Philadelphia Real Estate Property Ownership
Types of Philadelphia Real Estate Property Ownership
There are varying types of Philadelphia real estate property ownership that can often get confusing if you are not versed in real estate terms. Here, I will do my best to describe the differing forms in the most simple terms.
PHILADELPHIA REAL ESTATE PROPERTY OWNERSHIP: SOLE OWNERSHIP
This is the most common form of ownership. In this type of Philadelphia real estate ownership, an individual is the only owner of a property, owns all the rights and interests, and can do with the asset as they see fit. The only time these lines become blurry is when a married couple purchase a property and put it in only one person’s name.
Ex: Fred buys a house. He has the right to all of the interests in the property and does not need to ask permission when trying to sell the property. Certain limits apply if property is purchased during marriage.
PHILADELPHIA REAL ESTATE PROPERTY OWNERSHIP: TENANTS IN COMMON
If you are a Philadelphia real estate owner and have ownership under tenancy in common, your rights are divided among the your other co-owners. This division does not need to be equally distributed, and each tenant has the right to do with his/her interest as they choose. When one of the co-owners passes away, the interests they owned passes to their heirs.
Ex: Fred, Ted, and Ned own a house together. Fred owns 50% interest, Ted owns 30%, and Ned owns 20%. When Fred passes away, Fred’s heirs receive the interest in the home that he held.
PHILADELPHIA REAL ESTATE PROPERTY OWNERSHIP: JOINT TENANCY
Joint tenancy in Philadelphia real estate involves two or more individuals owning the same property. These individuals have equal rights to the property, and the property is held under one title. In the case of joint tenancy, all owners or parties would need to reach a consensus when trying to sell or remodel the property. The major distinguishing characteristic of this type of Philadelphia real estate property ownership is that joint tenancy comes with a right of survivorship. This means that when one of the co-owners dies, the property is evenly distributed to the remaining owners, not to the deceased’s heirs.
Ex: Fred, Ted, and Ned own a property in Joint Tenancy. When Fred passes away, Ted and Ned equally distribute his interest to themselves, instead of passing them on to Fred’s heirs.
Whichever type of Philadelphia real estate ownership you take in a property, please make sure you are clear about legal ramifications that are associated with your ownership! If you have any questions in your decisions, get in touch with a legal consultant or a philadelphia property management company.
4th of July in Philadelphia
If you are spending the 4th of July in Philadelphia, here is a list of things for you to do around the city!
- Head on over to Franklin Square to enjoy a celebration of America’s birthday coupled with free activities that will entertain the entire family.
- Do not miss the Independence Day Parade that will take place in the streets of Philadelphia between 11:00 and 12:30. There will be marching bands, wonderful floats, and many special surprises along the way!
- If you have ever walked by Isaiah Zagar’s magical murals on South Street, you should definitely make a trip there this 4th of July in Philadelphia. Philadelphia’s Magic Gardens will allow participants to see normally closed spaces and wander through the “gardens.”
- Go to the Liberty Bell at 1:00 pm for the Bell Tapping Ceremony! This is a great free event to do with the entire family in honor of America’s independence!!
- The Parkway will be the main attraction for 4th of July in Philadelphia: there is a concert headlined by Philly’s own, The Roots, and other wonderful musical performances. Huge screens and speakers will allow everyone to hear the music and enjoy the festivities!
Fireworks will light up the sky this 4th of July in Philadelphia. Whether you’re watching from the Benjamin Franklin Parkway, or from your roof deck, it will be an absolutely wonderful show!
Steps to Becoming a Pennsylvania Real Estate Agent
How to Become a Pennsylvania Real Estate Agent
If you are looking to become a Pennsylvania real estate agent, you need to follow a few easy steps.
- A Pennsylvania real estate agent must be at least 18 years of age.
- According to the Pennsylvania Real Estate Commission, you must complete at least 60 hours of real estate instruction. To ensure that your classes will fulfill the requirements, they have a list of approved education providers. After you have completed the necessary education, you need to take a proctored exam and receive at least a 75 percent.
- The next step in becoming a Pennsylvania real estate agent is to register for the state examination. You must send in proof of your completed coursework, a Commonwealth of Pennsylvania Examination Registration Form, and an application fee.
- When all of this has been received, you can schedule your state exam.
- Once you have passed your Pennsylvania real estate agent exam, you will need to find an employing broker. All agents must work under a licensed broker! Do your research and try to find the best fit for you personally.
- At this point in your trek to becoming a Pennsylvania real estate agent, you have taken the necessary education requirements, passed the exams, and found an employing broker; now you can apply to get licensed! You need to send in your education transcripts, a criminal background check, a check or money order for your license fee, your PSI exam scores, and a Completed Salesperson Initial License Application that has been signed by you and your employing broker.
- Finally, when approved, your license will be mailed to your Broker and displayed in the office – you are now officiallya Pennsylvania real estate agent!
PS – Remember that unless you are a licensed broker, or under the auspices of a licensed broker of record; you are not able to perform Philadelphia Property Management duties!
Benefits of Using a Philadelphia Property Management Team
There are numerous benefits when using a Philadelphia property management team if you have a rental property. Of course people believe that they’d rather do the work themselves, than pay someone else to do it – it does cost a little bit of money to hire someone. This may be right for you and there is no knocking on that, but for many it makes a lot more sense to utilize the knowledge and experience of aPhiladelphia property management group.
WHY YOU SHOULD USE A PHILADELPHIA PROPERTY MANAGEMENT GROUP
- Experience & Knowledge: As well as you know your property, a Philadelphia property management group is in this business and is experienced in this field. They know about the area your property is located in, the laws and restrictions that could be applicable to your property, businesses in the area that can help maintain your property, and other fundamental things that will ultimately benefit you. This will come in handy when a repair needs to be done to your property! You may call around the Philadelphia area looking for a plumber, but, most likely, your property manager will have a trusted plumber on speed dial who will get the job done!
- Proximity: In many cases landlords have properties in numerous areas and some are living out of state; it is nice to know that you have your Philadelphia property management team, and that they are always in the area to take care of emergencies at your property. In the case of a flood or fire, your team would be able to handle the situation faster than a property owner who lived across the country. It is reassuring to know that there is always someone around in times of need and to keep an eye on your investment.
- Tenant Mishaps: One of the most stressful things that landlords have to deal with are the tenants themselves! Your Philadelphia property management team can collect your rent, deal with late rent issues, and handle all problems that are associated with your property. It may ultimately come down to a nasty eviction! In this worst case scenario, your Philadelphia property management group can help you in dealing with these awful circumstances. They become the buffer between you and the tenant, and, in unpleasant situations, it is nice to know that there is someone that is on your team and will fight for your best interest.
- Stress Reliever: As a landlord, you must have a ton of things to handle at one time – multiple properties, massive amount of paperwork, your own needs, your tenant’s constant needs, and the list goes on! A Philadelphia property management team will help you with all of that and be worth all of the money in the world for the simple reason that they will help compartmentalize the stress and headaches! If you are interested in taking a vacation, you can rest knowing that everything is under control.
- Overall Success: If you own more than just a few properties, it is almost always necessary to bring a third party onto your team; there is simply no way you can manage everything at once on your own! Bringing on a trusted Philadelphia property management team is a really smart move for you. It will decrease the amount of responsibility on your shoulders and improve your ultimate chance for success!
SHOULD YOU HIRE A PHILADELPHIA PROPERTY MANAGEMENT TEAM?
If you are in between what you should do about hiring a Philadelphia property manager, visit our blog post which explain in detail a property manager’s value. Remember to do what is best for you personally! If you do decide to go with a manager, please do your research and check out their differing prices and what they specifically offer. Also, read reviews and take advice from your friends!
All the best!
Philadelphia Real Estate Construction Permits Are on the Rise!
Around the country and in Philadelphia real estate, construction permits are on the rise, allowing contractors to build new homes! U.S. builders have started working on more single-family homes and have been requesting permits to start building more. According to a government report that was issued on Tuesday, permits are “at the highest rate since September 2008,” which is pretty wonderful news!
WHAT DOES THIS PHILADELPHIA REAL ESTATE NEWS MEAN FOR US?
If you want to know what this Philadelphia real estate news means for you and your family directly, itindicates that people are beginning to feel more comfortable investing in Philadelphia real estate again,and that the depressed home market may be starting to turn around! It also will create more jobs for the thousands of unemployed in and around our area. Get in touch with your Philadelphia Property Management consultant today.
5 Reasons You Should Use a Philadelphia Real Estate Agent
5 Reasons You Should Use a Philadelphia Real Estate Agent
As the seller of a property, you have to decide whether you are personally going to list your home for sale, or if you are going to utilize a Philadelphia real estate agent. While you may be able to save the cost of hiring an agent to assist you, almost always you will make back the difference when selling your home using a Philadelphia real estate agent. Here are the top 5 reasons I believe using an agent is to your benefit:
- Before you put your Philadelphia real estate on the market, you need to come up with a reasonable listing price. Yes, you can come up with a number on your own by researching what similar places are going for in your neighborhood, but a Philadelphia real estate agent would be a huge asset here. They can help you come up with a reasonable price that will get it sell.
- You will definitely attract attention by posting a “For Sale” sign on your Philadelphia real estate, but a major source of interest is going to come from internet listings & advertisements. A Philadelphia real estate agent will really become useful during this part of your search for a buyer – they have an extended network, and people are looking to them to specifically find places to buy. Also, when using a trusted name in real estate, people will be more likely to trust your property and the dealings that go along with it. Alone, the network and the amount of internet traffic their site gets, is worth hiring them!
- When you are getting ready to show your house to potential buyers, it is necessary that you make it aspresentable as possible. Most importantly, you want someone to see themselves living there. Though no one is discounting your ability to “stage” your Philadelphia real estate, it is good to have someone who is unbiased. At this point, a Philadelphia real estate agent will really come in handy.
- Depending on how much real estate knowledge you have, a Philadelphia real estate agent or Property Manager in Philadelphia could really be used to your advantage when you are negotiating with a buyer and when are you trying to work through all of the logistics and paperwork. This is what your agent has been trained for and it is always beneficial to have an expert on your team. You don’t want a deal to fall through just because there was incorrect filing of paperwork or something minute.
- While you may think of commission as a detriment to hiring a Philadelphia real estate agent, it really should be seen as a major asset. You need to remember that your agent will not get paid unless your house sells, and, therefore, they are very eager to have this happen. This means they will be working hard to get your home sold and off of the market. You will have another member of your team in this sense, someone who is working on your behalf to make sure that the best outcome happens.’
It appears that, though there may be a few downfalls to using someone else to sell your home, the benefits of hiring a Philadelphia real estate agent far outweigh the detriments!
