You can sell your property at anytime with a 5 year fixed mortgage. When you sell and buy another property you can port your mortgage from the previous home to the new one. This is a simple process and has no penalties in doing so.

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Is it true, that once a title of property (condominium) has been transferred/signed over to another person--not sold-- that person has to wait a minimum of 2 years before selling the property, or else pay large tax. to the city/state? i live in il state

I know of no such rule. The transfer you describe would qualify as a gift. Assuming the property is worth more than $12,000, the donor would have to pay a gift tax. When the donee sells the property, the gain or loss is calculated as the difference between the selling price and the donor's cost, and the holding period for determining long-term or short-term gain starts with the donor's acquisition, not the date of the gift. A gain is taxable, a loss is not deductible unless the property had a business purpose, such as earning rental income.

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My mom's house the deed was transfered to her granddaughter by my sister and the granddaughter is saying she brought the house, but no money was passed. the house has been paid for years ago, so there is only property taxes. my mom never received any money, so would this be considered a sale of property.

If your mother did a quit claim to her home in favor of her granddaughter, then the property now belongs to the granddaughter. Usually, some form of consideration is paid, but it can also be a gift. There are tax issues to this transaction, too, but for now, to keep it simple, if Mom truly signed the property over in its entirety to her granddaughter, then the granddaughter has legal title to the house. I'm not sure what your sister has to do with this, unless her name was also on Mom's deed. Then, your sister can only quit claim to her share of the ownership - not the whole thing. Good luck.

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He has lived and worked in ireland for about 4 years now and due to the pending property crash here in the uk is thinking that it might be a good time to sell the house. what he doesn't want is to sell the property, transfer the money and then end up losing 40% of it say in tax! any advice would be greatly appreciated.

Is that Northern Ireland or Southern Ireland? If it's Eire then the answers are relevant. If it's N.I. then he's under the same tax regime!!

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Hi, i and my wife bought an aparment in 2007 for 350,000 cash,no financing,( plus 8000 in lawyer fees, property transfer tax, etc..). on may of 2009, we bought another one on for 343,000 (plus 8000). i am getting $1500 for rent and paying mortgage for second property. i would like to sell my first property for about 450,000. do we have to pay capital gain tax since my first property has been rented since may 2009? is there any way to save paying tax? i currently make about $55000 a year and my wife does not work. any advise will be highly appreciated. i bought it on january 6th, 2007.

If you are actually in Canada, as per the category, please IGNORE vb's answer, as it applies to the US. If you ceased to use it as your primary residence in May 2009, there will be cap gain on the sale, based on a basis of the value of the apartment on the date you bought the SECOND apartment. A real estate agent or appraiser will help you determine what this value was. Assuming this May 2009 value was $425,000 and you sell it in Sep 2009 for $450,000, the taxable capital gain would be $25,000. If you are still residing in the FIRST property, and it has been your primary residence the entire time you owned it, there is no capital gain on its sale.

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they made payment the first year,then they went a year without making a payment,but made a lump payment at the end of the 2nd year,the title company didnt charge them penalties on my statement though,now its been sixteen months since any payments. so i went to see the buyers today and found out they have taken out a loan on the property without me knowing.i know i shouldnt have let this go,but i was trying to be civilized,they are aqaintences.anyway i also found out they havent paid the property taxes. our contract says they have to keep taxes paid and notify me if they sell ,transfer, or convey the property i should be notified. i would like to know if i should just foreclose or get a lawyer? i dont have money to pay a lawyer though. any information would be helpful,thank you "are you in first lien position on the title?" yes,we done everything through the title company. the land contract lien was filed at the local courthouse when we sold. loanmaster

I don't really understand your question after re-reading it. In one part you said the title company didn't charge them a penalty on your statement, which to me meant that they had paid you. Then you said they made one lump sum payment to you. Was that for the year in which you claim they made no payment to you? Now the have yet to pay you in sixteen months, so you decided to visit them and see what was going on. If your contract has been breached you should contact a local company that does foreclosures in your state. You do not need an attorney, an attorney will only refer you to someone he knows that does professional foreclosure services. They will do any foreclosing necessary. The first consultation is normally free. They will explain what need to be done, how they will accomplish the foreclosure. They will also tell you the cost of their services. I have found that most will not charge an up front fee, but will collect when the foreclosure is complete. I hope this has been of some use to you, good luck. "FIGHT ON"

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I owner financed some property we sold four years ago....? they made payment the first year,then they went a year without making a payment,but made a lump payment at the end of the 2nd year,the title company didnt charge them penalties on my statement though,now its been sixteen months since any payments. so i went to see the buyers today and found out they have taken out a loan on the property without me knowing.i know i shouldnt have let this go,but i was trying to be civilized,they are aqaintences.anyway i also found out they havent paid the property taxes. our contract says they have to keep taxes paid and notify me if they sell ,transfer, or convey the property i should be notified. i would like to know if i should just foreclose or get a lawyer? i dont have money to pay a lawyer though. any information would be helpful,thank you additional details "are you in first lien position on the title?" yes,we done everything through the title company. the land contract lien was filed at the local courthouse when we sold. they make payments through the title company to us,when the title company sent out the statement it showed they made a payment of $1,000.and that it went towards the principal instead of late payments and interest for the year they were behind. but in the contract they pay 6% interest and $4.55 if they are 15 days late.im not sure how to ever figure out how that all would add up they are so far behind! if i foreclose what happens to the 2nd lien holder that the buyer borrowed from?

Get an attorney. It will cost you money, but will loosing the house cost you more? You are at risk of loosing the house and all the money the house is worth. The laws of each state vary. The attorney will know the ins and outs of your state laws. Don't worry about the friendship with the buyers, that ended 2 1/2 years ago.

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I am selling my apartment flats in bangalore, india after holding it for 3 years. i have not registered the flats in my name because the builder has a transfer clause in the agreement to sell. by paying a transfer fee i am entitled to assign the property to others and the builder will register it in the assignee's name directly. i took possession of the flat on march 31, 2005. i have no loans or other liabilities against my property. i am reinvesting the capital gains into another villa house property which costs more than the capital gained from this sale immediately. i am also willing to park the capital gained into a capital gains deposit account if necessary. is it necessary the property is registered in my name to avail exemption from paying capital gains tax ? what are the documents i have to submit to the income tax department when filing my tax return and in what form number ?

As far as I know, if you pay the full amount and take the position of the property, then you are the owner of the property as per Income Tax rules. May be you have not registered the property in your name. Still you are a owner of the property and you can avail the benefit of Long term capital gains. Now the tax returns are not like before. After the ITR forms were introduced, we need not have to produce any documents to the Income Tax department along with the returns. We only fill the information. In case if the Income Tax department needs any information, then they will give us a notice to produce the documents. The chances of giving notices is only 2 to 3%. Any way it is better to consult a C.A and take his advise before selling it.

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The family home and one other property we rented out.putting that aside, i have a property that was transferred to me many years ago by my father in joint names between me and my uncle.with the sale of my 2 properties, i was hoping to buy my uncle out of the house that my dad and uncle originally inherited.there is no mortgage on this house however do have money owed from the other two.with the sale of the 2 houses, i will hopefully pay off the mortgages, pay off my uncle (which he is quite happy to accept) and then me and the kids will live mortgage free. in truth, this is the only way i could afford to have a decent roof over the kids and myself. my only concern with this is the area where this inherited house is. it's not very close to my kids school. so then i do i sell? it wouldn't be convenient to sell this property so soon after we have sorted ourselves out. would i have to pay capital gains tax as my only property?is there a minimum time i would need to live there to avoid it?

To avoid capital gains tax on your primary residence you have to have lived in it for two of the past five years.