09-28-2007, 06:43 AM
quote:
john,
can you advise on what the non-speculative dedication means/includes/reduces?
thanks in advance
noel
It's worth to do it if you are planning to stay there for 10 years. Once filed, you can not rent out the property, not even part of it, and you can not run a business out of there. (That's a gray area since there are many home-based businesses now.) The Non-Speculative Dedication will be recorded on your deed. If you sell before your 10 years time period is up, the COH will re-calculate your taxes based on the tax rate at the time of the sale and you will have to pay the difference + 10% of the difference as a penalty.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,RB
http://www.JohnRabi.com
Typically Tropical Properties
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