OfflineToday I spoke with an executive from a title company that told me that right now there are so many real estate laws pending approval in Congress, that I need to know on a daily basis what laws have passed. When I told them I was considering purchasing a residential Maryland home and then assigning it to an investor, they said I should check out the laws in Maryland, but they wouldn't tell me how to do it. Has anyone had experience purchasing Maryland Real Estate that could give me some help on this. I was also told that I could be at risk of paying a new income tax on real estate in Maryland, as well as capital gains tax.
I guess I jut don't understand I thought if all I was trying to do was assign the property, why would I have to worry about rules,fees and taxes? Can someone explain this to me? I was almost ready to submit my first offer, but now I feel uneducated and I am having second thoughts. Thank you all for taking the time to help me.
Nancy
Indeed, good advice. You're not assigning 'property.' You are assigning a 'contract' to purchase property. HUGE difference. Don't go any further until you read the recommended books and/or understand what you're doing.
Phoenix1.
Congratlation's on taking a chance on your dream's of financial freedom. Your in the right place and the right time. Don't let anyone tell you any difference. It is important to study the book. Re-read chapter 8 in the book. Your right, doubt only comes because we feel insecure. Afraid. On this new adventure your going to run in alot of negative and constructive advice. One of the reason's Dean prefers an attorney doing assignment closing's verses a title comany is because of the example that just happen to you. Giving legal advice is something an real estate attorney should do. Although it seems like good advise. Title companies are not in the position to tell you what is legal. So like so many people who are not educated to this technique, will offer there fear tatic for free! Keep focused your goals. Their opinion shouldn't determine your future. Expect the critism on this road. Stay on the site and ask questions. You'll find that most of the question's will be answered. Continued success............Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
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