Vacant land is an asset. If you own vacant land with no liens (loans or mortgages) against it, you may be able to refinance the land to pull out equity. An equity loan would be the type of loan offered, since the loan is based on equity in the land. Since the mortgage meltdown, many

Who Pays Taxes on a Land Contract?

Saturday, 03 November 2012 by

Land contracts offer people who have bad credit or who are recovering from financial hardship the opportunity to purchase their own property or home. A land contract is a written legal agreement between two parties for the sale of a property. Options • Property taxes can be paid at the end of the year, put

Land Contract Taxes

Monday, 29 October 2012 by

Land contracts, real estate purchase agreements or real estate installment contracts, as they are sometimes called, raise a variety of tax liability questions. These types of contracts present questions regarding the real estate transfer tax, federal income tax liability, federal income tax deductions and state income tax. The tax issues become further complicated whenever the

The interest rate on a land contract is negotiable between buyer and seller, and it often offers advantages to both. The concept of a land contract is very similar to that of purchasing a home, in which the current owner agrees to carry the mortgage for the buyer. The fundamental difference between a land contact

What is a Virtual Real Estate Closing?

Thursday, 18 October 2012 by

A virtual real estate closing can be done almost anywhere in the world! Technology has given us the power to complete Real Estate Transactions smoothly through means of mail, E-Mail and fax. Here are some of the benefits of a virtual closing: 1. If you own land in another state; there is not traveling involved!

What Does Owner Financing Mean?

Monday, 15 October 2012 by

Owner financing is when the owner finances all or part of the property for sale. This means that the owner is acting like a bank by lending the purchaser all or a portion of the funds needed for the sale. Owner-financed homes provide numerous benefits for both the seller and buyer. Increase in Home Buyers

Although owner financing is typically less common than debt underwritten by a financial institution, it nevertheless plays a major role in the investment real estate market. One of its most prevalent uses is for buyers or properties that might not receive financing through traditional means. Raw land is one such type of property for which

Appraisal Tips for Vacant Commercial Land

Thursday, 11 October 2012 by

Appraising vacant commercial land requires a keen understanding not only of the particular parcel and of the surrounding market, but also of what can be done with the land and what that work will cost. Given that most commercial parcels are relatively unique, appraising them can be more work than a typical residential estimate of

Vacant land is defined as land that is undeveloped — lacking a driveway, foundations, sheds, grazing or farmland. In many cases, private lenders or banks provide funding for vacant land or raw land for many purposes, including commercial use. Identification • Individuals concerned with commercial occupancy of vacant land include those who are interested in

Uses for Vacant Land

Friday, 05 October 2012 by

Vacant land represents a blank canvas. It can be used for almost anything depending on its location, what you want to accomplish and what sort of financing you need to make it happen. Although the value of the land is based on its best and highest use, not everyone will want to realize the full