Myrtle Beach Real Estate

Myrtle Beach Real Estate: "Myrtle Beach's 4 Seasons"

Unless you have been to Myrtle Beach during each season of the year you may not know that even though the weather is semi-tropical there are four seasons. The secret is that Spring and Fall last for months while Winter comes and goes for just a few weeks.

Fall brings the color changes to the trees just like in the northern States of the U.S.. The Spring burst of colors doesn't just disappear overnight.

Is Myrtle Beach's weather just about perfect? I'll never tell!http://www.sandymyrtlebeach.com

Myrtle Beach area Intracoastal Waterway

Myrtle Beach - Winter at Sunset

Trying To Sell A Home? You Should Know About A “Lease – Purchase Agreement”

(Not an option to purchase this is a sale that can be a win/win)

Before entering into a Lease – Purchase Contract Agreement the Seller should already know what the dollar amount for the monthly payment of the Lease portion needs to be to cover required costs if that is a factor. A large portion or all of the monthly payment will become part of the Buyers down payment and that portion is not rental income.

Keep in mind that during the Lease term the Seller may be able to claim a loss on their income tax return for their property expenses. Plus the amount of the initial down payment and subsequent monthly additional down payment are not taxable income when received, but are part of the sale price when the Purchase has gone to settlement and the deed transferred. (Sellers should consult with a trained income tax person)

The Contract Agreement should include a statement that no dollars paid to the Seller by the Buyer are refundable after ____ days. (Usually 30 days which allows the Buyer time to have had a Home Inspection and possibly cancel the entire Lease – Purchase according to the terms in the Contract Agreement).

To put it simply a Lease – Purchase can be done as follows:

Buyer gives Seller a large down payment (minimum $5,000 for every $150,000 property value). The down payment goes directly to the Seller and is not held in escrow.

Each month the Buyer makes a payment directly to the Seller and all or a large portion also becomes part of the down payment.

The Lease term is negotiable but normally one year and that date becomes the Closing Date on the Purchase portion of the Contract Agreement. The Contract Agreement should state and the Buyer should understand that they have to have their financing (mortgage) approved and ready to close on or before the Closing Date. If the property does not close on or before the Closing Date the Seller can cancel the purchase, keep all down payment monies, and do what they want with their property.