Realtor Ravi Rai

Summer ain't over yet 😊😊

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Another Wednesday, Another Real Estate Term Simplified for you - " Real Estate Depreciation "

⚡➡️ Real estate depreciation is the decline in value of a piece of real estate over time due to wear and tear and the gradual passage of time.

⚡➡️ The IRS understands that Real Estate Investors will have to spend money to keep their properties up to standards and to fight against deprecation. So, it allows them to get a tax write-off for depreciation to help them cope with these costs.

⚡➡️ You are allowed to deduct depreciation expenses for a rental property if…

 • You are the owner of the property
 • The property is expected to last for more than one year.
 • You use the property in your business or as an income-producing activity.
 • The property has a useful life that is determinable, meaning it is something that decays, gets used up, wears out, becomes obsolete, or loses its value from natural causes.

Whether you are planning to buy/sell a house today, tomorrow or after few years ; understanding these key terms and working with a good Realtor® ( like ME ) will SAVE you a lot of Money 💰💲💰

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Another Wednesday, Another Real Estate Term Simplified for you - " Deed "

⚡➡️ A Property Deed is a Legal document that transfers the Ownership of real estate from a Seller to a Buyer.

⚡➡️ For a Deed to be legal it must state the name of the buyer and the seller, describe the property that is being transferred, and include the signature of the party that is transferring the property.

⚡➡️ In addition to being deemed either official or private, deeds are also further classified as either general warranty, special warranty, or quitclaim.

⚡➡️ General warranty deeds give the grantee the most protection, special warranty deeds give the grantee more limited protection, and a quitclaim deed gives the grantee the least protection under the law.

Whether you are planning to buy/sell a house today, tomorrow or after few years ; understanding these key terms and working with a good Realtor® ( like ME ) will SAVE you a lot of Money 💰💲💰

DM me for all your Real Estate Needs ☺️☺️





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Another Wednesday, Another Real Estate Term Simplified for you - " Title "

⚡➡️ When you purchase a home, one of the documents that you will receive and be required to sign is for a title.

⚡➡️ A title gives the person the right to or ownership of a certain piece of real estate property. Once you have found a piece of property that you are interested in purchasing and you reach an offer that is acceptable to both the seller and the buyer, you will receive a preliminary title report.

⚡➡️ The title report shows ownership of a specific piece of land/property as well as any liens on that property. This report will also show any title defects that might not be known about otherwise. If there is anything on the title that needs to be cleared up before the new buyer takes possession, it can be done after this report is received.

Whether you are planning to buy/sell a house today, tomorrow or after few years ; understanding these key terms and working with a good Realtor® ( like ME ) will SAVE you a lot of Money 💰💲💰

DM me for all your Real Estate Needs ☺️☺️





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