Archive for October, 2010
Your Landlord Guide To Important Rental Property Terms And Words
Are you looking for a landlord guide to unravel the big words and confusing terms used by rental property owners? Our plain English landlord guide will explain every common word and crucial term that you will need to know.
1031 Exchange Refers to the section 1031 of the U.S. revenue code. What makes it important is that it allows you to avoid paying capital gains taxes when selling your rental property if you use the money to buy another likekind property.
Capital Gains Tax The taxes you have to pay if you sell your rental property for a profit. Some countries do not require landlords to pay capital gains taxes.
Eviction The legal process that rental property owners use to remove nightmare tenants who don’t pay rent or break the terms of their rental agreement. As this can be a costly and messy process it’s highly recommended that you look for a landlord guide to do it property.
Fixed Term Tenancy A popular type of rental agreement where there is a fixed starting and ending date.
Landlord Liability Insurance Insurance that protects you in case you are being sued by your tenant for injury or losses. This insurance will cover your legal costs and any claims that are made by your tenant.
Notice to Quit This is a written note that is commonly given to tenants in advance to end a periodic tenancy. Before you can file an eviction lawsuit you will also have to give your tenant a written notice to quit as a final warning.
Occupant An occupant is someone who is legally allowed to stay on your rental property as stated in your lease agreement. He is different from a tenant in that he is not responsible for paying you rent. An example of an occupant will be your tenant’s children.
Periodic Tenancy Another common type of lease that is renewed from one time period to another instead of having a fixed end date. A periodic tenancy can be week to week month to month or year to year.
Section 8 Program Also known as a housing choice voucher program. This is a U.S. government housing program that helps people with low income by paying 60 to 70 of their rent. As there are many rules regarding this program read your section 8 landlord guide before accepting a section 8 tenant.
Squatter Someone who is illegally living on your rental property. This usually happens when your tenant invites someone to stay over for a long time without your permission.
Subtenant When your tenant rerents your rental property to someone else that person is known as your subtenant. In most cases you will have little control over your subtenant so it is recommended that you do not allow them.
Surrender of Tenancy When both the landlord and tenant agree to mutually end their rental agreement the process is called a surrender of tenancy.
Tenancy at Sufferance If the time period for your lease is over and the tenant continues living on your rental property without your permission he will be known as a tenant at sufferance. In most cases he has to continue paying you rent and you can file an eviction lawsuit to remove him.
Tenancy at Will This is a more informal type of lease where there is no proper written rental agreement. It is commonly a verbal arrangement preferred by landlords who need temporary tenants.
Tenancy for Years This is another name for a fixed term tenancy. For the full explanation look for “fixed term tenancy” above.
Teo Zhenjie has been showing landlords how to manage their tenants and rental properties effectively on Propertydo http://www.propertydo.com/ Visit his website today for your stepbystep landlord guide free resources and forms.
About the writer: Teo Zhenjie has been showing landlords how to manage their tenants and rental properties effectively on Propertydo.com http://www.propertydo.com/ Visit his website today for stepbystep real estate guides free resources and forms.
Wine In Languedoc Buying A Vineyard In South West France
There are many reasons why people especially the English look for property for sale in south west France. One of these various reasons is for them to try their hand at starting their own winery business. If you are one of those people who would like to establish themselves as a vigneron one of the best places to do this is the region of Languedoc.
The LanguedocRoussillon region is located in the south of France and is known as the largest wine region in the whole world. There are more than 700000 acres of land devoted to growing grapes and the area is responsible for a third of the total wine production of the whole of France. In a wider context the regions total output is significantly more than the total wine production of the entire United States.
If you are looking for a property for sale in South West France with a view to establish a vineyard then you would be well advised to focus your search southward to Languedoc.
The Oldest Vineyards in France
The LanguedocRoussillon region actually has the oldest vineyards in France. According to the history of the province the first vineyards were planted by the Greeks who came to live in the area during the fifth century B.C. Wines coming from Languedoc became prized in the centuries to come and in the 14th century wines from LanguedocRoussillon were praised for their healing and restorative properties.
Wide varieties of grapes are grown for distilling wines in the LanguedocRoussillon province. They range from the traditional and obscure grape varieties such as Aubun and Carignan to the more internationally recognised varieties like Merlot Grenache Chardonnay Sauvignon Blanc Cabernet Sauvignon and Viognier.
The reason why grapes for wines grow successfully in LanguedocRoussillon is due primarily the Mediterranean climate of the region. The climate is extremely conducive for producing grapes en masse. The rich quality of soils in the region varying from limestone to alluvial also contributes to its suitablity.
The Industrial Age saw a decline in the quality of Languedoc wines. The vignerons of Languedoc began to focus on massproducing their wine coming up with a cheap variety of red wine that became known as le gros rouge. However recent shifts in policies in the European Union as well as in Frances own Appellation dOrigine Cntrolle AOC have forced Languedoc vignerons to focus once more on quality rather than quantity.
Buying Property in South West France for Wine Making
If you are looking into buying a property for sale in south west France in order to start your own vineyard you would not go far wrong in going south and making your purchase at Languedoc for this is without a doubt the best wine country in the world.
But there is more to running a vineyard beyond buying property. South west France may be extremely conducive for wine production but being in the wine production business demands a great deal of hard work. You should have a clear idea of what you are getting into before you begin your search for property for sale in South West France.
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Which Homes Can I Afford?
The first step in figuring out which home you can afford is to talk with a home loan officer so that you can get prequalified for a loan. There is no reason to make plans for a house that you love but cannot afford. Getting prequalified allows you to know how much a lender is willing to offer you. The prequalification is not a guarantee that you will get that amount but it will give you the best estimate of what you can afford. When it gets closer to the time you need t buy you will get preapproved for a loan. The preapproval process is much more involved than the prequalification process because your lender will need pay stubs tax forms credit history bank statements and other financial documents.
When putting in an offer to buy a house many sellers ask for a prequalification letter before they even negotiate a price. So getting prequalified is a powerful tool for home buyers. This letter shows that you are a serious and able buyer.
Typically lenders are only concerned about your ability to pay. As a result lenders want to know not only your income but also debts or other financial obligations you may have. Lenders may look more favorably on you if you can make a down payment. Some down payment options include paying 5 10 and 15 of the purchase price of the home. As a general rule buyers can expect to get prequalified for 2.5 to 3 times the amount of their gross annual income if they have little to no prior debt. Using this rule your monthly home mortgage payment should not be more than 30 of your gross monthly income.
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