I want to pose this question and see what people think is the
answer. Since this is the RE section and this is a very
basic but important question lets see what everyone thinks
When buying real property, house, land, rental ect ect
What is the actual date that the property owner owns
the property and seller has sold the property to the
buyer??? Ok is it
1. Close of Escrow?
2. When the title is actually recorded at the county courthouse?
3. When money transfers from buyer to seller?
4. Combination of the above?
By the way go and ask your Escrow Officer this question or many
Escrow Officers this question and you will get alot of answers
I have had to look into this very very carefully because I an involved
in a situation where I must absolutely know this.
Look at case law and call your IRS auditor and you will
start to get a clear answer. Talk to RE accountants who fill
out the tax returns for RE transaction and also 1031 companies
that have to keep certain documents to prove this..................
but it is not the one you will hear from the Escrow Companys!!!!
Skidoddle
answer. Since this is the RE section and this is a very
basic but important question lets see what everyone thinks
When buying real property, house, land, rental ect ect
What is the actual date that the property owner owns
the property and seller has sold the property to the
buyer??? Ok is it
1. Close of Escrow?
2. When the title is actually recorded at the county courthouse?
3. When money transfers from buyer to seller?
4. Combination of the above?
By the way go and ask your Escrow Officer this question or many
Escrow Officers this question and you will get alot of answers
I have had to look into this very very carefully because I an involved
in a situation where I must absolutely know this.
Look at case law and call your IRS auditor and you will
start to get a clear answer. Talk to RE accountants who fill
out the tax returns for RE transaction and also 1031 companies
that have to keep certain documents to prove this..................
but it is not the one you will hear from the Escrow Companys!!!!
Skidoddle
