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I see this term everywhere, but I don't see a definition anywhere. Does it mean that it is the only residence I own? That I am the only resident? That it is a single-family home? That I'm single?...
Specifically, I'm filling Escrow forms for the title transfer of a condo I'm buying, and I'm required to check some boxes:
Improvement occupied by: owner, single residence, lesse, etc.
Does being or checking "single residence" have any tax benefits or implications?
Beh, it's 4:58pm, they all went home already. Oh well, they'll have to wait another day.
To help you help me, I should have listed the entire list of options in that "Improvement occupied by" question:
Single Residence
Multiple Residence
Commercial
Owner
Lessee
Tenants
Beh, it's 4:58pm, they all went home already. Oh well, they'll have to wait another day.
To help you help me, I should have listed the entire list of options in that "Improvement occupied by" question:
Single Residence
Multiple Residence
Commercial
Owner
Lessee
Tenants
That is just poorly worded. The first three refer to type of unit; the last three to type of occupant. Who writes these things?
That is just poorly worded. The first three refer to type of unit; the last three to type of occupant. Who writes these things?
Agreed. For example, my house I live in is a single residence, owner occupied.
A duplex that is rented would be a multiple residence, tenant occupied. (To me a lessee and a tenant are the same thing.)
I suppose "single residence and multiple residence" could actually mean "primary residence" ie the place you are going to call home and live the majority of the time, and "secondary residence" or "vacation home", meaning a place that you will be at less than 50% of the time, while calling somewhere else home. That does make a difference for tax purposes, as does the owner/tenant occupied part.
But I can't see any way, on this list, that you would only check 1 answer. Regardless, either way you interpret it, you should be marking one of the 1st 3 and one of the 2nd 3. Definitely need to check with your agent or the escrow officer to see what the intention is.
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