Before placing your property on the market, it's important to understand market fundamentals. Four keys to preparing your property are:
Fair Market Value.
This is the price at which a property should sell based on recent comparable sales, current competitive properties, financing conditions and the condition of the property. Knowing the current assessed value is also important in determining capital gains tax, if applicable.
Expenses.*
It is customary in San Francisco for the seller to pay for a number of inspections and reports. We will help clarify your costs by providing an itemized list of expenses.
Legal & Taxes.
It is imperative to understand your tax situation as it relates to the sale of property. Important factors include the Transfer Tax, Inheritance Tax, Foreign Investment in Real Property Tax, California Withholding Tax, 1031 Exchange guidelines, title vesting, seniors transferring their tax base to other counties and $500K/$250K capital gains tax exemptions. While we can help you understand the requirements of this process, we encourage you to consult an attorney or CPA before placing your property on the market.
Disclosures & Reports.*
the best protection for any seller is to disclose all the defects and/or matters affecting the value or desirability of the property. We strongly encourage all owners to obtain a Pest Control Report and/or a Home Inspection Report. Several reports are mandatory to satisfy local and state requirements, such as the underground tank report, geological report, 3R report (permit history), and the energy ordinance. We can help obtain bids for corrective work as well as offer advice on selling your property in an "as is" condition. |