Q. I was evicted from the house I was renting. However, the property is to be auctioned off a couple of days later. Whether the bank takes the house back, or someone buys it at the auction; if I work out a deal with the new owner, and they agree to let me continue to stay, what happens with the eviction?
What about if I buy the property at the auction, does the eviction still stands?
What about if I buy the property at the auction, does the eviction still stands?
A. outstanding questions;
a; You mean to say you have been given eviction papers. IF you had
been evicted, you would no longer be there.
b; if you can make arrangements with the new owner, you can stay.
c; if you wind up buying the property, then you can re-lease to yourself, of course.
the sequence of eviction is;
a. notice to pay or quit--3-5 days depending on your state
b. if no pay, landlord -owner, MUST go to small claims
or its equiv and get a judgment in his behalf against the
non paying tenant. if the tenant is ready [have a cashier's check
available to cover all rent and past due interest and penalty
fees listed in the lease agreement] to pay the rent, the judge
will accept it and the eviction lawsuit goes away and the tenant
is back to being a good tenant.
c; if the tenant does not pay, the LL must return to court after
5-10 days, and gets a detainer judgment which is taken to
the sheriff where the LL pays a fee for service and the
next day or two, the sheriff comes to remove the tenant.
---------
leases go with property. if you are able to buy the property then
your bad lease [non paying tenant] goes with the property.
it is then considered a different asset because you would
need x tenants to pay the loan needed to take control of the property.
-----
if you become the owner, you can stop any eviction against
yourself since that is the right of any LL against any tenant
who is in arrears.
i hope that explains things well. I am available to guide you further.
a; You mean to say you have been given eviction papers. IF you had
been evicted, you would no longer be there.
b; if you can make arrangements with the new owner, you can stay.
c; if you wind up buying the property, then you can re-lease to yourself, of course.
the sequence of eviction is;
a. notice to pay or quit--3-5 days depending on your state
b. if no pay, landlord -owner, MUST go to small claims
or its equiv and get a judgment in his behalf against the
non paying tenant. if the tenant is ready [have a cashier's check
available to cover all rent and past due interest and penalty
fees listed in the lease agreement] to pay the rent, the judge
will accept it and the eviction lawsuit goes away and the tenant
is back to being a good tenant.
c; if the tenant does not pay, the LL must return to court after
5-10 days, and gets a detainer judgment which is taken to
the sheriff where the LL pays a fee for service and the
next day or two, the sheriff comes to remove the tenant.
---------
leases go with property. if you are able to buy the property then
your bad lease [non paying tenant] goes with the property.
it is then considered a different asset because you would
need x tenants to pay the loan needed to take control of the property.
-----
if you become the owner, you can stop any eviction against
yourself since that is the right of any LL against any tenant
who is in arrears.
i hope that explains things well. I am available to guide you further.
What taxes a foreign national has to pay in his rental property?
Q. I have a friend that bought a property in Florida for investment and wants to know how much in taxes he would have to pay due to the rent income.
A. US source income rental property that was bought in Florida for this purpose.
And we can ALL make a GUESS and what amount would you guess that the taxes would have to be that your foreign national friend will have to pay on this rental income for the tax year.
Publication 519 (2011), U.S. Tax Guide for Aliens
http://www.irs.gov/publications/p519/index.html
Chapter 2 Rents or Royalties
Your U.S. source income includes rent and royalty income received during the tax year from property located in the United States or from any interest in that property.
U.S. source income also includes rents or royalties for the use of, or for the privilege of using, in the United States, intangible property such as patents, copyrights, secret processes and formulas, goodwill, trademarks, franchises, and similar property.
Real Property
Real property is land and buildings and generally anything built on, growing on, or attached to land.
Gross income from sources in the United States includes gains, profits, and income from the sale or other disposition of real property located in the United States.
Hope that you find the above enclosed information useful. 05/17/2012
And we can ALL make a GUESS and what amount would you guess that the taxes would have to be that your foreign national friend will have to pay on this rental income for the tax year.
Publication 519 (2011), U.S. Tax Guide for Aliens
http://www.irs.gov/publications/p519/index.html
Chapter 2 Rents or Royalties
Your U.S. source income includes rent and royalty income received during the tax year from property located in the United States or from any interest in that property.
U.S. source income also includes rents or royalties for the use of, or for the privilege of using, in the United States, intangible property such as patents, copyrights, secret processes and formulas, goodwill, trademarks, franchises, and similar property.
Real Property
Real property is land and buildings and generally anything built on, growing on, or attached to land.
Gross income from sources in the United States includes gains, profits, and income from the sale or other disposition of real property located in the United States.
Hope that you find the above enclosed information useful. 05/17/2012
What would a landlord raise the rent to on a $40 000 improvement?
Q. We bought a commercial property with two shops on it. A potential tenant wants us to hook up water and sewer and build a bathroom in the second shop. I was wondering what we would charge extra for rent to pay for the renovation? They have not signed a lease agreement as of yet.
A. Without knowing your market, this is impossible to answer. Need to know what similar properties with these facilities are renting for. I am not suggesting you need to match such prices, but not be out of the neighborhood. Plus there are other issues to consider like the length of the lease and solvency of the prospective tenant. I suggest you have a local commercial realtor lease the space for you and guide you in this process.
I have been renting a property in southern spain for 2 years, contract was due for renewal in february?
Q. but have been unable to contact the landlord, (he is in ireland). my question is where do i stand legally without a signed contract for the property. I know the landlord is in financial trouble and what happens if the bank reposess the property, can i stay on for the 5 years as stated in spanish law even if the house is reposesed assuming i continue to pay the rent to the bank?
A. The law in Spain falls heavily on the side of the Tenant, so at this stage I would not worry too much.
- What you could do is keep a file on all correspondence : Your original contract etc... together with proof that you have tried to contact him in writing at the last address that you had for him, and to his Asesor or Abogado, if you know who they may be. You could also speak with OMIC (Most larger towns have a office) as this is a government run agency who will advise you on what your rights are here.
I would expect that even if the property is repossessed, the Bank would be keen to keep you as a Tenant. Spanish Banks are already in possession of thousands of properties that they can not sell - even at heavily discounted prices - and it makes sense for them to try and sell the properties that are vacant ahead of those that are producing a yield. I would expect they would continue the contract that you have and simply wait for the market to pick up before deciding whether to sell the property (and even then it may be to another landlord anyway).
Even if you are to be evicted, here is a guide to your rights - http://www.tumbit.com/how-to-guides/articles/124-landlords-the-tenant-eviction-process.html
- What you could do is keep a file on all correspondence : Your original contract etc... together with proof that you have tried to contact him in writing at the last address that you had for him, and to his Asesor or Abogado, if you know who they may be. You could also speak with OMIC (Most larger towns have a office) as this is a government run agency who will advise you on what your rights are here.
I would expect that even if the property is repossessed, the Bank would be keen to keep you as a Tenant. Spanish Banks are already in possession of thousands of properties that they can not sell - even at heavily discounted prices - and it makes sense for them to try and sell the properties that are vacant ahead of those that are producing a yield. I would expect they would continue the contract that you have and simply wait for the market to pick up before deciding whether to sell the property (and even then it may be to another landlord anyway).
Even if you are to be evicted, here is a guide to your rights - http://www.tumbit.com/how-to-guides/articles/124-landlords-the-tenant-eviction-process.html
Powered by Yahoo! Answers
No comments:
Post a Comment