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    Hillary Clinton proposed a 65% top rate estate tax.

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      "After closing on the home for about $1.7 million in April 2013, they called in an engineer who delivered a stomach-churning report."

      DUMBASS! You hire the engineer BEFORE YOU BUY IT!!!!!!!!!!!!!!!!!! Sweet Jesus.

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        That's what we call a surveyor, right?

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          Originally posted by Lang Spoon View Post
          About the only scorched earth madness where I’ve half agreed with Adam Smith Institute is when Mad Madsen Pirie called for a 100% inheritance tax. I’m guessing their secret donors back then didn’t have Mercer deep pockets and it really was just a crank think tank. If you truly believe in (and ugh, fuck it as an aspritation) meritocracy and the free unrigged market, ridding the game of chinless, red faced, jolly great types must be a necessity. The bank of Mum and Dad must be closed down for anything over inheritance tax thresholds if you want a “property owning democracy” to continue in Anglosphere dystopia.
          That sounds ok but people could still pass money on while they're still alive and that would be hard to stop.
          I've benefited from that. Not a lot compared to what we're talking about here - nowhere close to the inheritance tax threshold - but it was a big help.

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            Originally posted by Tubby Isaacs View Post
            That's what we call a surveyor, right?
            Not sure. But over here, there should always be an inspection before you buy it and if I were paying that much and buying a house that old, I'd want it to be especially thorough.

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              That's what we call a surveyor, right?
              Really?

              They are two rather different professions over here. Surveyors primarily deal with parcel boundaries and the like. Reed is talking about a structural engineer who does inspections of existing structures.

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                And yes, estate tax is almost certainly irrelevant to the kind of inter-generational transfer likely to have occurred here.

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                  I also found it pretty shocking that they had no idea that the front wall was crumbling prior to closing escrow. Was there no inspection done at all?

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                    Originally posted by caja-dglh View Post
                    If I could have been bothered to post that this weekend, I would have been on this thread. Something in that story is left untold or I need to become a school teacher.
                    He's no regular school teacher, he's a school teacher at a maker academy (rolls eyes).

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                      Yep HP My folk have helped me out as well back in the day. But when helping out means handing you a House (to occupy, sell to fund buying somewhere you want to live, or become a leeching good money from the economy rentier class mofo), this entrenches inequality much more than grants/e-zee loans of money that may or may not be declared to the taxman/ May be spent on boats and ho’s*.

                      But then how do you go from allowing money transfers in the hundreds or few thousands and ban larger sums if all parties are still alive. I guess it’s these little holes in Adam Smith Institute World Brainiac Empathy Free logic that see things like the Poll Tax being presented by them to late Thatcher Church Militant Govt as a low risk win win. Randroids with table manners.

                      *Drink and green and rent.
                      Last edited by Lang Spoon; 20-02-2018, 22:29.

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                        Yeah, the "Maker Academy" raises the possibility that he was previously a tech bro or banker who wasn't making a teacher's salary.

                        It does look like they didn't do a structural inspection, which isn't unheard of here, but is pretty stupid given the nature of the housing stock (visual inspections/walk throughs are generally required for mortgages)

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                          Spoony, we have a "gift tax" regime and other rules on inter-generational transfers that could be used if there was any political will to do so.

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                              Originally posted by ursus arctos View Post
                              They are two rather different professions over here. Surveyors primarily deal with parcel boundaries and the like. Reed is talking about a structural engineer who does inspections of existing structures.
                              Yes that would indeed be a surveyor in the UK (building surveyor, rather than land surveyor), and what you call an inspection would be known as a survey.

                              The most dispiriting aspect of that story is that a house with so much time and money spent on it looks so bland and devoid of personality. All that tasteful interior-designer-friendly greige paint and neo-victoriana, and paintings that look just like the pick of the TK Maxx "wall art" section.

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                                Originally posted by SouthdownRebel View Post
                                Underrated. Great physical comedy.

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                                  Originally posted by ursus arctos View Post
                                  Yeah, the "Maker Academy" raises the possibility that he was previously a tech bro or banker who wasn't making a teacher's salary.

                                  It does look like they didn't do a structural inspection, which isn't unheard of here, but is pretty stupid given the nature of the housing stock (visual inspections/walk throughs are generally required for mortgages)
                                  My inspection determined I needed radon mitigation (which I still believe may be some kind of elaborate scam), and a few other minor things. But it was built in 1994.

                                  A regular inspection might not turn-up structural issues, but for that amount of money and that house, they should have hired one.

                                  On the other hand, it sounds like they would have bought it anyway or some other dumbass would have at that price.

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                                    In multiple-offer Toronto of last summer, you'd get 10 or 12 people bidding on a house - with all conditions waived. So, nothing conditional upon financing, inspection, etc. Apparently these would immediately put you out of the running.

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                                      My experience in the US compared with the UK was that the people in the US who did building inspections and so in didn't seem to have any legal liability, gave vague sort of reports if anything, and the whole show was very superficial. The UK surveyor handed me an 80 page report full of all kinds of thing, covering their arses on the tiniest risks of maybe a hint of decay in a joist somewhere, or whatever. I think UK surveyors can be in big financial trouble from mortgage lenders if they fail to spot problems that damage the value of the house. Our US inspection was - I think - voluntary, not needed by the mortgage company at all.

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                                        Originally posted by WOM View Post
                                        In multiple-offer Toronto of last summer, you'd get 10 or 12 people bidding on a house - with all conditions waived. So, nothing conditional upon financing, inspection, etc. Apparently these would immediately put you out of the running.
                                        That should be illegal.

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                                          Originally posted by San Bernardhinault View Post
                                          My experience in the US compared with the UK was that the people in the US who did building inspections and so in didn't seem to have any legal liability, gave vague sort of reports if anything, and the whole show was very superficial. The UK surveyor handed me an 80 page report full of all kinds of thing, covering their arses on the tiniest risks of maybe a hint of decay in a joist somewhere, or whatever. I think UK surveyors can be in big financial trouble from mortgage lenders if they fail to spot problems that damage the value of the house. Our US inspection was - I think - voluntary, not needed by the mortgage company at all.
                                          It's often required for the mortgage. I don't see how, in the situation WOM describes, the banks aren't just begging for a disaster if they hold mortgages on so many houses they know nothing about. Because they're going to end up owning a certain percentage of them, and as prices go through into orbit, that percentage is likely to grow, isn't it? Or maybe they think that prices will go up forever. We saw how that turned out.


                                          In every US state I'm familiar with, the seller is legally obligated to disclose certain things, like if the house ever had termites.
                                          After the inspection, you can try to chisel the seller down a bit, get them to agree to pay for certain repairs, or agree to split the costs of certain things that need to happen. Like with this house, I got the seller to help pay for the radon thing and fix the drain in the downstairs bathtub, which still is kinda not fixed. I think it's just inherently too narrow or something.

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                                            My experience in the US compared with the UK was that the people in the US who did building inspections and so in didn't seem to have any legal liability, gave vague sort of reports if anything, and the whole show was very superficial. The UK surveyor handed me an 80 page report full of all kinds of thing, covering their arses on the tiniest risks of maybe a hint of decay in a joist somewhere, or whatever. I think UK surveyors can be in big financial trouble from mortgage lenders if they fail to spot problems that damage the value of the house. Our US inspection was - I think - voluntary, not needed by the mortgage company at all.
                                            Yeah, in principle the surveyors/valuers (in practice it's the same person/firm) are directly liable for any loss which is the result of a negligent report. In practice it can be difficult to establish that, but there's a formal duty of care in that relationship. Sounds like there isn't in the US.

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                                              Originally posted by Hot Pepsi View Post
                                              That should be illegal.
                                              You should mind your business until roughly the end of April, when hopefully mom's house is sold.

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                                                Originally posted by WOM View Post
                                                You should mind your business until roughly the end of April, when hopefully mom's house is sold.
                                                Will you be able to retire to the Carribean on the profit?

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                                                  I could certainly get into a reasonably salubrious mobile-home park in Ft Myers with my half. Which would suit me just fine.

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                                                    If you get it in cash, you could buy somewhere down here, WOM.

                                                    Yes cash. Property purchases in Argentina are paid for in suitcases of actual US dollars.

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