Converting a multi-family property into condominiums can be very profitable for investors. Understanding the process is essential to a successful conversion. The Massachusetts Condominium Act outlines the requirements for condo conversions in this state. There are additional state and local laws as … [Read more...]
Do Vacation Homes Qualify for 1031 Exchanges?
As we covered in our previous article, 1031 Exchange is an important program that allows property owners to defer paying capital gains taxes when selling one investment property to buy another. In Massachusetts, vacation homes are popular along the Cape and other seaside communities. Do vacation … [Read more...]
Key Elements to 1031 Exchanges for Capital Gains Tax Deferral
A 1031 exchange can save you significant money by deferring capital gains taxes on investment properties. When you sell one property, you would normally pay taxes on your gain from that sale. However, if you use the funds gained to purchase another property (essentially exchanging one property for … [Read more...]
Tips on Simultaneous Closings When Selling and Buying a Home
It's very common in this market to simultaneously sell one home and buy another. The key to successfully pulling this off is preparation and coordination. Here are some helpful tips on simultaneous closings when selling and buying a home. 1 - Coordinate with Movers The home you are selling will … [Read more...]
Pros and Cons of Escalation Clauses for MA Home Purchases
The real estate market in Massachusetts is extremely competitive. As buyers look for ways to make their offer stand out from others, the use of escalation clauses is becoming more prevalent. Below, we take a look at escalation clauses for MA home purchases and the pros and cons from both buyer and … [Read more...]
