First Home Owner Grants were introduced on July 1st 2000, the same day the new Goods and Service Tax also took affect. First Home Owner Grants were seen as a way to counteract the impact of the GST. For those who are eligible, and meet the criteria set, a $7000 grant is available, to help individuals buy their very first, permanent, residence. First Home Owner Grants are funded by the revenue offices of the Australian Central Territories, but they’re administered by each individual state’s office. Basic requirements remain true throughout those states, although each office can have particular, additional criteria, which must also be met. First Home Owner Grants are an ongoing scheme, with no current plans to withdraw them. In Fact, an additional grant has recently been introduced and funded by the Australian Government, by way of the First Home Owner Boost Scheme. It is applicable to any home purchase contracts signed for on, and after October 14th 2008, and before of on June 30th2009.
Neither the price of a property, nor the individuals income, affect eligibility for First Home Owner Grants. If you do receive the $7000 grant, you might also be eligible for the First Home Owner Boost. Certain requirements do have to be met, to receive the ‘Boost Payments’. The Boost can be more than double that of First Home Owner Grants. Usually, your eligibility will automatically be considered for ‘Boost Payments’, when making your initial application for the First Home Owner Grant. Because each state has it’s own individual First Home Owner Grants scheme, ‘Boost Payments’ can also vary. Before completing purchase of your First Home, applications should be made through an approved agent, within the appropriate state. First Home Owner Grants are known to be processed within a few weeks, if the correct documentation is provided. If think you might be eligible, you can contact your state revenue office directly. Which state Revenue Office you must apply to, is entirely relevant to where the residence being purchased, or already owned, is.
Most legal residencies should be eligible for the fixed $7000, First Home Owner Grants. However, the type of property, and which state it is in, will affect the amount of the First Home Owner Boost. New homes are eligible for the most, with an extra $14,000 available, in addition to the $7000. On top of that, three thousand dollars is also available, in the form of a First Home Owner Regional Bonus, plus an additional ‘Boost Payment’ of five thousand dollars as a ‘First Home Bonus’, for those who meet criteria. Depending on the state, for a new home, the First Home Owner Boost and other supplements available can add up to almost thirty thousand dollars. In certain cases, a home which has been extensively renovated can be classed as a ‘new home’. If the residence has never been occupied, since those renovations took place. First Home Owner Grants and Boost Payments can amount to tens of thousands of dollars. Of great benefit to new ‘First Home Owners’ all over Australia.
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The Sheriff should give your a Sheriff's Deed when you paid him the money. You are in fact the current owner and the old owner while has the right of redemption, is no longer the owner of record.
Many insurance companies do not require an inspection before they insure a property, but only maybe a drive-by with a picture of the front of the property.
Try an insurance company that specializes in insuring non-owner occupied properties. I would suggest Safeco Insurance, Allied, or First American Specialty. Also check with an independent business insurance broker, they all have companies that might meet your needs. They probably won't require an inspection and they will cover personal property in the amount you want to buy. Also if any appliance is attached to the structure it is not considered personal property but a part of the premises. A furnace or any built-in appliance is not personal property. Mercury Insurance is another possibility, but often they do require an inspection, but often it takes them several months to get out and do the inspection.
Since you are the new legal owner you have the right to evict the current tenant…..the old owner doesn't have any legal standing except for the right of redemption.
First and foremost: GET RENTAL INSURANCE!!! I can't suggest this enough. So many things will be covered by it and it is super affordable. Don't hesitate or wait to do this….
I also think it is important to consider the average monthly utility bills…sometimes due to how old or well constructed and maintained the cost to keep the house cool and warm, and generally running can be greatly impacted. Unless money is of no concern, I'd see if you can find this out to make sure you won't extend your budget.
Also..have you determined who is in charge of maintaining the yard/snow removal? If it is you, are they supplying the tools? Do they care if you paint? If so, who pays? Do they prefer you contact them for emergency repairs, or you have discretion to contact a professional and be reimbursed?
These are all things that ended up being issues for me when I was a renter. I am most thankful I got rental insurance above all else though.
I too own 100% and if it helps the age bracket is..well…over the age of 60 if that helps you any.
Added
I totally agree with George G's assessment. People now want 40 year mortgages, nothing down, and even interest only for a few years.
My home has been paid off for many years, I took on a 15 year mortgage with high interest rates and paid it off in 9 years. How? Because I could COMFORTABLY afford the house.
On the section of the bankruptcy petition called "Statement of Financal Affairs" you must list off:
#10. All property sold or transfered within the past 2 years.
#7. All gifts made to individuals > $200 within the past 1 year.
Or as Ricky use to say "Lucy! You've got some esplainin' to do
Go meet with an attorney and find out the practical application of your state's Homeowner's exemption rules.
You'll find that either:
1. The equity your so worried about is exempt (you get to keep).
2. Unexempt, but hardly enough to attempt to liquidate (after realtors, closing costs, etc).
3. You're limited to Ch13 repayment to protect your asset.
WTF ? this show help how to choose paint colors? pfffft. this is just more establishment propaganda garbage
aaah boring pbs show on youtube!..lol jk i like this show.
this is so boring shorten it and make it more interesting its stupid as a dog crapping in a litter box
Lets say your house sells for 300K(and has a 220K mortgage). Lets say your buyer has 30K for a downpayment.
They get a loan for 240K and get the second loan from you for 30K. The 270K from the buyer is first applied to your mortgage and you would get 50K in cash at closing.
You should have a lawyer draw up and help you with recording the mortgage. The lender for the buyer needs to know the details of your arrangement.
County tax assessor or recorder.
State Farm. It was the most expensive when I quoted it out, but gave us the broadest coverage.
That means NOTHING. Because not all companies are competitive in all states, and MOST companies don't write in all states.
This is setting up nicely for the season finale. I saw yesterdays episode on the latest episode online at lastnightstvshows (.) com
What about suing the inspection company for not catching it?
I don't think you will have a case with this one…no facts, just assumption. Can whomever that found the leak inside the wall prove the a/c was filled to pass the inspection?
This has virtually NOTHING to do with paint colors. A total waste of time.
No, what your lender is saying that you need a home
owners policy or binder on the home that you are going to buy. You obviously have already signed a contract, and doing the process of setting up the closing, you have to furnish them at least a binder, that will tell them that you have coverage once the loan is closed and the house is yours. They will collect the amount for one year, plus about two months to establish your escrow account to ensure that when the insurance policy comes up for renewal that there will be enough funds to cover the renewal cost, which generally will go up a little bit. This is why they charge a full year plus a couple of months. Just give your agent the description of the house or a copy of the appraisal and they can do the rest for you. Your broker/lender will then accept a faxed copy, and the original policy can be furnished at the closing. Your mortgage originator or loan officer should have explained all this to you. If you aren't going to have an escrow, then you will just furnish a paid in full for one year home owners policy at the closing, but again the lender/broker will need at least a binder of proof and the cost prior to sending out the closing package to the attorney for final closing of the transaction.