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Archive for the ‘Real property’ Category

Legislature bills affecting homeowner associations 2017:: Las Vegas Homeowners will be affected

Saturday, February 25th, 2017

Hi everyone,

It’s that time of year for legislature to meet:  Here is a list of things we can watch for:

1. AB 11- More requirements on drones and portable helicopters.

2. AB 13- Revised provisions governing the annual fee for conducting business in Nevada.

3. AB 21- Makes various changes relating to elections.

4. AB 32- Revises provisions governing pest control.

5. AB 35- Makes various changes relating to insurance.

6. SB 24- Authorizes cities to enact ordinances requiring the registration of vacant properties.

7. SB 33- Prohibits the foreclosure of real property owned by certain military personnel or their dependents in certain circumstances.

8. SB 67- Revises provisions relating to fire safety requirements for multistory buildings occupied by people.

9. SB 68- A law set up for those people who are trying to sell property that they don’t own.

10. SB 69- Revises provisions governing state agencies, boards and commissions that regulate occupations and professions.

11. Other proposed bills pertain to AB 87 firearms, SB 79 confidential information, commission changes for the Common Interest Communities, electronic signatures, and of course, NRS 116 chapter.

I will keep you posted on what takes Place.

Enjoy your life:

Penny O’Brien 702.321.9383

GOWITHPENNY@YAHOO.com

 

FIRTA, what is it? Las Vegas Inventory

Wednesday, February 8th, 2017

Hi all,

Here’s what I see happening in the Las Vegas housing market, grant you this is my opinion formed from selling Real Estate full-time in the Vegas Valley for over 16 years.

Things are kinda sideways and a few people are scrathing their heads saying hey what’s going on with the FIRTA clause when buying and selling in Vegas.  First of all, like any industry there tends to be trends.  You know a flow, prices go up then they drop. Well, I’ve seen something escalating and that is sellers selling their property with the FIRTA clause.  What is FIRTA?  Foreign Investment in Real Property Tax.

FIRTA is the disposition of a United States  Real property interest by a foreign person (the transferor) is subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) income tax withholding. FIRPTA authorized the United States to tax foreign persons on dispositions of U.S. real property interests.

A disposition means “disposition” for any purpose of the Internal Revenue Code.  The meaning of disposition is similar to the action of distributing or transferring property or money to someone, in particular which may include but is not limited to a sale or exchange, liquidation, redemption, gift, transfers,.  So buyers purchasing United States real property interests (transferees) from foreign persons, certain purchasers’ agents, and settlement officers are required to withhold 15% (10% for dispositions before February 17, 2016) of the amount realized on the disposition (special rules for foreign corporations).

In a majority of cases: the transferee/buyer is the withholding agent. If you are the transferee/buyer you must find out if the transferor is a foreign person. If the transferor is a foreign person/persons and you fail to withhold, you may be held liable for the tax. For cases in which a United States  business entity such as a corporation or partnership disposes of a United States real property interest, the business entity itself is the withholding agent.  I know this gets a little bit confusing and or complicated.

Here in Las Vegas it’s handled through the title company.  Thank goodness they are on top of the changing Las Vegas market.

FIRTA in Las Vegas is on the rise.  I am guessing it is throughout the U.S.  I have had several buyers buy from FIRTA sellers.  The buyer in most cases is required to sign a form stating they will live in the home for 2 years.

This means a big deal when it comes to investors purchasing properties.  Cause in my understanding , they can’t buy these properties.  So, they are limited to what’s  out there for sale that aren’t FIRTA sales and our INVENTORY is so Low.  How low can it go?.

Just another learning curve for the general public and everyone involved in the Housing market knowledge department.

Enjoy your day and life,  it’s the only one we get here.  Dance, sing and have fun.

Penny O’Brien

RE/MAX Excellence 702.321.9383

 

Penny O'Brien
Las Vegas | Henderson | Summerlin Realtor/Real Estate Agent


Cell:  702.321.9383
Email: lasvegasniceliving@yahoo.com

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