Not necessarily. All titled owners must agree to the listing / sale of the home however. All owners must sign listing contracts, buy sell contracts, amendments, etc. Regardless, the loan must be paid off before the property is sold - because the real estate is collateral for the loan.
It is certainly possible to have owners of the real estate that are not the borrowers. Here is how it works. Buyers A and B buy the real estate - and get a loan for it. So buyer A and B are the titled owners, as well as the borrowers on the mortgage. Buyers Divorce. Buyer B quit claims to Owner A. Owner A and Owner C get married, and quit claim the property to themselves as a married couple. Owners divorce. Owner A quit claims their interest to Owner C. Owner C needs help with the payments and gets two buddies, Owner D, and E to move in and go on title.
So now, even though there still is a loan on the property, the property is no longer owned by the borrowers, A and B. It is owned by C, D, and E. So as you can see, a property can be owned by someone entirely different than the borrowers. However, since the loan is still on the property, owners C, D, and E must pay off the loan before the property is sold. (they could use sale proceeds at closing for instance). Now of course, if the lender finds out about C, D, and E, they could freak out and foreclose (if there was a restriction against property transfers).
Please view this disclaimer about this page.
This entry is filed under Questions and Answers. You can track this articles comments, leave a comment, trackback from your own site, or subscribe to a site feed... rss 2.00, rss 0.92, atom 0.30.
The real estate transfer tax Colorado is one of the lowest in the United States. It is one cent per $100 of value, rounded up. For example a $250,000 property would incur a doc stamp fee of $25.00.
There are several municipalities that charge a real estate transfer tax in Colorado: Aspen 1.5%, Avon 2%, Breckenridge 1%, Crested Butte 3%, Frisco 1%, Gypsum 1%, Minturn 1%, Ophir 4%, Snowmass Village 1%, Telluride 3%, Vail 1%, and Winter Park 1%.
Please view this disclaimer about this page.
Additional Matches: What is doc stamp fee in Colorado? What is the documentary stamp fee in Colorado?
This entry is filed under Questions and Answers. You can track this articles comments, leave a comment, trackback from your own site, or subscribe to a site feed... rss 2.00, rss 0.92, atom 0.30.
One quote I heard on the Internet was "We are foreclosing on those who aren't talking to us."
I think it is always a good idea to try to keep in contact with the bank. You may never know, it may hold things off for a month or two, and that may be the month or two you needed to get your finances back in order. The banks do not want your house. They want you to keep making your payments and get back to current on your loan, or at least maybe sell your house and pay off the loan. If you don't talk to them, that leaves them very few options. If you talk to the bank, they may be able to offer you ideas you haven't thought of that may work for you.
The downside is that all the talk in the world will not save your home from foreclosure. The only way to do that is to get back current on your payments, or make some agreement with the bank to resolve the issue. Simply talking to them will not fix it. There will have to be some action on your part to fix things.
Please view this disclaimer about this page.
This entry is filed under Questions and Answers. You can track this articles comments, leave a comment, trackback from your own site, or subscribe to a site feed... rss 2.00, rss 0.92, atom 0.30.
Thank-You for writing. I am not qualified to answer your question regarding a land lease. I recommend you contact Jerry Glass at Keller Williams. He is a good guy to talk to about land issues. His phone number is 303-659-4118 or 303-452-3300.
As for the going rate of a lease, you can visit the following sites which allow you to search for commercial leases. All of them allow you to select land and all of them allow you to select a lease.
Loopnet - lots of commercial stuff
http://www.loopnet.com/xNet/MainSite/Listing/Search/ForLease.aspx?linkcode=340
CBRE - big commercial real estate brokerage
http://www.cbre.com/USA/Property+Listings/Properties+for+Lease.htm
Fuller - big local commercial broker
http://www.fullercompany.com/listings/index.aspx?pageID=3
Please view this disclaimer about this page.
This entry is filed under Questions and Answers. You can track this articles comments, leave a comment, trackback from your own site, or subscribe to a site feed... rss 2.00, rss 0.92, atom 0.30.
Triple net leases are commonly quoted as dollars per rentable square foot (RSF). Usually these are annual quotes. So the numbers you are given are for a years worth of rent.
There are two categories of a triple net lease. The first category is the base rent. This for example could be $20/RSF. The second category is basically everything else lumped together, called expenses. This includes property maintenance, property taxes, and property insurance. This for example could be $8/RSF. The second category is usually an ESTIMATE based on previous expenses. For example, if the annual expenses last year for a building were $19,000, they could be estimated at $20,000 for this year. If the building has 3000 RSF, the estimated expenses per RSF would be $6.67 / RSF.
The tenant is usually responsible for ACTUAL EXPENSES, regardless of the estimate. So when all of the expenses are paid, the tenant could owe additional rent, if the estimates were short, or the tenant could be due a refund if the estimates were too high.
Please view my full information about calculating a triple net lease located here
>>>> How do I calculate a triple net lease rate?
Please view this disclaimer about this page.
This entry is filed under Questions and Answers. You can track this articles comments, leave a comment, trackback from your own site, or subscribe to a site feed... rss 2.00, rss 0.92, atom 0.30.
Please visit the following page on my site to learn more about how to calculate a lease per month for commercial property.
You can also use my triple net lease calculator to help you calculate your monthly lease expenses for a commercial property.
Please view this disclaimer about this page.
This entry is filed under Questions and Answers. You can track this articles comments, leave a comment, trackback from your own site, or subscribe to a site feed... rss 2.00, rss 0.92, atom 0.30.
I have developed a rental calculator calculator add-on for Excel. Once you enter the property details into the calculator, you will see a entry called "aggregate profit or loss". This shows you the profit or loss at the end of each year. You can also click on the charts at the bottom, and you will see the cumulative returns charted out for you. If you have Excel or Open Office installed on your computer, then you can use the rental property calculator linked below.
Please view this disclaimer about this page.
Additional Matches: cumulative return calculator
This entry is filed under Questions and Answers. You can track this articles comments, leave a comment, trackback from your own site, or subscribe to a site feed... rss 2.00, rss 0.92, atom 0.30.
You will probably want to contact a lender to see what their requirements are. You will probably need to prove your income and expenses, provide a 10-30% down payment, have some money in the bank as reserves, and have pretty good credit.
The property will probably need to have a Debt Service Coverage Ratio (DSCR) at 1.1 or above. You might be able to convince a lender to go down to 0.9, but it could be pretty difficult to do that. Please visit the links below to learn more about the DSCR.
What is Debt Service Coverage Ratio?
How do I calculate Debt Service Coverage Ratio?
Please view this disclaimer about this page.
Additional Matches: Requirements for a mortgage for rental property.
This entry is filed under Questions and Answers. You can track this articles comments, leave a comment, trackback from your own site, or subscribe to a site feed... rss 2.00, rss 0.92, atom 0.30.
I have several different real estate investment calculators to help you with your current and potential real estate investments. Simply click the link below to see the calculators.
Real Estate Investment Calculators
Please view this disclaimer about this page.
Additional Matches: Real estate investment calculators, Investment calculator.
This entry is filed under Questions and Answers. You can track this articles comments, leave a comment, trackback from your own site, or subscribe to a site feed... rss 2.00, rss 0.92, atom 0.30.
I have developed a calculator that will estimate the interest rate on a loan, provided you know the monthly payment, loan term, and amount financed. Now calculating the interest rate of a loan is not an exact science, but using this calculator will at least get you into the ballpark of the actual rate.
Please view this disclaimer about this page.
This entry is filed under Questions and Answers. You can track this articles comments, leave a comment, trackback from your own site, or subscribe to a site feed... rss 2.00, rss 0.92, atom 0.30.
MORE CALCULATORS at MORECALCULATORS.COM.