vacant land purchase and sale agreement florida
vacant land purchase and sale agreement florida
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vacant land purchase and sale agreement florida

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FAQ

Recently moved to Florida and there's vacant land next to my house I'm interested in buying, but I have no clue who owns the land. How do I go about finding out who owns it? Who do I contact?
Florida has very liberal public records laws that also apply to all counties (which are considered an extension of state government). Each county has a property appraiser who would have records of all properties in the county. Many even post this info online in a searchable database. This will give you the property address, legal description, and mist important of all owner's name and mailing address. You could also check with your county clerk or clerk of courts for the latest warranty deed on the property, which could also give you that info.
How do you find out if a vacant land you want to purchase already has utilities installed?
I think you can pull records for the city to see what developments have occurred on the property. In Colorado, they are really transparent on the information they provide on the internet. Check your state for online property records with your City clerk’s government site or call and ask if there is internet access: otherwise you have to go to the City Clerk’s office.
I own land in central California and wish to generate solar power and sell it to PG&E. How easy/fast is it to get a power purchase agreement? Are there any other options?
This is a great question. PPAs are a fairly standard document used in the solar industry these days. The process is not as straight forward as you might have found out in your search. My legal team has done some of the largest PPA deals in the USA and I would be happy to lend a hand to help you get this project going. I also have access to capital to finance a project of your size. Please shoot me an email if you would like to talk further: james@joinwatt.com
How does registration happen in case of a land purchase? As per the sale agreement executed between the seller and buyer, the cost of land is 10.25 lakhs, but the government value is 7.6 lakhs. With which amount should we register?
Ideally, the sale should be registered at the market value. However, due to high stamp duty and registration charges, people started undervaluing the property to save on those costs. On recommendation of GOI , many States in our country have reduced the stamp duty and registration charges.Despite this,as the saying goes,old habits die hard. The Stamps and Registration Department issue a circular on guidance value from time to time,to plug the revenue loss. The basis of guidance value is based on average statistical valuation derived from sales registered in the previous three to five years. One may observe, uncannily the market value is almost the double of the guidance value in Class 1 cities and four times in smaller towns and agricultural lands near them and http://high-ways.It should be the duty of every citizen to register the properties at correct value and pay all applicable fees and taxes.
How is TDS to be calculated for an apartment purchase in the case of 2 separate agreements for sale and construction by the builder?
I have purchased an apartment in Bangalore worth 1.2Cr in July 2015. 2 agreements were done by the builder - Agreement for Sale worth 45L & Agreement for Construction worth 75L. 95% of the payments were completed by Dec 2016. As a first time buyer, I was not aware of the TDS and the builder did not inform me either. I recently paid 1% TDS on the total sale consideration (excluding taxes) i.e. sale + construction. The form on the income tax website did not ask for any details of instalments, hence I entered the last instalment date of Dec 2016 as the date of payment. I did not pay any interest or penalty upfront.Some CA told me that TDS is not applicable on sale of land under 50L and tax is not applicable (VAT or GST) on construction. Is this true?Others have told me that people do not get notice for penalty and only for interest. Some have also told me that people only pay interest and not penalty and still get away with it.I am expecting a notice from the income tax department any day. Can I do anything to avoid the penalty and interest. As I understand it will be to the order of 1.5L3 months back, I had asked the builder to return me 1% of the payments made by me to pay towards TDS. They outright refused and asked me to deduct from the final instalment which is still not du. Can the builder be held liable and some action be taken by the IT department if I report this with proof. Is it worth a try?
How much does one have to pay LTCGT on the sale of land purchased for 10 lakhs and sold for 20 lakhs in 2018?
LTCG on land sale is 20%Any profit booked after three years of buying the property is considered a long-term gain. The calculation is the same as that for short-term gain, except that the cost of acquisition and improvement is adjusted for inflation (called indexation ).Let's assume you buy a property for Rs 25 lakh and sell it after five years for Rs 35 lakh, making a profit of Rs 10 lakh. However, your actual gain will be lower after indexation. Long-term capital gains from real estate are taxed at 20%.
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