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Real Estate Dictionary
Welcome > Resources > Real Estate Dictionary - A

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Q

Quiet title

A court action to remove a claims or objections of other parties on a title

Quitclaim deed

A deed that releases whatever interest or title a grantor may hold in a property, without claiming any obligations or warranties

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z



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Real Estate Tips
First Time Buyers >Your Principal Residence

The Federal Tax Code allows married taxpayers to exclude from capital gains taxes up to $500,000 in profits from selling a home (singles can exclude $250,000). In order to qualify for this exemption, you must prove that that the home has been your principal residence for at least two out of the last five years. The establishment of the home as a principal residence depends on the facts of each homeowner's circumstance. Here are two cases to consider.

Homeowner A has lived at 25 Pine Drive for 12 years. Although he stays at his vacation cottage in another town for up to three months out of each year (sometimes more), 25 Pine Drive is his principal residence, where he lives most of the time. When he sells the home, Homeowner A (filing as a single individual) can keep up to $250,000 in tax-free profit.

Homeowner B buys 108 Maple Street, intending to live there. He rents it out while waiting to sell his current home, where he has lived for six years. His principal residence sells at the end of two years. Homeowner B moves into his new house, lives there for three months, and then decides to travel. After a six-month trip, he regrets buying 108 Maple Street and sells it. Even though he has owned the house on Maple Street for over two years, it won't qualify as "owner-occupied", because he only lived in it for a few months. Thus Homeowner B is not eligible to claim the tax exemption when he sells the house on Maple Street.

Consult your tax advisor for advice about your particular circumstance.

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Real Estate Trivia
Q 
What did 75% of 10,000 buyers surveyed by the NAR list as their top reasons for selecting a Real Estate Professional?

A 
Knowledge of the housing market, knowledge of real estate practices and financing, and familiarity with neighborhoods.
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Sean & Christine Remington, REALTOR®, real estate agent and broker for Rio Rancho, Corrales and Albuquerque, New Mexico home listings, property and land for sale - NUMBER1EXPERT

Sean & Christine Remington
Prudential Sandia Real Estate

6739 Academy NE, Suite 200
Albuquerque, NM 87109
Sean: 505-307-4006
Christine: 505-977-2004
Fax: 888-291-7121
Sean's Email: Sean@SeanRemington.com
Christine's Email: ChristineRNM@gmail.com

Don't leave such important decisions in the hands of just any real estate agent. Trust one of New Mexico's Top Real Estate Teams who makes it look fun and easy; Sean & Christine Remington. Having gone the extra mile to pursue extended education in real estate coupled with a heavy volume of experience ensures that when choosing to work with Sean & Christine - you have made the right choice.


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