Let's say you own and have managed a four-unit apartment building for 20 years, which is now worth $600,000. So far, no problem. Now, however, you’re moving out of state, and you’re facing a healthy capital gains tax if you sell outright. What are your options?
In some states, escrow agents handle all aspects of a closing; in others their responsibilities begin and end with the earnest money deposit. But handling the money can be tricky, so be sure you know your client’s rights.
With so many federal laws and regulations governing real estate activities, it’s all too easy to forget one or two in the heat of a sale. Here’s an easy-to-use cheat sheet for some major laws affecting real estate.