Rental Property Carpet - 3 Secrets to Help Your Budget

Rental Property Carpet can represent a significant amount of a landlord's or property manager's budget. These types of dwellings typically have to replace carpet or flooring much more often than any other segment in the floorcovering industry. These purchases can add up in a hurry and may hinder profits if not watched closely. There are several options available to Rental property owners when it comes to carpeting. Some of these options you may have not been aware of and could save quite a bit of money over time.

1. Traditional Plush style carpet is the most used in rental property. This style is available in lower face weights down to 14-18 ounces (face weight is one measure how carpets are compared to each other). This 14-18 ounce range doesn't provide a very long lasting product. If you can go to a product in the 20 ounce range, it will last longer, saving you money on installations and materials by not having to change the flooring so frequently. Also, this entry level rental property carpet choice is offered in both polyester, PET and nylon yarn designs. Polyester is typically the lower end fiber used in these budget priced offerings. If you can afford to take a step to PET or Nylon, it will save you money in the long run as these two yarns will probably give you extra life on the carpeting.

Property

2. Carpet Tiles are a great option for rental property. The commercial design of the carpet used in tiles will hold up to an army and they are easy to replace if needed. The issue with carpet tiles and squares is that as first quality products they are very expensive. If you can find a dealer that has seconds, off goods or promotionals in carpet tiles, it is worth a look. Carpet Tiles and squares are also an excellent option for commercial rental property as well. Just be sure to find the right deal. You should be able to find deals on commercial carpet tile for under $.89 per foot.

Rental Property Carpet - 3 Secrets to Help Your Budget

3. Commercial carpet is a long lasting product. It may not be as appealing as a plush in a residential rental property or apartment, but the right colors might ease the look somewhat. Commercial carpet is similar to carpet tiles in structure. It is also similar to tiles in the fact that you will need to find very good deals in the form of seconds, overruns, promotionals etc, to fit this into a landlord's budget.

Rental Property Carpet - 3 Secrets to Help Your Budget

Landlords and property managers can shop locally or look online for a carpet wholesaler. Whether you are looking for plush carpeting, carpet tiles, or commercial carpet, be sure to check out Beckler's Carpet, a wholesaler, for your Discount Carpet and other flooring needs. Beckler's Carpet ships carpet, laminate, hardwood, tile and other flooring products all over the country.

The author, Eric Dyer is a writer for Beckler's Carpet based in Dalton, Ga.

For more information you can visit, BecklersCarpet.com or call Beckler's Carpet at 1-800-232-5537.

Objectives of Property Management

Managing a property should have the goals and objectives. There are two types of organizational objectives which are the short time objective and the long term objective. The short time objectives is considered to be within one year and the long term objectives is more than one year.

The short term objective is also called as operational objectives as it will continue to be daily operation. Property management activities which are daily are such as garbage disposal, housekeeping or gardening. The manpower who been appointed to carry out the work such as repairing pipes should be someone who have the skills and knowledge. The manpower should be the qualified person. Besides, the management structure should have been organised and always updated. Necessary information for example contract or service needs to check to ensure that the service is always available for the owner or need to be terminated. Property information such as taxes needs to be paid and financial information such as rental payment should be recorded. The daily monitoring on work of the employee is required to make sure the performance measurement is good and have the quality. All the things that have been mentioned above are under the short time objective.

Property

The long term objective is also called as strategic management. It is more on the policy making and interpretation. It is also about programmed formulation, implementation and activation. The owner seeks for the outcomes. For example, the mission of a hotel owner is to upgrade a 3 star hotel to 5 star hotels in 5 years time. Hence, the property manager will ensure and monitors all the essential works to make sure the mission will be achieved within the time.

Objectives of Property Management

The organizational objective is applicable for the life of the organization. It is included in the strategic plan, long term of five year plan and tactical plan. The organization should have the annual objectives. The short term objective in the operational plans should have the specific time horizon.

Objectives of Property Management

Munirah Fuzi

How Property Management Companies Work

With the recent debacle in the housing market many investors now find themselves landlords and in desperate need of a property management company. A property management company can be the perfect solution for those that never intended on being a landlord and have no clue on what it takes to manage a property, or it can be for the savviest landlord who just wishes to keep his distance from his tenant. In either case it is important to know exactly how a property management company works.

A property management company acts as a liaison between the landlord and the tenant. This can hold true for commercial property, such as strip malls, housing developments, such as apartments or condominiums, or even individual houses. As the name implies, the property management company is responsible for managing the property on behalf of the landlord. The duties of the management company include:

Property

o Advertising and showing vacant property.

How Property Management Companies Work

o Negotiating the lease of the property.

o Accepting rent.

o Responding to and handling tenant's maintenance issues.

o Keep the tenant apprised of any changes in an upcoming lease.

o Keeping landlord apprised of any issues arising from tenant.

o Making sure general maintenance is being done to the property, such as lawn mowing and landscaping.

o Aiding landlord in rules and regulations involving issues such as eviction.

As a general rule of thumb, most states require property management companies to be licensed real estate brokers if they are to advertise property and accept rent. Most states have a process to check for such license to ensure ethical work is being conducted.

Is a property management company right for you?

Having a management company can be of great value for those that own property but do not wish to deal with the hassles that come with being a landlord. They are also a great comfort to have for landlords that lives in a different state than where their property is.

When looking into a property management company there a few things to consider. How much they charge is always the first question asked. But more important is how long have they been in the business of managing property? You want to be sure to find a company that has many years of experience as they will undoubtedly have the know-how and experience to manage a property thoroughly and will be well versed in the rules and regulations that go along with managing property. You also need to consider the contract you sign with the company. Make sure they give an out if you are not happy with their services. Otherwise you could be stuck for some time with a company managing your property that you are not pleased with. The only way to get these questions answered is to ask. You can also talk to others who have employed a property manager and get their feedback.

Whether you are a landlord by accident or by choice you just might not want to deal with the tenants. Finding a good property management company is vital if you want quality tenants to occupy your property and now that you know how property management companies work, you can go out and confidently shop for one that will fit your specific needs.

How Property Management Companies Work

Compare property management companies by reading independent property management reviews given by landlords and tenants.

Malaysia Property Market 2012/2013

Generally, property prices in Malaysia have appreciated dramatically between 20%-100% beyond the affordability of most people giving rise to much discontent in the last few years especially in the state of Kuala Lumpur and Penang. Low interest rates, high liquidity, high labour costs as well as compliance costs and inflation which leads to rise in building material costs are some of the major elements that contribute to this surge in prices. Is Malaysia experiencing a 'property bubble'? It is a question yet to be answered.

It is a true fact that Malaysia property market has been doing well in the past couple of years. However, the Malaysian Government intervention has taken place recently. Malaysia Government is trying to 'cool' the local property market and prevent the property prices from rising further by introducing several 'cooling' measures.

Property

Under the Central Bank's new lending guidelines which took effect on 1 January 2012, loans are now approved based on net income rather than gross income. The volume of loan applications for residential properties declined by 3 percent year-on-year in August 2012, leading to a decline by 12.7 percent in loan approvals, according to OSK Research. This trend is said to be an indicative of the residential property market cooling following tightening measures by Central Bank. However, it is not rational to conclude that the demand for local property has been decreased based solely on this single data as the loan volume might actually remains relatively constant; it is probably just means that people are still able to borrow, just that they have to apply to a few more different banks nowadays compared to last time.

Malaysia Property Market 2012/2013

Under Budget 2013, the real property gains tax (RPGT) rate for properties sold within two years was increased by 10 percent to 15 percent while the rate for properties sold within three to five years was raised from 5 percent to 10 percent. This second year of hike in RPGT acts as a very first step to contain the issue of rising property prices although it is less likely to have an impact in curbing excessive property market speculation, according to property analysts.

The various minimum limits for foreign purchases imposed by the Government for different states also aim to protect the interests of local Malaysians. For instance, the minimum limit for foreign purchases of all properties is RM1 million in Penang while landed properties is in higher limit which is RM2 million starting from 1st of July 2012. However, the limits are considered low for foreigners who are cash rich. The developers will most probably rising the property prices in order to target and attract these potential foreign buyers. Besides, these foreign purchase transactions constitute only 2.26% in the year of 2011 in Penang. Thus, there is a big question arises as to whether these limitations will be effective enough to control speculation in Penang properties that is continuously driving up in prices.

It is believed that the property prices in Malaysia will continue to rise, but at a slower pace in the coming months and will continue to rise in the coming year of 2013 because the local buying interest will remains strong due to increasing affordability, the local buyers see homes as hedge against inflation and have no other options in alternative investments. Additionally, the cooling measures taken by the Government is said to be not good and effective enough to prevent property prices from rising further. Besides, there are many foreign buyers who are very interested in buying Malaysia property. For illustration, there is a lot of interest from Singaporean in buying Johor Bahru property. The Malaysia property market is expected to grow despite rising property prices in the near future.

Malaysia Property Market 2012/2013

I have a passion and like to share knowledge regarding Property Investment. I strongly believe that every Real Estate or Property Investor should be equipped with knowledge and "common sense" before they start to do investment. Follow or bookmark my blog for more news, tips an updates regarding Property Investment http://malaysia-propertymarket.blogspot.com/

The Differences Between Commercial and Residential Property Investment

When you invest in residential property you are essentially dealing with people. When the rent is late, you have to deal with a person - the tenant. If you feel the property is not being looked after properly, you will have to deal with people who may have a different opinion from you.

With commercial property, you are essentially dealing with contracts. If the rent is not paid on time, then the contract (lease agreement) stipulates a series of remedies that the landlord can take. If the property is not kept up to a certain standard, then the contract may stipulate that you can send in a commercial cleaner and send the bill to the tenant.

Property

Generally, governments around the world have countless rules governing the renting of property to residential tenants, which override anything that you may put in your rental agreement. For example, in the UK, if a tenant is behind in their rent, you cannot just evict them. There are all sort of protections in place so that the tenants will not be exploited. You have to allow them to fall behind in rent for at least 30 days before you can start eviction proceedings.

The Differences Between Commercial and Residential Property Investment

With commercial property, what is in the lease contract is generally what goes. Many commercial leases have a clause in them that stipulates that if the rent if late by more than a week, then penalty interest will be applied to the amount of rent outstanding. If the tenant still has not paid the rent a certain period of time thereafter, then you have the right not only to change the locks and take your premises back, but also to seize all the tenant's fittings, furniture and equipment on the premises, and to sell them to recover the rent owing. Your rights as a commercial landlord are far stronger than those as a residential landlord.

With commercial property, the tenants usually derive their income at your premises. Therefore they have a vested interest in keeping your property in good condition. With residential tenants, there is not the same drive to maintain your property, let alone improve it. With my commercial property, I spent thousands of pounds changing the business from a men's hairdressers (which it had been for the previous 30 years) - into a real estate business. In fact, for the first couple of years, we often had men coming to the property and looking inside expecting to have their haircut.

With a commercial lease, the tenants often paint their premises every couple of years so that it will be attractive to customers. In fact, in a commercial property, the tenant is responsible for whatever maintenance repairs occur. So if there is a plumbing problem in a commercial property, it is up to the tenant to bring in his own plumber and to be responsible for whatever bills are presented to him. In a residential property, the tenant is entitled to call the landlord or the management company - they are compelled by law to fix whatever repairs are necessary.

Another fundamental difference between residential and commercial property concerns the typical length of the lease. With residential properties it can be on a month-to-month basis, but is rarely longer than one year. Commercial properties, on the other hand, are generally leased for many years at a time. From the tenant's perspective, it gives their company or business the security of the same premises to work out of. Banks like long-term leases as well: the longer and stronger the lease, the more willing they are to lend money on the property.

In some countries a tenant cannot rent the premises with a lease that is under 5 years. There is an upside to this and a downside to this. The upside is that his business is secure in that location for at least 5 years. He cannot be asked to move. The downside is that if times are bad, he might be able to pay his rent and he has no wiggle room to get out of that lease. So in the end he possibly could lose everything. He could lose whatever deposits he has put down, he could lose his furnishings, his equipment. He could theoretically lose the essence of his business.

So far, you can see there are a lot of advantages of commercial properties over residential ones.

To summarise the main categories of commercial property:

1. Retail: shops or any building where passing trade or the general public are invited
2. Office: commonly found with retail or alone, and often above the retail areas on the ground floor
3. Industrial: places where things are manufactured or services provided - but not necessarily where the general public are walking past.

Commercial property is much more specialised than residential and it may be more difficult to find a tenant in the area of specialisation catered to by your building.

Typically banks will lend you up to 80% of the value of the property on a residential investment. However, with commercial property usually the maximum is about 60%.

The biggest advantage of residential property over commercial comes when your property is empty. If you have a house where the tenants have just left, if you have bought it in a good location and the market is reasonably active, then you should be able to find tenants quite quickly. Generally even in a slow market, the only reason why a residential property sits empty for a long time is because of the rental price. If you drop your rent by 10% or more, you will usually get a tenant. However, this downturn economy has vastly affected both residential and commercial properties. Workers who have been made redundant find that they cannot pay the rent. Many commercial properties are suffering because their tenants have been forced out of business.

With residential property, if your tenant has been laid off or fired, it may take you months to be able to evict him let alone find another tenant. In a commercial property, you are entitled to keep his deposits, fittings, equipment and furnishings, but that still doesn't give you an income for that property. And right now there are many commercial properties that are going bankrupt. So my best advice is that in this downturn economy, that while there may be numerous opportunities for investment, be aware that there are just as many situations where you could lose a great deal of money.

Let's look at commercial property that has been empty for 3 months or 3 years, then the problem may not be because the rent is too high. Even if you were to slash it in half you still may not find a tenant.

The reason for this is simple. Just about any residential property on the market has all that is required for someone to live in it. However, when it comes to commercial property, the requirements vary hugely from tenant to tenant. For example, when a dog food cannery becomes vacant, it may not be simply a matter of reducing the rent to find a tenant. No matter how much you drop the rent, no photographer looking for a studio is likely to settle for the dog food cannery. No shoe shop that relies on passing foot trade will want the top floor in an office tower, no matter how good the view or how reasonable the rental.

To summarise the differences between residential and commercial property:

Residential
Tenants have little interest in maintaining or improving your property
Leases tend to be short
Tenants contact the landlord for minor problems
Governments tend to legislate to protect tenants rights
Banks lend up to 80% of the value
If the property is empty, it is usually easy to find a new tenant
You deal with people

Commercial
Tenants have a strong vested interest in the upkeep of your property
Leases tend to be long
Tenants tend to fix minor problems
Governments tend to leave you alone
Banks will lend only 50-60%
The appraised value when tenanted may be 2 or 3 times the value when empty
If the property is empty, it may be difficult to find a new tenant
You deal with contracts, not people

If you were coming to me for property investment advice and you didn't know which would be better for you: to buy a house or to buy a piece of commercial property. The first thing I would say to you is: research, research, research commercial property. Find out everything you possibly can about being a landlord, about tenancy agreements, about your areas of responsibility, the tenant's areas of responsibility, and when you have spoken to a number of commercial property landlords, and gotten to understand the business really really well, then I would look for a group of investors who would go in on a building with you.

I would also look for a syndicate - you would be just a small part of that syndicate. Your financial obligation would be very small in comparison if you had just gone into it yourself or with one or two other people. A syndicate usually implies a large group of investors. The upside is that you don't have to have much of a cash outlay if you invest with a syndicate. The downside is that you don't make as much money if you invest with a syndicate. But your risks are greatly reduced, which is why people have a tendency to look for syndicates. When you have a syndicate investing in residential property, a lot has been written about landlords - that the landlord or landlords plural, are just soulless people out to gouge as much money out of their tenants as possible, making the fewest number of repairs they can get away with. The laws governing commercial property makes that condition less likely - mainly because most of what we are talking about is the tenant's responsibility.

The Differences Between Commercial and Residential Property Investment

The Property Management Contract - What You Need to Know

The Property Management Contract - Taking it Apart

The manager will be taking on significant responsibilities with the owner's real estate. It is important to look at the contract and at a minimum it must

Property

1. Name all parties to the contract

The Property Management Contract - What You Need to Know

2. The legal property address

3. Define the responsibilities of the manager and the owner

4. Enumerate all fees and commissions for leasing or real estate sales.

5. Define the term of the contract

6. Both parties must sign and date the contract

What is Agency?

"It may be referred to as the relationship between a principal and an agent whereby the principal, expressly or impliedly, authorizes the agent to work under his control and on his behalf. The agent is, thus, required to negotiate on behalf of the principal or bring him and third parties into contractual relationship."

Wikipedia

Basically you are signing off and binding the manager to act in your behalf and in your best interest regarding the management of the property.

The Take-away:

1. You should require a current license and go to search your state dept. of Real Estate to see if it is current and that there have not been any complaints or suspensions or revocations of the real estate license.

2. You should also check with your local Better Business Bureau and ask for referrals. 3. Finally, ask to see the general liability insurance policy and if the principals have errors and omissions insurance.

The length of the Contract: Often this is one or two years. Property Managers don't like a month to month contract because they need to get the tenants into the rent roll and into their system. They also need a little time to learn the property. One year should be a minimum.
The Take-away: Be sure that the contract can be voided, without having to provide reason and without penalty with a written 30 day notice to terminate the arrangement. Be sure that your written termination date matches the hire date or you may have a deduction for early termination. If the hire date was on the first, terminate on the first.

Duties and Responsibilities of Managers

1. Maintenance and Inspections: In a general sense they should perform all the duties necessary to maintain and manage the property. You may specify that certain tasks or procedures remain the owners to do. Many owners like to do their own maintenance.

The Take-away: Property management companies often have their own handyman and you should be very clear about how this works. If a light bulb is out and the handyman has to travel back and forth and change the bulbs, there is likely a minimum one hour charge. It could cost you .00 to change a light bulb.

2. Major Repairs: you should expect that all major repairs be completed with three independent bids and receipts to back up the billing.

Take-away: To protect yourself, you should establish limits on how much can be spent without having to get your approval. If the bids all seem high, we think you should have the right to bid it out yourself. If you do, you would then be responsible for the outcome and if it was not up to code, the management firm may not want to represent you. So, for those who know what they are doing, this might be a money saving option on big jobs.

3. Inspections: The manager should be there for all city inspections and without any charge. This is part of the management of the property.
Take away: you should have in writing that the company will also provide annual inspections and a written report.

4. 24 Hour emergency Service: This is part of basic management. There must be a 24 by 7 response team and there should be no extra charge for this. Its part of the basic manangement of a property.

Tenant Screening and leasing

1. Marketing and advertising the rental: The company should be familiar with the local market and be able to price the unit so that it rents reasonably fast and at the right rent. A poor rental process can cause you time on the market while all the bills still have to be paid. We have seen many companies try to hit home runs with getting the highest price only to be over zealous and cost the owner months of income.

The take-away: Ask the company how much leasing experience they have, how long a property is on the market. How to they come to their pricing strategies and how they intend to advertise, and are there any costs involved. We think that craigslist and a company website should do the job. With the exception of luxury properties, newspaper classifieds are a costly
expense.

2. Tenant Screening: What are the tenant screening criteria. he company should be able to clearly offer you a set of rules. This should never be an off hand "we pick em if we like em" approach. Thats a law suit waiting to happen. We will write on fair housing, the federal government's body of law governing housing and discrimination. meanwhile there are a series of articles at our website you can read if you need to know.

Financials:

All management companies should have accounts online and always available. The bigger companies will have an accountant in the company. Thats a plus.

The company responsibilities are:

1. Track income and expenses to determine profitability

2. Rents and other fees from the property shall be deposited into a special bank account or trust as required by law and cannot become mingled with the company funds.

Issue monthly income statements

3. Negotiate rental agreements

4. Respond to tenant requests and deal with problem tenants

5. The Agent should collect the rents and other income from the property promptly

6. From the rents received the Agent should pay all operating expenses and such other expenses as requested by the Owner. This may include the payment of mortgages or taxes.

Howard Bell for yourpropertypath.com

The Property Management Contract - What You Need to Know

www.yourpropertypath.com

At Your Property Path we believe that knowledge should be free and freely shared.

Commercial Property - What Is My Commercial Property Worth?

As a property investment company, which offers its clients a full estate agency service that is backed by professional advice and personal attention, we are often called upon to answer questions like ...

"What is my commercial property worth?"

Property

This is by no means an easy question to answer and to be perfectly honest it's only worth what someone is willing to pay. Having said this, we do however use a number of basic formulas so as to calculate the value of commercial property.

Commercial Property - What Is My Commercial Property Worth?

The first method

We will measure the land and determine the square meterage. We will then determine the market value per square meter which is dependent on the area in question. We then multiply the square meterage by the price per square meter. This will give us a rough indication of the value of the land. The price per square meter normally decreases as the size of the land increases. The price per square meter will also be affected by factors such as the proximity to road and rail networks as well as by shop frontage, foot traffic and so on ...

After we have evaluated the land, we will evaluate the improvements such as the height, size and general condition of the buildings. It is normally quiet simple to determine the replacement value of the facilities by keeping your finger on the local building costs. You can then compare the price of new build and marginally discount the price depending on the current state of the buildings. The ratio between the cost of new build and existing stock will vary depending on a number of economic factors. These factors are cyclical in nature but can be determined by an understanding of where in the property cycle we are at. (This will however unfortunately go beyond the scope of this article.) Finally, if you then add the value of the improvements to the value of the land, you will have the results of the first method.

The second method

This is more often than not the preferred method of evaluating what commercial property is worth. It is also favoured by the vast majority of property investors. Using this method, we will simply evaluate the rental yield that the property can produce. The rule is simple: the higher the rent, the higher the value of the property. What most investors do, when contemplating their acquisitions, is to divide the annual rent that they will receive by the purchase price that they will have to pay. They will then compare one property with the next and will usually settle on the one that offers them the higher yield.

They will however also take into account the strength of the tenancy agreements. If they are buying A-Grade office space with a Blue Chip tenant, a long term lease and favourable escalation clauses they will normally accept a lower yield as there is less risk to worry about. If however there are any concerns as to the integrity of the tenant, or if the lease is about to expire, then the potential risk increases. The only way to compensate for increased risk and potential void periods is to lower the purchase price and offer a higher yield.

The third method

This involves a healthy mix of the above two mentioned methods. Firstly we will evaluate the yields, this being the easiest method to compare apples with apples. We will then discount or add on to the value depending on the strength of the tenant and their lease agreement. Finally we will take a look at the value of the land and add to that the value of the improvements. That way, regardless of how the tenancy runs we will at least know that there is good value in the physical asset.

Having demonstrated to you the various methods of evaluating commercial property, please remember that at the end of the day, these methods and formulas only serve as a guideline. We always advise our clients that we can estimate the value but that only the market will determine the true selling price. Commercial property, like all property, is only worth what a willing buyer is prepared to pay for it!

Commercial Property - What Is My Commercial Property Worth?

This article was compiled by:
Bradley Hancock - Founding member of PPI

Portfolio Property Investments (PPI) is a web based property investment company that offers its clients expert advice on property market trends and specializes in putting together offshore property investment packages on behalf of their client database. It is also possible to subscribe to their monthly newsletter that is aimed at keeping their clients up to date and ahead of any developments in the global property markets. You will also find that they offer a number of useful property investment tools as well as an email notification system that one can register for and be the first to receive the latest property investment opportunities as and when they get listed.

Bradley can be contacted on the following:
Email: bradley@portfolio-property.com
Tel: ++27 72 0196192

Or visit their unique property investment website at:
http://www.portfolio-property.com/

Treasures from State Unclaimed Property Vault Auctioned on Ebay

Unclaimed treasures from abandoned safety deposit boxes and police property rooms are being auctioned to the highest bidder online! Find out how to bid on this unclaimed property and how to make sure none of your property ends up in the auction.

Safety deposit box contents

Property

After a safety deposit box has been abandoned for 3 years (in most states) the contents are turned over to the State's unclaimed property department. Safety deposit boxes are considered abandoned when the fees for the box are not paid and the owner cannot be reach through the contact information provided by for the box.

Treasures from State Unclaimed Property Vault Auctioned on Ebay

The state auctions the unclaimed property retrieved from the safety deposit boxes, since the owner of the box cannot be located. The funds received from the auction are available to the owner, if the owner ever tries to recover the property.

In the past the states held local auctions to sell the safety deposit box contents but now the states are utilizing the power of the internet to auction this unclaimed property.

The items that are found include diamond necklaces, wedding and engagement rings, ruby necklaces, rare coins and stamps and much more.

Ebay and State Unclaimed Property Auctions

The States have begun utilizing eBay to auction the unclaimed property. Often times the contents are valuables including family heirlooms and jewelry. The auctions are held at different intervals for different states, and there may be times there are no items for sale.

These auctions have received higher bids then the states could achieve with local auctions. In Massachusetts the most recent auction of 200 lots received 0,000 in sales!

The following states are offering online unclaimed property auctions through ebay:

At www.ebay.com, you can go to advanced search and enter the seller name into the section titled "From specific sellers (enter sellers' user IDs)":

State of California
eBay Seller Name: ucpauction

State of Colorado
eBay Seller Name: co.unclaimed.property

State of Indiana
eBay Seller Name: indiana_unclaimed

State of Maryland
eBay Seller Name: mdcompschaefer

State of Texas
eBay Seller Name: tx.unclaimed.property

Washington DC
eBay Seller Name: DistrictofColumbia

Police Department Property Rooms Utilize Online Auction Room

Law enforcement agencies nationwide have property rooms full of stolen or forfeited goods. The rightful owners are not easily identified, and once property is no longer needed as evidence, it must be disposed of properly. Propertyroom.com was founded and managed by former police officers. The about us page states it, "...harnesses the power of the Internet to quickly move items out of police property rooms, reduce personnel costs and generate revenue well beyond traditional police auction methods. And there is no cost to the participating police or sheriffs department."

You can view items currently being auctioned at www.propertyroom.com. You can filter your search to include "police items only" by checking the box indicating "Show me police items only".

How to Make Sure Your Property Doesn't End Up in the Auction Room

There is over Billion in unclaimed money and a large amount of unclaimed property in the US. This property and missing money goes unclaimed year after year.

o Keep record of your safety deposit box(es)

o List an heir to your safety deposit box(es)

o Maintain up to date contact information on all accounts and safety deposit boxes you own

o Search for Unclaimed Money and Property Owed to You

You can search databases to see if any unclaimed money or property is owed to you.

Treasures from State Unclaimed Property Vault Auctioned on Ebay

Nicole Anderson offers a free search for your portion of the + BILLION in unclaimed money in the United States. Millions of Americans are unaware they are owed money. It could come from old savings bonds, uncashed checks, checking and savings accounts, the list goes on and on. Click on to http://www.cashunclaimed.com for your free search and see how much money is owed to you and your family.

One searchable database is [http://www.cahsunclaimed.com]http://www.Cashunclaimed.com. This site is unique because it searches all states and federal databases, which reduces the chance of missing money reported in another state or having to search all 50 state databases.

The Four Types of Intellectual Property

Intellectual Property

If you own a business or are thinking about starting a new business, you should familiarize yourself with what is known as intellectual property. Intellectual property is a phrase used to describe certain legal rights that people may hold over "creations of the mind," such as works of art, writing, inventions, designs, ideas, music, or choreography. There are four main types of intellectual property -- copyrights, patents, trade secrets, and trademarks.

Property

Copyrights

The Four Types of Intellectual Property

A copyright is a form in intellectual property that protects the original authors of both published and unpublished creations. The rights of authorship for these works remain solely the possessions of the originator for a specified period of time under copyright law. Once the time period has elapsed, then these works are open to others for reproduction and republication.

Copyrights are registered through the U.S. Copyright Office. Copyrights filed in or after 1978 will last for the entirety of the author's life plus 70 years after his or her death.

Patents

Patents are legal property rights applied to inventions (as opposed to works of any kind of art or literacy), and they must be distributed by the United States Patent and Trademark Office. Typically, patents apply to such items as processes, machines, manufacturing designs, biological discoveries, or "compositions of matter."

Like copyrights, patents are available to the inventors for only a certain period of time before they expire. Patents generally last for 20 years after the date on which the patent application is filed.

Trade Secrets

Trade secrets are practices, designs, formulas, processes, recipes, or ideas used by a company that allows it to gain leverage in its industry. Typically, trade secrets are kept hidden by one's own means, as opposed to being protected through government policies such as patents or copyrights. An example of self-protection commonly used with trade secrets is locking the pertinent information away in a bank vault. Since trade secrets lack legal protection, once they are leaked to the general public, they are available for use by anyone.

Trademarks

Trademarks include any words, phrases, symbols, logos, designs, or devices that are used in association with a particular brand or good in order to distinguish it from other products of that industry. Trademarks are used for identification purposes, and are legally protected once they have been registered with the United States Patent and Trademark Office.

The Four Types of Intellectual Property

Joseph Devine

Contact Us

If you would like to learn more about intellectual property, please visit http://slaterandkennon.com/

Can My Parents Gift Real Property To Me Directly From Their Living Trust?

Question: I am not sure if this is the place, or if this question can be asked / answered here.

My parents have property / real estate currently held in a trust whereby they are both the Grantor and the Trustee. I am the Successor Trustee.

Property

Is it possible to transfer 'ownership' of this property from that trust to me prior to their death?

Can My Parents Gift Real Property To Me Directly From Their Living Trust?

I am aware there are several methods to do this. However, what we would like to do is simply transfer ownership (not sell), whereby I become the legal owner of this property.

Would the trust simply have to be changed whereby I am now the Trustee, hence, the owner?

Also, what might the tax considerations be when the property is transferred from one person to another without the property being bought / sold? Regards, W.F.

Answer: Dear W.F. - Yes, the property can be transferred from your parent's trust directly to you via a quit-claim deed. However, there are two things that you have to be concerned with: (1) will the property be "marketable" if you decide to sell it at a later date, and (2) what will the tax consequences be as a result of this transfer?

Let's look at the "marketability" issue first. By "marketability" I mean, will you be able to prove to a prospective buyer that you have good title to the property? A deed that comes from a living trust may not be acceptable unless the prospective buyer can also look at the trust instrument to see that the transfer of the property is authorized. Your mother and father could amend the trust instrument to authorize the transfer but, remember, as trustees they are acting in a fiduciary capacity. That means they aren't acting on their own behalf, they're acting on behalf of all the trust beneficiaries. If there are other beneficiaries of the trust, they would have a legitimate complaint if the property was given to you as a gift. To be safe, you'd probably want all the other beneficiaries to sign-off on the transfer. If I was to purchase this property from you ten years from now, I would want to know that the other beneficiaries didn't have a claim to the property.

Whether the deed to the property is a quit-claim deed or a warranty deed, a prospective buyer wants to know that he's buying good title to the property. In order to have that assurance, he'd want to see the trust instrument recorded along with the deed to the property, and he'd want a signed and notarized consent from all the other beneficiaries of the trust recorded on the land records as well. That's not something that most trust owners want to do.

You see, when you're taking title to real property, you want to be sure you can sell it later on for it's full value. Being able to show a good title to the property is vital to its marketability. When you take property from a trust, it gets a lot harder to prove good title.

There's a couple of other issues that you should be aware of when you take real property from a trust. If your parents have a title insurance policy on the property, you should check with the title insurance company to see if the policy will be canceled as a result of the transfer. It's likely that it would be canceled because you would not be a "successor in interest" under the policy. In that case, you would have to purchase another title insurance policy and pay the additional premium, or simply go without and incur the risk of having a defect in the title.

If your parents have an existing mortgage on the property that is being transferred to you, then you need to check with the lender before the transfer to see whether there is an existing due-on-sale clause. If there is, then the lender may try to call the loan when the transfer is made. The lender may be prevented from calling the loan, however, under the Garn-St. Germain Depository Institutions Act of 1982. Under §341(d)(6) of that Act, an exemption may apply in the case of a real property loan that is secured by a mortgage on residential real property where the spouse or children of the borrower become an owner of the property. You'd have to check to see if that exception applies in your case.

Now, let's look at the tax consequences of transferring the property directly from the trust. Since this is a gift, there will be no realization of capital gains or ordinary income on the transfer. You will, however, inherit your parent's tax basis in the property. This is the same result that would be obtained if the property was transferred directly from your parents.

From a gift tax perspective, however, there is a distinct disadvantage to transferring the property from the trust; that is, the annual gift tax exclusion (currently ,000) would not apply because gifts from a trust do not qualify for the annual gift tax exclusion. If your parents have an estate large enough to be concerned with estate taxes, then they probably won't want to give up that annual exclusion because it would require that they use up that much more of their unified credit against estate and gift taxes.

You should be aware of state gift tax laws as well. Certain states, for example, only provide for a gift tax exclusion equal to the federal annual gift tax exclusion. If the federal annual gift tax exclusion is not available, then an actual gift tax will have to be paid in the year of the transfer. This alone will often kill the deal once it becomes known to the transferor.

As you might have gleaned from the above, there are some real disadvantages to gifting real property from a living trust. However, those disadvantages can be avoided entirely by simply transferring the real property back to the grantor (your mother and father in this case), then having them transfer the property directly to you.

By so doing, you avoid problems with a due-on-sale clause if there is a mortgage on the property. You avoid a termination of any title insurance policy on the property. You insure a prospective buyer that you have good title to the property without having to record the trust instrument and without having to obtain the blessings of the other trust beneficiaries. And, finally, your parents can claim the annual gift tax exclusion, which may save considerable estate taxes somewhere down the road.

In the final analysis, it may cost a few extra dollars to transfer the property back to your parents and then to you, but it will be well worth it.

Can My Parents Gift Real Property To Me Directly From Their Living Trust?

Attorney Michael Pancheri is a practicing attorney and the founder and CEO of the Living Trust Network. You may contact him by email at info@livingtrustnetwork.com. You may also contact him at the Living Trust Network's web site. Its URL is http://www.livingtrustnetwork.com.

Copyright 2006. The Living Trust Network, LLC.

The Best Refinance Investment Property Interest Rate

If you are considering a refinance of your investment property mortgage, now is still a very favorable time. While interest rates are no longer at rock-bottom prices, the rates are still historically low.

Refinancing your investment property mortgage loan is never a simple matter, but there are a few things which you can do to insure that you get the best refinance rate possible. Here are 4 tips you can use to help you in the process:

Property

Tip #1: Get the Best Refinance Investment Property Interest Rate by Doing Your Homework

The Best Refinance Investment Property Interest Rate

Even if you choose to use a mortgage broker, you will find that interest rates constantly change, literally hour by hour. By taking the time to educate yourself about mortgage rates you can help yourself to better gage when the rate is at its best it is likely going to be. By reading about mortgage rate trends, the U.S. economy and other financial news you can help insure you get the best refinance mortgage rate possible.

Tip #2: Get the Best Refinance Investment Property Interest Rate Possible by Using a Mortgage Broker

Brokers are professionals in their trade. Just as an accountant is the best person to do your income tax returns, a commercial mortgage broker is trained and skilled in helping you to find the best refinance investment property rate possible. A broker has access to literally thousands of lenders and programs to choose from. They can suggest lenders for just about every scenario possible. If you have bad credit, if you are self-employed, etc., no matter what your unique situation is a commercial mortgage broker can help find you the absolute best deal possible.

Tip #3: Get the Best Refinance Investment Property Interest Rate by Buying Down

Assume for a moment that the best commercial mortgage rate available today is 6%. By buying down your rate you can lower your interest rates over the length of your loan. This is also called "paying points." If you were to buy down the 6% rate, you might easily end up with a 5.5% mortgage. The cost to you would be a few thousand dollars at closing; however, this would save you tens of thousands of dollars over the life of your mortgage term. Paying points always makes sense if you have the available capital and do not need to use it in other areas of your business.

Tip #4: Get the Best Refinance Investment Property Interest Rate by Negotiating

A little known fact is that mortgage rates and even fees are always negotiable! By playing two lenders, or even two brokers, against each other, you can come up with an absolute rock-bottom interest rate. Successful negotiation requires that you are always prepared to walk away from the deal, that you say "no" until you get what you are looking for, and that you are both patient and well educated.

By educating yourself, using a mortgage broker, paying points, and using simple business negotiation skills, you can get the best refinance investment property interest rate available. Whether you have excellent credit, or not so good credit, you can find an excellent rate and refinance your current commercial mortgage. By doing your homework you can save yourself thousands of dollars over the life of your investment property loan.

The Best Refinance Investment Property Interest Rate

Get the best refinance investment property interest [http://www.kiscl.com/whatsnew_sitemap.php] rate by doing your homework. KISCL, http://www.kiscl.com has all of the tools of seasoned real estate pros to help you navigate the commercial market. With our program you can analyze your property instantly and know the deal is right!

What You Should Know About Property Management of Commercial Properties

Now that you have made an offer to acquire a commercial property and are waiting to close escrow, you may want to start looking for a property manager to professionally manage the property. Your real estate investment advisor should present you with 2 or 3 local companies, each with its own proposal. Your job is to decide which company you will hire. The property manager will be the main point of contact between you, as the landlord, and the tenants. Her main job is to:

1. Receive and collect the rents and other payments from your tenants. This is typically simple until a tenant does not send the rent check. A good property manager will somehow get the tenant to pay the rent while a lousy one will throw a monkey on your back!
2. Hire, pay, and supervise personnel to maintain, repair and operate the property, e.g. trash removal, window cleaning, and landscaping. Otherwise, the property loses its appeal, and customers may not patronize your tenants' businesses. The tenants then may not renew their lease. As a consequence, you may not realize the expected cash flow.
3. Lease any vacant space.
4. Keep an accurate record of income and expenses, and provide you with a monthly report.

Property

A good property manager is critical in keeping your property fully occupied at the highest market rent, the tenants happy and in turn helps you achieve your investment objectives. Before choosing a property management company, you may want to:

1. Interview the company with focus on how the company handles and resolves problems, e.g. late payment.
2. Talk to the person who will manage the property day to day as this may be a different person from the one who signs the property management contract. You want someone with strong interpersonal skills to effectively deal with tenants.

What You Should Know About Property Management of Commercial Properties

The property managing company normally wants a contract for at least one year. The contract should spell out the duties of the property manager, compensation, and what will require the landlord's approval.

Agent's Compensation: you will have to pay someone to manage and lease the property. You may have one company to manage the property and a different company to lease the property. However, it's best to work with one company that handles both managing and leasing to save time and money.

1. Management fee: the fee varies between 3-6% of the base monthly rent for a retail center, depending on the amount of work needed to manage the property. For example, it takes much less time to manage a M retail center with just a single tenant than a M retail strip with 12 tenants. So, for the center with 12 tenants, you may have to pay a higher percentage to motivate the property manager. You should negotiate the fee as a percentage of the base rent instead of the gross rent. Base rent does not include NNN charges. Ideally, you want a lease in which the tenants pay for their share of property management fee.
2. Late fee: when a tenant pays late, he is often required by the lease to pay late fee. The property manager is allowed to keep this fee as an incentive to collect the rent.
3. Leasing fee: this fee compensates the property manager to lease any vacant space. In a typical lease contract, the leasing company wants 4-7% of the gross rent over the life of the lease. It also wants the leasing fee to be paid when the new tenant moves in. In addition, the leasing company wants around 2% of gross rent when the lease is renewed. The tenant may also ask for Tenant Improvement (TI) credit, typically between -20 per square foot to pay for construction expenses. So if a new tenant with a 10-year lease goes under after one year then you may lose money. As the landlord you should:

• Approve a long term lease (10 years or longer) only when the tenant's financial strength is solid. Otherwise, it may be better to reduce the lease to 3-5 years.
• Make sure the new lease has a provision for some kind of rent escalation, preferably based on Consumer Price Index (CPI), i.e. inflation which is 3-4% a year instead of lower fixed 1-2% annual increase.
• Consider TI request from the tenant as one of the factors to approve a lease. The TI credit depends on whether you need the tenant more or the tenant needs you more.
• Negotiate for a flat rate renewal fee, e.g. 0 instead of paying a percentage of the rent for the life of the lease. The negotiation is easier with one company that handles both leasing and management.
• Negotiate to pay the leasing agent a lower percentage, e.g. 4% when no outside leasing broker is involved.

You can see that it's very important to minimize tenants' turnover rate as it has a direct impact on the cash flow of your commercial property. A good property manager will help you achieve this goal.

Monthly Report: each month the property manager should send you a report on income received, expenses incurred, and property status. You should Review the report to see if the numbers make sense. You should:

1. Request a report showing both rent and CAM fees received.
2. Request a separate bank account for your property and have a monthly bank statement sent to you. Without this, the property manager will deposit and commingle all the rents from all properties that she manages into her company's bank account.

If you instruct the property manager to send you the excess cash flow then you will also get a check.

Landlord's Approval: the management contract should specify the dollar limit for exceptional maintenance expense above which would require your approval. This amount varies from landlord to landlord as well as the type of property. However, it's typically somewhere between 0 to ,000 dollars.

Communication with property manager: in the first few months, you and the new property manager should communicate often to make sure things go smoothly. You should give instructions in writing, e.g. email, to your property manager and keep records of all your correspondence. If the property manager does not do what you instructed, you may refer to your records and minimize disputes.

If you want to work hard for your money, you may want to manage your own property. However, if you want to work smart, your partner should be a good property manager.

What You Should Know About Property Management of Commercial Properties

David V. Tran is the President and Chief Investment Advisor at Transmercial (formerly eFunding, Inc.), a commercial real estate & loan brokerage company in San Jose, CA. His website is http://www.transmercial.com He may be contacted at (408) 288-5500. Transmercial does business in all 50 states. He is the #1 US commercial real estate expert author. David currently offers 3 FREE real estate investment seminars:

1. How to invest in commercial real estate for early retirement income.
2. How to maximize cash flow with 1031 tax-deferred exchange.
3. TIC: Fractional ownership in high-value commercial properties.

David's blog features a daily list of Best Commercial Properties in the US to invest for early retirement income.

You are welcome to share this report, unedited and in its entirety, with anyone you like. You may not remove this text. © 2007-2009 Transmercial.

Professional Property Management: Functions of the Management Company

Property Management Functions:

» Agency
» Maximizing Occupancy
» Financial Reporting
» Communication
» legal Compliance
» Maintenance Coordination

Property

Agency

Professional Property Management: Functions of the Management Company

The property manager's primary task for successful management is a comprehensive understanding an owner's goals and expectations. As agent or fiduciary for the owner, the property manager makes it an absolute priority to remain loyal to and honest with the owner at all levels of the transaction management process, including property management.

Maximizing Occupancy

Occupancy levels of properties determine their income. The financial implications of vacancies for owners are the number one concern. Therefore, maximizing the occupancy of all properties is the primary goal of any management company. Yet depending on the amount of upside potential of a property versus the cost of obtaining new tenants, the strategy employed for maximizing occupancy may vary considerably from one property to the next. An outstanding manager excels in determining the best course of action, either for retaining existing tenants or finding new tenants. If finding new tenants is the chosen objective, after a careful evaluation of market rents, the manager uses every means of advertising at its disposal to get results: on site post and banner advertising, creative and aggressive custom web campaigns with videos, or newspaper advertising -- with the aid of publicists if necessary and within budget.

Financial Reporting

A key responsibility of the property management company is the preparation of financial reports for the owners. Since financial reports are designed to meet the specific accounting needs of owners, the frequency, format, and detail level of financial reporting required is dictated by the owners. The number of reports issued and timing of reports also varies depending on property ownership structure and the accounting or supervisory needs of owners. State-of-the-art property management software to achieve the most proficient custom financial reporting is a must.

Communication

Owners expect their real estate managers to know more about their properties than anyone else and, more importantly, to communicate that knowledge frequently and in detail. The frequency of communication expected will vary from owner to owner. Different levels of ownership experience, varying property types, conditions, and locations all make for varying degrees and frequency of reporting required. A great management company is expert at working with owners to determine the right amount and frequency of reporting required to achieve expert communication whilst maintaining the highest level of management productivity. Best of all, with the online owner information portal, owners can easily access property information, rent rolls, and property financials anytime.

Legal Compliance

A management company has to be careful to fulfill all legal requirements-federal, state, or local- for managing and operating their property. Key legal issues to be dealt with include Landlord-tenant law, lease negotiation, evictions, and property specific concerns pertaining to various property types (common interest realty associations, multifamily, commercial, office, shopping centers, etc.).

Maintenance Coordination

Time and use take their toll on property. Owners expect their real estate managers to protect their investments by maintaining the physical aspects of the structures and common areas. Because a carefully maintained property keeps residents and tenants happy and preserves the property's appeal, it is also critical to ensuring continued occupancy and, ultimately, cash flow. A good property manager therefore approaches maintenance with the following objectives in mind: achieving optimal functioning of property; reducing operating costs; extending the useful life of equipment; achieving tenant satisfaction; increasing tenant retention; and maximizing property income and value. But the degree of maintenance required, spanning from cosmetic repair and preventive maintenance to corrective or emergency repairs, depends on many factors such as property cash flow, investment horizon, and degree of pride of ownership.

Professional Property Management: Functions of the Management Company

MW Real Estate Group is built upon a long tradition of best commercial real estate brokerage and property management practices as set forth by National Association of Realtors endorsed CCIM (Certified Commercial Investment Member) and IREM (Institute of Real Estate Management). Mr. Baschung holds the CCIM and CPM® designations, the culmination of rigorous post-graduate education and verified experience conferred by CCIM and IREM. Under his supervision the company has successfully executed all facets of investment property due diligence, financing, acquisition, management, and disposition.

Buying Abandoned Property At Government Auctions

Some are under the wrong impression that abandoned property held by the government are not for sale. In fact a quick survey of government auction sites will show thousands of properties up for sale, and that buying these properties at auction is not a difficult task at all. Not only is it relatively easy, but you can purchase abandoned property at government auctions at enormous discounts. This is the main advantage when you buy an a from a government auction.

Many are under the illusion that the type of abandoned property found at government auctions are mostly houses or bungalows, and are probably rundown, decrepit, or otherwise undesirable.

Property

While this may be so in some cases, most of these sales are for recently occupied homes, office buildings, warehouses, or other residential and commercial locations.

Buying Abandoned Property At Government Auctions

Unclaimed property, whether it is a bungalow or house, office building, etc., can be declared abandoned if for some reason the owner fails to maintain tax payments, zoning requirements, or other obligations. This can happen for many reasons. Death of the property owner or a name change if the owner got divorced or married will compel the government to declare it as an abandoned property. Unpaid property tax is another common cause for declaring a property abandoned. Before declaring it as abandoned, the government tries to locate the owner, or heirs of property owners. If the government fails to locate them, then they will declare the property as abandoned.

There are some obvious considerations to keep in mind. For instances if tax liens are placed against the property, then you will have to clear those liens before taking ownership of the property. While liens will be listed in the sale notification, they are not factored into the price.

Before selling abandoned property the government is required to place an advertisement in local newspapers declaring the auctioning of the property on a specified date. This is done to notify the original owner of the abandoned property that it once the property gets purchased in the auction, the owner cannot claim it back.

Since you can resell the property, this is one of the easiest ways to become a "real estate speculator". Many of these "speculators" have made fortunes simply buying property at auction and reselling them, often times not even occupying or even visiting the property after an initial evaluation. Some have become and millionaires by buying and selling abandoned property.

While you can find these auction notifications in local newspapers, a more practical means of locating these sales is through online listings. However, each government agency hold its own independent auction. A far more effective strategy is to subscribe to one of the many government auction membership sites, which aggregate these listings into a single site. Before signing up for one of these memberships, however, make certain their listings are kept both current and complete.

Buying Abandoned Property At Government Auctions

Reviews such as those published by Government Auction Site Reviews can help in choosing which membership site will best fit your needs.

Mr. Ullman blogs about Government Auctions, Police Auctions, and Real Estate Foreclosures at Government Auction Sites

Rental Property Management - Ten Questions

Why hire rental property management? Because doing it all yourself is the surest way to make your real estate investment experience a bitter one. You also have more time to find the next deal when there is someone taking care of the details for you. Hire a good property manager, but first ask the following questions.

1. How much is the fee? Fees vary around the country from as low as 4% of gross rents for larger buildings, to as high as 12% for single family homes. Be sure the fee is clearly stated and understood.

Property

2. What other properties do they manage? It is best if they handle rental properties that are similar to yours. It is also helpful to drive by their other properties to see how they are maintained.

Rental Property Management - Ten Questions

3. Who will actually handle your property? It is best if one person handles your building all the time. They should also have some experience. Get their name.

4. What costs extra? Is it extra for showings? Do evictions cost extra (beyond the legal fees)? Any other extras?

5. How is the fee collected and when? Will you be billed, or will it be deducted from your account directly? Monthly? Quarterly?

6. What type of advertising? How do they advertise the units and what does it typically cost you?

7. Cost and time to prepare units? What is the typical cleaning fee on a vacancy, and how long will it normally be before it's rented out again?

8. What needs owner approval? What dollar amount needs your authorization, and is this negotiable?

9. Hours of operation? What are their business hours, and who takes weekend calls?

10. Accounting? What reports do they send? How often? How are accounts set up?

There are probably other questions you'll have as well, based on your particular needs and the particular property. Ask everything up front, and you'll have fewer misunderstandings. With good rental property management, real estate investing is a lot less stressful.

Rental Property Management - Ten Questions

Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for ,500, visit http://www.HousesUnderFiftyThousand.com

Property Development - What's an Entitlement and Why Do I Need it to Build?

What is An Entitlement?

The definition of entitlement with regard to land development is the legal method of obtaining approvals for the right to develop property for a particular use. The entitlement process is complicated, time consuming and can be costly, but know what you can and can't do with a piece of property is vital to determining the real estate feasibility of your project. Some examples of entitlements are as follows:

Property

Entitlement Examples:

Property Development - What's an Entitlement and Why Do I Need it to Build?

1. Zoning and zoning variances for building heights, number of parking spaces, setbacks. Your land use attorneys and zoning experts come into play here. My advice is to heavily rely on their expertise and follow their directions to avoid unnecessary delays in your approval process.

2. Rezoning. Depending on the current use allowed for the property, you might need to have the site rezoned which is a complicated process and sometimes cannot be done.

3 Use Permits. You may need to obtain conditional use permits and this goes hand in hand with zoning and zoning variances.

4. Road approvals. Do you need to put in existing roads? Who maintains the roads? Are there shared roads via easements? These are all questions that you need to have the answers to and be prepared to comply with in the regulatory process.

5 Utility approvals. Are utilities available to the site? Do you need to donate land to the city in exchange for utility entitlements? Again, you will need to comply with the municipality regulations and standards.

6. Landscaping approvals. The city planning and development agencies must also approve your design and landscaping. Your architect and engineers will be most helpful in this area.

Hire an Experienced Development Team:

The best advise is to hire an experienced development team of architects, developers, lawyers, project consultants, civil, soil, landscape and structural engineers and consultants at the onset to help you analyze, review, interpret and advise you regarding design studies, applicable zoning and code requirements, and maximum development potential of the property. Without an experienced team, it is extremely difficult and a lot of time will be wasted in trying to complete the regulatory process because the very nature of the regulatory process is so complicated.

Here is how the process works. First, remember to keep in mind that the process is very slow and frustrating and can take approximately 3 to 12 months or sometimes years depending on how complicated the project is. Part of the reason is that each city planner has different interpretations of their local rules. Today, approvals involve jurisdictions overlapping such as city, county and state and these jurisdictions do not communicate with each other. It is extremely crucial that you establish good working relationships with these planners to obtain your approvals. Again, this is why you need to work with a development team that has already built these relationships with local staff of the local jurisdiction where your property will be developed. These relationships will streamline and help to expedite your approval process. Your experienced team of experts will be able to negotiate issues for you and eliminate additional requests by the local jurisdiction to avoid further delays in obtaining your approvals.

Regulatory Process:

Majority of development projects must go through certain aspects of the entitlement process and some projects will be required to go through several public hearing processes for approval depending on each jurisdiction's rules. To begin, commercial development of land requires a review and approval from the local Development Review Board or Planning Department Review Division. Each municipality has a different name but the functions are similar.

1. The process starts with obtaining site approval from the local Planning and Development Department. By contacting the local Planning and Development Department Review Division, your expert team will then put together a land use pre-application which complies with the codes of that particular jurisdiction. By complying with the codes, this will eliminate additional requests by the jurisdiction, further review and extension and unnecessary delays of the approval process.
2. Next a meeting date will be set. You and/or your representatives will meet with the Planning Department to discuss the proposed project and review process. The process includes approval of your site plan, elevations, colors, landscaping, vicinity map, etc. Environmental information will need to be submitted also. There is usually a fee that accompanies the application. The fees vary from jurisdiction to jurisdiction.
3. If for some reason your site plan is denied, you can appeal to the City Council. The appeal process varies from each jurisdiction.
4. Once you obtain site approval, then you will need design approval, master use permits. The design approval process is where your architect will design the building shell, core layout, exterior appearance, building height, site layout, landscaping concepts, traffic impact, site access and utility layouts and submit them for approval.
5. Neighborhood hearings are generally required for all general plan conditional use permits. You may be required to send out written notice or post information on the site. Normally the City will send notices to the neighbors also. Signs should be placed on the property, and an open house meeting is generally held. Your development team will be instrumental in advising and assisting you so that you have a higher probability of achieving success in obtaining neighborhood approval. Be prepared, even if you comply with the regulatory process codes and regulations, there is always the possibility that the neighborhood may have their own agenda and that the hearings and decisions may not be favorable to your project going forward. This is where your attorneys and the rest of your development team's expertise and participation are crucial.

If wetlands are located on the property you will need special documentation that states whether the Wetlands Act applies or not. If it does, either it will result in significant or insignificant impact as granted by evidence of a permit. Sometimes it is best to set aside or donate the wetlands portion of the property and avoid development issues. Your development team will be able to advise you on the best course of action once they have assessed all the information and reviewed the reports.

Property Development - What's an Entitlement and Why Do I Need it to Build?

A great resource for understanding the property development process is http://propertydevelopmentsource.com - From property due diligence checklists and determining real estate feasiblity, to hiring your team and estimating the costs and value of a project, property development source will teach you all you need to know.

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

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."