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Summary: Having a problem buying or
selling a home? In the past twenty years average home prices
have nearly tripled. With the comfort, security and tax shelter
of home ownership, it still remains the American Dream. But
today, our average first?time buyer faces a down payment that
puts home ownership out of range. Equity sharing is today's
team strategy for buying or selling a home. It teams the cash-poor
buyer up with a seller, relative, friend, or outside investor
to solve the down payment crunch and earn hefty profits and
tax benefits for all.
Best Reviews: Robert Bruss, nationally syndicated
real estate columnist, gives a rave review on Sullivan's book.
He says: "There is no better book about home equity
sharing than this one. On my scale of one to 10, it rates
a solid 10."
Booklist says the book presents "one approach that
can turn the American dream into reality."
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Why Is This Book Unique?
It's the Blueprint for Residential Joint Ownerships
Here is the first standard model of a residential joint ownership
-- created by a real estate attorney and broker. For the first time,
The New Home Buying Strategy establishes residential joint ownership
as a formal discipline -- it presents a blueprint for the residential
joint ownership transaction which gives it validity for all participants.
With its universal definitions it will be understood by all in the
same way, legitimizing joint ownership as a new and reliable means
to acquire, sell and retain homes.
The Author Is an Expert
The New Home Buying Strategy brings the author's three fields
of expertise to you, the reader, so you will succeed in joint ownership.
The author -- an award-winning real estate attorney, broker and
educator -- is the recognized joint ownership authority, having
developed what has now become the Uniform Joint Ownership Agreement,
which she has herself successfully applied to thousands of transactions.
...And There's More Practical Information
Other Strategies: Although joint ownership is the focus
of this book, all other reliable home buying strategies are presented
-- lease option, seller financing, loan assumption, and a full array
of low down payment loan programs including VA and FHA.
How to Qualify As a Buyer: This book is chock full of facts
about loans -- from qualifying criteria to charts showing you how
much of a home you can afford, how much income you'll have to make
and whether you'll have to pay for mortgage insurance.
First-Time Buyer Coach: The first-time buyer, typically
overwhelmed by his first purchase, is coached on all the basics
of buying a home alone or with a co-owner. The reference materials
available through the Order Form give you additional aids to walk
you through your first purchase.
Uses of Your Living Trust: The living trust is ideal for
relatives to invest as a co-owner and gift their interest away at
death in one easy step. When the Investor is alive, he earns his
profit. When he dies, his interest goes to his co-owner.
Solution for Distressed Times: Joint ownership as the solution
for divorce, foreclosure or relocation.
At Last - Understand the Tax Benefits of Home Ownership: Home
ownership's tax benefits are some of the primary reasons that buying
a home is the American Dream. This book about home ownership would
not be complete without discussing this important issue. "Taxes"
have always been a topic to be avoided. Americans tend to think
they are complicated and beyond their understanding. But in this
book, they are not.
The New Home Buying Strategy weaves short-term and long-term tax
benefits into each sample, presenting each tax benefit in a simple,
easy-to-understand manner. Investor and Occupier are shown how to
defer taxes on gain they have made by rolling out of the joint ownership
under Internal Revenue Code §121 or by exchanging out under
Internal Revenue Code §1031.
What Tools Do You Get?
Sample transactions clearly illustrate a joint ownership transaction
from offer to buyout, refinance and sale. You get all documents
necessary to develop the transaction -- also available through the
Order Form at the end of this book by fax or mail order or as user-friendly
software. Handy charts, also available as math-based software, help
you evaluate your transaction, including ownership splits, Investor
return, tax deductions, and the figures at buyout and sale. Finally,
the Joint Ownership Checklist carefully steps you through your transaction.
You'll learn all the strategies you'll need to solve the proverbial
Cash Crunch and realize your American Dream -- whether by joint
or sole ownership. This book is indeed the result of these well-tested
strategies that make home ownership accessible to you, the reader,
and that make joint ownership The Great Equalizer as we move through
the 21st Century.
Introduction 1
What Can This Book Do for You? · Why Is Home Ownership
So Desirable? · Why Is a New Home Buying Strategy Needed?
· Why Is This Book Unique? · ...And There's More Practical
Information · What Tools Do You Get?
1 Joint Ownership: The Great Equalizer 7
Joint Ownership: A History · Is Home Ownership Really So
Valuable? · The New Home Buying Strategy · The Return
of Teamwork · Anatomy of a Joint Ownership · Equal
Benefits to Investor and Occupier · Blueprint for the Uniform
Joint Ownership Transaction
2 The Joint Ownership Team 27
The Logistics of Joint Ownership · Who Is the Ideal Occupier?
· Sellers Make Excellent Investors · Occupier's Research
of Residential Market · Loan Qualification · Looking
for an Investor · Finding the Right Property · Matching
Up Seller and Occupier
3 Joint Ownership Checklist 43
Occupier Checklist · Seller-Investor Checklist ·
Outside Investor Checklist · A Step-by-Step Formula for Success
4 Putting the Joint Ownership Together 53
The Estate Agent's Role · Title Company · The Loan
and the Lender · Attorney, Accountant, and Appraiser ·
Listing Agreement · Purchase Documents · Apportioning
Initial Cash Outlay · Title Vesting Strategies · Joint
Ownership Agreement
5 Terms of the Joint OwnershipAgreement 81
When Should the Agreement Be Prepared? · The Preliminary
Commitment · The Related Documents Term · Payments
· Occupancy · Improvements Assignment · Terminating
Options · Automatic Extension to Prevent Loss · Default
6 Calculating the Joint Ownership Numbers 99
Determining the Ownership Split · The Joint Ownership Money
Map · Projected Appreciation · Projected Return ·
Chart: Suggested Ownership Splits · The Protection Provision
· No Guarantees Buyout at Term · Buyout on Default
· Sale at Term · Default Sale
7 Protection Against Co-Owner Default 117
What Happens When Occupier Defaults? · Memorandum ·
Note and Trust Deed/Mortgage · Lease Agreement · Default
Buyout · Death As Default Bankruptcy As Default ·
Payment Default · Non-payment Default · Default Sale
· Investor Foreclosure · Eviction · Cooperative
Efforts
8 Tax Deductions of the Joint Ownership 147
Deduction Entitlement · IRC §280A Rental ·
Who Must Comply? · Is Rent Paid? · Calculating Rent
· Rental Reimbursement · Mortgage Interest Deduction
· Property Tax Deduction · Investor's Depreciation
Deduction
9 Seller As Investor - SampleTransaction 165
Joint Ownership Split · Loan · §280A Rent ·
Occupier Deductions · Investor Deductions · Sale at
Term · Buyout at Term · Refinance to Buyout
10 Third Party Investor - SampleTransaction 189
Title · Rent Reimbursement · Refinance ·
Buyout · Investor Profit · Occupier Profit ·
Tax Deferral · Investor's Depreciation · Comparison:
Seller and Outside Investor
11 The Occupier's Tax Haven 213
Deferral Options Under IRC §1034 · $125,000 Determining
Occupier Gain Without Rollover · Requirements of §1034
· Age 55 Exemptions · Reassessment Exemption ·
Conversion to Investment Property · The Quick Qualifier
12 The Investor's Tax Shelter 227
The Outside Investor · Seller As Investor · Investor's
Two Percentges · Investor Terminating Options · Investor
and IRC §1031 · Exchange Requirements Calculating the
Exchange · Basis and Gain Calculations · Boot Received
· Gain Realized · Gain Recognized
13 Solutions at Divorce, Foreclosure and Relocation 249
Joint Ownership As the Answer at Divorce · Ex-Spouse As
Investor · The Owner's Solution at Foreclosure · Employer-Employee
Plans · Answering Times of Financial Stress
14 Your Living Trust As a Tool 267
What Is a Living Trust? · Advantages · Disadvantages
· Taking Title · Program for Relatives · Lenders
· Co-Owner Trust Transfers · Tax Benefits ·
Acquire and Will Away in One Step
15 Other Cutting Edge Strategies 279
Lease Option · Joint Ownership Lease Option · Seller
Financing · Convincing Seller to Finance · Loan Assumption
· Wrap Seller's Loan · Buy "For Sale by Owner"
· Slow Season Buying · First Time Buyer Programs ·
Early Inheritance · Foreclosure Buying
16 All About Loans 305
How Much Can You Afford? · The Standard 30-Year Loan ·
Fixed-Rate Loans · Adjustable Rate Mortgage (ARM) ·
Which Is Better? · The Annual Percentage Rate · Pre-Payment
and Assumption · Negative Amortization · Private Mortgage
Insurance · FHA-Backed Loans · VA-Guaranteed Loans
Appendix 319
Sample Forms
Joint Ownership Agreement · Joint Ownership Memorandum ·
Joint Ownership Note and Deed of Trust · Joint Ownership
Lease Agreement
Blank Forms 363
Joint Ownership Preliminary Commitment · Joint Ownership
Worksheet · Rent Calculation · Depreciation Calculation
· Occupier Gain Calculation · Occupier IRC §1034
Rollover with IRC §121 Exemption · Investor Gain Calculation
· Investor Exchange Profile · Investor Exchange Calculation
Internal Revenue Code Sections 373
§121 · §280A · §1031 · §1034
Glossary 381
Index 391
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