need.

Finding property management companies that are for sale The Internet will quickly give you and idea of what is for sale and where they are located. Business brokers are another solid place to find listings of businesses that are currently on the market. You can also get questions answered about the way to buy one of these businesses. One important facet of the businesses for sale is the asking prices. This may be eye opening for you. You might also check out local newspapers and the local real estate association. Lawyers that specialize in real estate transactions may also know of management companies that are looking for a partner or are for sale. Once you have an idea of the capital needed to pursue a purchase you can begin to figure if you can make a deal. If you are going to need help with the money you will have to resolve that common problem also. The business brokers will have a good idea if the listed business is cash only or the current owner would consider terms. This type of information will speed up the process of finding a deal that you may be able to pull off.

Another aspect of property management is the properties handled. Are you going to only deal with large apartment complexes or single-family residences? The type of properties you wish to handle could determine the price of a management company.

Money makes the deal

Money talks when buying a business. The seller is usually anxious to sell and if a real money offer is made, they may bite even if it requires terms to complete. The point here is make an offer and see what the seller responds with. You never know what kind of help you may get from a motivated seller. Other ways to make up a short fall is a loan from the bank, a business lender found on the Internet, a partner and family or friends. Some deals take a great deal of creative financing to pull off. If the existing business has long-term contracts with their clients it may be easier to get a loan from a disinterested third party. The most common way to handle the short fall is to get the seller to take back paper to be paid in full by a set date in the future. Maybe they would remain a silent partner for a short length of time. The answer to this problem is how much you can put down and how long you would need to pay off the balance.

The only way you will ever know if a deal is possible is to make an offer and see what the counter offer looks like. The business broker in a deal can help in the negotiations and in many cases make it happen through their deal making skills.

If you come to a point in any deal that the final terms are too difficult for you to live with, then it is time to take a walk. Knowing when to walk a way in also part of good deal making. The wrong terms could make the deal a failure from the beginning. The last thing any buyer wants is to put a large down payment into a business and then watch it fail. The loss of this money could be the end of any possibility to own your own business. The thought process should go like this, this deal is not possible and there will be another chance down the road. Some times in the heat of negotiation the making the sale happen becomes the end in itself. This should never be the reason to make a bad purchase. This is a serious situation that needs to be well thought out.

Conclusions

Once you have the experience, education and licenses, the ownership of a property management company is possible. You can either start one up or buy an existing firm. The expense of buying one will be much higher than starting one from the ground up. Finding one you can buy will take effort and the willingness to commit a sizeable amount of money. The obvious way to start is through a business broker, as they will have a current list of business for sale. They should have a very good idea of what you will need to pay to buy a property management company Coming up with the money may be a problem for some buyers as the price of an existing successful firm will be higher than a startup. An existing management company's current customers will be a large asset, as they will supply immediate cash flow to the company. So the higher price is offset by the constant cash flow from contracted customers.

If you start a company from scratch, you will need to plan on a significant amount of cold calling, phoning and face-to-face meetings to find customers that need your help. This is a slow start but can be a reasonable way to get into the business

How to Start a Property Management Business

And now I would like to offer you free access to information on a powerful integrated system of marketing, sales & advertising so you can thrive instead of survive in today's economic environment.

Henthorn is president of Spiral Marketers, a marketing firm which includes a number of partnerships that range from cutting-edge software development, business and personal improvement coaching, online e-commerce businesses, and more.

He was formerly was president and principal broker of a resort / commercial real estate brokerage in Honolulu which specialized in representing sellers in transactions up to MM.

Learn how to turn into all day long now:

Can you really turbocharge property management revenues? Get tools for property management business sales, marketing, advertising, and public relations to boost management success

Commercial Property Management - Checklist for Property Management Handovers

When you take over the management of a commercial or retail property today, the information that you gather from the outgoing property manager or landlord will be critical to the establishment and future success of your property management processes.

Information is Critical

Property

Lack of information in the handover process means problems and potential errors in the future. On that basis you should have a specialised handover process that you can implement on and with the handover of every property type within your local area. A checklist will help your activities as you bring in the new property to the management portfolio.

Commercial Property Management - Checklist for Property Management Handovers

Here are some ideas to incorporate into your handover checklist:

1. Get complete and comprehensive details of all leases and licensed occupied areas within the property. You will need to check these against the tenants physically in occupancy and the rental invoices that are raised for tenancy payment. Everything has to cross relate accurately.


2. Copies of lease documents should be checked against the original documentation. Also look for side agreements for any extension or variance documentation relating to the original lease.


3. Copies of correspondence relating to existing tenancy matters should be handed to you. Ask for this specifically and drill down on the details of each matter.


4. Get copies of the current rental invoices and cross reference these to the tenancy schedules for the property. It is not unusual to come across in errors in the tenancy schedule or the rental invoices.


5. The tenancy schedule should be checked against the actual leases and other occupancy papers and the signed documentation between the landlord and tenant.


6. Check all outgoings charges and expenses that are applied to the tenancies within the managed property. The charging process should be shown on the rental invoices; you will need to check this amount and the process of recover that is adopted. It is not unusual to see errors in the outgoings recovery with tenants in managed properties. The process of checking will involve you getting copies of the current outgoings budget and the recent outgoings reconciliation.


7. The arrears that apply to the property and any tenancies should be identified as part of the handover. They are sometimes discharged at the time of settlement, although the question should be raised in case you are taking over the ongoing pursuit of the arrears with any existing tenants. If that is the case you will need copies of all previous correspondence and claims.


8. Current vacant tenancies within the premises may be the subject of lease negotiation. You will need copies of the lease offers that are or have been made and the status of the existing negotiations.


9. Details of the maintenance issues within the building will be required. The essential services within the building will be critical maintenance contracts to identify early in the Handover. Any threats to the stability and function of essential services should be identified and addressed immediately. The maintenance contractors for the building will understand the function of the existing plant and machinery; get details of these contractors and then set up meetings as quickly as possible.


10. Ask about any orders or notices that apply to the property or any part thereof. Check out any encumbrances, rights of way, or easements that apply to property usage.

So these are some of the main items that apply to the property management handover process. There will always be more issues and items to look at although these items listed above are the big ones to immediately get under control.

Commercial Property Management - Checklist for Property Management Handovers

If you want some more tips and ideas to help your commercial real estate agency and convert more opportunity into listings and commissions, you can get a free eBook of tips and tools at http://www.commercial-realestate-training.com

John Highman is an experienced Commercial Real Estate Agent, International Speaker, and Sales Coach.

How to Effectively Control Oily Skin

If you are not already aware the main focus of keeping the skin as clean as possible. If you are keeping your skin clean that there will be less of a shine to your skin and you will be helping to prevent the outcome of any blemishes from appearing, and there is nothing more valuable than a complexion that is clear and healthy. There are several skin care products designed for helping to control oily skin with the intention of keeping the skin looking clean.

The products that you can buy are designed to help lift any oily from the pores of the skin, and this action will allow the skin to breathe. As well as lifting any excess oils they will also help to remove any dead skin cells that are on the surface of the skin. Removing these dead skin cells is a vital step in caring for the skin, because if they become trapped in the pores, together with any excess oils that are produced, then there is the possibility that spots or acne lesions could develop.

\"Makeup For Oily Skin\"

So far excess oils have been mentioned and so to as dead skin cells. But bacteria also needs to be mentioned as it is this alone that can cause many problems with the skin especially if they start to feed on the dead skin cells and any excess oils that may be on the surface of the skin. And it is when such events that redness and inflammation on the skin appears and this is commonly referred to as acne.

How to Effectively Control Oily Skin

A very common question is asked as to why people do get oily skin? Some people have moderate oily skin that is not really going to cause much harm, but there are others who unfortunately have very severe levels of excess oils on the surface of the skin, and this makes the skin look dull and lifeless.

How to Effectively Control Oily Skin

When it comes to the amount of excess oils that are produced this is really determined by a persons genes and to some extent any hormonal imbalances that may be occurring within the body.

Common times when a person may experience hormonal imbalances is during puberty and also pregnancy. Stress can also release certain hormones that can lead to breakouts and it is for this reason that exercise is important such as yoga and meditation.

But despite the drawbacks associated with oily skin, there are some good notes and the main one is that the skin is being natural lubricated by probably the best anti-aging serum available, and for this reason, skin that is oily does not have a tendency to age.

More men seem to have oily skin compared to women, and this is generally why men seem to look better as they get older. Of course this does not mean that those people will not age, it is just done at a reduced rate. It is still important however if you have oily skin, that you are using the right beauty care products [http://www.yourbeautycarerep.net/?page_id=57] that are able to fight off wrinkles and fine lines.