On March 1, 2007, Geoffrey Company acquired real estate, on which it planned to construct a small office building, by paying $91,690 in cash. An old warehouse on the property was demolished at a cost of $7,900; the salvaged materials were sold for $1,680. Additional expenditures before construction began included $1,110 attorney’s fee for work concerning the land purchase, $5,420 real estate broker’s fee, $8,880 architect’s fee, and $13,700 to put in driveways and a parking lot.
Determine the amount to be reported as the cost of the land.
On 1 March, 2008, Tanger Ltd acquired real estate on which it planned to construct a small office building.The company paid $90,000 in cash. An old warehouse on the property was demolished at a cost of $6,600; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,100 attorney’s fee for work concerning the land purchase, $5,400 real estate broker’s fee, $7,800 architect’s fee, and $15,000 to put in driveways and a parking lot.
Determine the amount to be reported as the cost of the land:
1.On March 1, 2007, Geoffrey Company acquired real estate, on which it planned to construct a small office building, by paying $93,166 in cash. An old warehouse on the property was demolished at a cost of $7,637; the salvaged materials were sold for $1,684. Additional expenditures before construction began included $1,464 attorney’s fee for work concerning the land purchase, $5,490 real estate broker’s fee, $9,851 architect’s fee, and $14,023 to put in driveways and a parking lot.
Determine the amount to be reported as the cost of the land.
2.These are selected 2007 transactions for Neuman Corporation:
May 1 Purchased a patent with an estimated useful life of 6 years and a legal life of 21 years for $36,540.
Prepare all adjusting entries at December 31 to record amortization required by the events.
cost of land isn’t right the computer programs won’t accept 100,120 as the right answer.
I am planning to buy a property that has the following history:
1. According to the documents shown to me by the present owner of the property someone named A inherited the property from his father B in the year 1952. The present owner has shown me a registered deed for this transfer from the father to the son.
However the Municipal Corporation doesn’t have any record of such transfer.
2. In the year 1960 Mr. A before he died handed over this property to his 5 children equally by making a registered deed.
Both the Municipal Corporation and the Sub-Registerer office has recod of this transaction.
3. In the year 2007 these 5 children gave a Power of Attorney individually to someone else(Mr. X) who is trying to sell me the property.
I have taken help from a lawyer and searched the records in the the sub-registerer office from the year 1952 and have seen that there is only one record of transfer of this property in the year 1960 from Mr. A to his 5 children.
Also I have got a report from the Municipality confirming the transfer of the this property in the year 1960 from Mr. A to his 5 children.
The present Municipality Tax Papers show that the property is still muted to the name of Mr. A and has not yet been muted to the name of his five children.
Now I need some opinion about this property.
1. Would it be wise to buy such a property?
2. What should be the steps to follow if I decide to buy this property?
3. What could be problems in the futute?
4. Will it cause any problems if I do not get any deeds prior to 1952? As I will not come to know about the history of this land. Also I am not sure about the existance of this deed(as the Municipal Corporation doesn’t have any such records) which shows transfer of the property to Mr. A from his father Mr. B in the year 1952?
Please help…
On March 1, 2007, Geoffrey Company acquired real estate, on which it planned to construct a small office building, by paying $91,690 in cash. An old warehouse on the property was demolished at a cost of $7,900; the salvaged materials were sold for $1,680. Additional expenditures before construction began included $1,110 attorney’s fee for work concerning the land purchase, $5,420 real estate broker’s fee, $8,880 architect’s fee, and $13,700 to put in driveways and a parking lot.
Determine the amount to be reported as the cost of the land.
I’ve tried and its not $126630… help!
On March 1, 2007, Geoffrey Company acquired real estate, on which it planned to construct a small office building, by paying $90,000 in cash. An old warehouse on the property was demolished at a cost of $8,200; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,500 attorney’s fee for work concerning the land purchase, $5,000 real estate broker’s fee, $9,100 architect’s fee, and $14,000 to put in driveways and a parking lot.
Determine the amount to be reported as the cost of the land
On March 1, 2007, Geoffrey Company acquired real estate, on which it planned to construct a small office building, by paying $90,000 in cash. An old warehouse on the property was demolished at a cost of $8,200; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,500 attorney’s fee for work concerning the land purchase, $5,000 real estate broker’s fee, $9,100 architect’s fee, and $14,000 to put in driveways and a parking lot.
Determine the amount to be reported as the cost of the land. $
Susan has contracted to sell her home to Bob. sale is for $100,000 cash with no conditions except that title be marketable and the sale to close on July 20 at Susan’s attorney’s office.July 18, Bob calls Susan and informs her that he had planned to buy the property by a “loan assumption” (i.e. rich uncle). Rich uncle, however, has refused and Bob does not have the cash to go ahead with the deal.Bob further mentions that he has some other real estate worth about $500,000 and he could sell or get a loan against this real estate and have enough cash to go ahead with the deal in the future.Bob asks Susan if she will extend the closing for a month, until Aug 20.Susan says no and informs Bob that she is ready, willing and able to perform on July 20.On July 20, no closing takes place.On July 21, Susan sues Bob for breach of contract.Please answer :(1) Has Bob breached the contract? (b) Does Susan have the right to sue Bob on July 21? (c) If Susan can sue Bob on July 21, any remedies availab?
Hello,
We really need some advice. We purchased our new home in February 2008, in a neighborhood of 13 estate homes. The future owner next door to us is an attorney, and has been allowed to use his own builder in the construction of his home, due to the fact that he assisted our builder with another land transaction. The neighborhood’s remaining 12 homes were built by the same reputable local builder. Throughout the last 6 months, we have voiced our ongoing complaint that the grading of this neighbor’s yard would cause substantial water runoff/damage/erosion to our lot and driveway. (This guy has graded his yard 2 to 3 feet higher than our the height of our land bordering our driveway.) We have asked our builder’s site superintendent, this owner, and even the county building inspector to do something to prevent a problem; minor grading revisions were made, yet we have been told over and over that his grading correctly corresponds with his approved county building plans.
Last week this guy installed an irrigation system and sod. Just as we feared, our driveway now has a constant heavy stream of water running down it. The area in front of our driveway is now filled with a large pool of water that never has time to evaporate. We have had enough of the diplomacy. We need to hire an attorney, as we feel our property value has and will continue to decrease as a direct result of this problem.
Our questions:
(1) What type of attorney should we hire?
(2) Would an attorney take our case on a contingency basis?
(3) Who should we sue: our builder who has allowed this to happen, the homeowner
causing the problem, or the county who approved the grading? (It is our
understanding that our builder’s name currently remains on this land plat until
settlement.)
Thank you, thank you for all and any help that you might provide us. Laura
I am several months behind on my mortgage. I have two mortgages on my home. My first mortgage company came up with a re-payment plan, but it was 300 more monthly. More that I can afford. I have researched the short sale option. Can someone tell me how does this work with a 2nd lien holder when the value of the home exceeds the total amount borrowed from both lienholders? Does anyone know how to find a Real Estate company that will handle this type of sale? Also, should I contact my mortgage companies to ask permission first? Is a deed in lieu an option?
My ex husband has caused my legal/court fees to go through the roof, and continues to create more fees for any reasons he can think of, my son is only 10 and I expect this to go on for 8 more years. The legal fees ($150 an hour) throughout the last 5 years have caused me to go bankrupt and am struggling to get by. I tried going solo without an attorney, but I am putting my son’s life at risk.
Any help would be greatly appreciated. I just want to find a nice rental I can afford for my son and myself so that we can have a better quality of life with less worries.
Thanks again
