How is knowing about forms of ownership important as a real estate agent?

Question

Answers Subscribe to Answers

Sort

Ambassador
6,805,806

Bob Crane

Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI

Forestland Experts! 715-204-9671

Part of knowing the business.

Dec 08, 2018 05:15 PM

Upvote

Rainmaker
537,291

Robert Havana

Park and Protect- Alberta Real Estate License Parking - Calgary, AB

Alberta Real Estate License Parking

just looking back through some of the old Q & A from almost a year ago, not sure why this question didnt seem to get many replies. I post a few trying to get others to view lethbridge real estate blog that I write on, but it seems many just slip through the cracks here.

May 16, 2016 01:53 PM

Upvote

Rainmaker
864,758

Les & Sarah Oswald

Realty One Group - Eastvale, CA

Broker, Realtor and Investor

It is very important how one holds title. Just went for a probate refresher course today. How one is vested can be the difference of paying high taxes or none at all.

Oct 23, 2015 09:49 AM

Upvote

Rainer
67,419

Evelyn M Epperson

Coldwell Banker Residential Brokerage - Johns Creek, GA

A Tradition Of [Excellence, Trust & Service]

We use forms of ownership daily.

Oct 23, 2015 07:33 AM

Upvote

Rainmaker
617,985

David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation

Colorado Real Estate Advisers LLC - Colorado Springs, CO

Relocation, Luxury & Lifestyle residential

Spencer,

We use that information on a regular basis. It is a crucial part of the property equation.

Oct 23, 2015 06:20 AM

Upvote

Rainmaker
799,399

Tony Lewis

Summit Real Estate Group - Valencia, CA

Summit Real Estate Group Valencia & Aliso Viejo

We are judge by our knowledge and expertise so having some knowledge and being able to speak intelligently on any matter regarding real estate and the local community give us credibility. That said, we don't ever give advice on how to take title.

Oct 23, 2015 03:50 AM

Upvote

Rainmaker
921,504

Annette Lawrence , Palm Harbor, FL 727-420-4041

ReMax Realtec Group - Palm Harbor, FL

Making FLORIDA Real Estate EZ

Fee simple, Condo, Co-op, Land lease, Fractional etc...

Forms of ownership DICTATE the conversation and duties you must full-fill, information you must convey, parities involved, financing possible and who is REALLY in charge.

Don't leave home without knowing the difference.

Oct 22, 2015 11:58 PM

Upvote

Rainmaker
2,449,990

Lise Howe

Keller Williams Capital Properties - Washington, DC

Assoc. Broker in DC, MD, VA and attorney in DC

You need to know who is going to have to sign the listing agreement and you can talk to your buyers about how they want to take title - but the final decision will be between them and the title attorney at closing - you just don't want to be sitting there with your thumb in your mouth going HUH??

Oct 22, 2015 11:22 PM

Upvote

Rainer
274,159

Curtis Evans

Cabin Realty LLC/ USA, Licensed in Louisiana - Golden Meadow, LA

We need to know all we can about property we list. More than once I have had clients try to sell property that was co-owned with family with out their knowledge or claiming it was o.K. with the others involved I do not depend on the attorney to discover this late into the transaction. Find out all you can when listing the property.

Oct 22, 2015 10:59 PM

Upvote

Rainmaker
3,417,759

Scott Godzyk

Godzyk Real Estate Services - Manchester, NH

One of the Manchester NH's area Leading Agents

In order to be able to answer a buyer or sellers question, it is important to know wall aspects of real estate. Which type a buyer should choose, should be advice best received from their lawyer though.

Oct 22, 2015 10:57 PM

Upvote

Rainmaker
5,585,089

Barbara Todaro

Retired...Mentoring Newbies - Franklin, MA

Previously Affiliated with The Todaro Team

everything about ownership is important, but much of it is discussed between the client and his/her attorney....

Oct 22, 2015 10:40 PM

Upvote

Back to Top

just looking back through some of the old Q & A from almost a year ago, not sure why this question didnt seem to get many replies. I post a few trying to get others to view lethbridge real estate blog that I write on, but it seems many just slip through the cracks here.
It is very important how one holds title. Just went for a probate refresher course today. How one is vested can be the difference of paying high taxes or none at all.
Spencer,

We use that information on a regular basis. It is a crucial part of the property equation.
We are judge by our knowledge and expertise so having some knowledge and being able to speak intelligently on any matter regarding real estate and the local community give us credibility. That said, we don't ever give advice on how to take title.
Fee simple, Condo, Co-op, Land lease, Fractional etc...

Forms of ownership DICTATE the conversation and duties you must full-fill, information you must convey, parities involved, financing possible and who is REALLY in charge.

Don't leave home without knowing the difference.
You need to know who is going to have to sign the listing agreement and you can talk to your buyers about how they want to take title - but the final decision will be between them and the title attorney at closing - you just don't want to be sitting there with your thumb in your mouth going HUH??
We need to know all we can about property we list. More than once I have had clients try to sell property that was co-owned with family with out their knowledge or claiming it was o.K. with the others involved I do not depend on the attorney to discover this late into the transaction. Find out all you can when listing the property.
In order to be able to answer a buyer or sellers question, it is important to know wall aspects of real estate. Which type a buyer should choose, should be advice best received from their lawyer though.
everything about ownership is important, but much of it is discussed between the client and his/her attorney....