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Explaining Real Estate Contracts in Maine

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Are you a buyer that is frustrated by multiple offers in the current real estate market? Consider using an "Escalation Addendum" to submit with your offer.  Let's take a look at and explain what an Escalation Addendum is:

 

Escalation Addendum- Part of a purchase and sale agreement for an offer to purchase property. Using the addendum above; [...]

Low Appraisals When Selling Your Home

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Is the buyer of your property getting a mortgage?  What if the appraisal for their mortgage comes in lower than their offered purchase price?

 

If your broker states that your property could potentially appraise for close or lower than the purchase price, you could ask the buyer to cover any gap in the appraised value in the Purchase and Sale [...]

Understanding Capital Gains on Inherited Assets

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When beneficiaries inherit assets, those assets generally receive what's called a "step up"in basis. Understand how this saves beneficiaries taxes on appreciated assets.

Capital gains taxes are taxes that you need to pay when you sell an asset that has gone up in value. You are taxed on the difference between what you bought the asset for (called [...]

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