How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds

Ask a Real Estate Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 5379
Experience:  17 years of legal experience including real estate law.
4460311
Type Your Real Estate Law Question Here...
characters left:
2 Real Estate Lawyers are Online Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Depreciated Value Questions on JustAnswer

In real estate, depreciation refers to the loss in value of an asset or a building over a period of time due to a number of reasons like wear and tear, age, and physical deterioration. In real estate, depreciation applies only to the building as land does not wear itself out over the years. The depreciation value of a building also differs between residential income and commercial income properties.

Listed below are a few questions answered by lawyers on depreciated value related questions.

My current house has depreciated in value. I have the opportunity to buy a second home but can’t afford both mortgages. Assuming I default on my first home mortgage and it goes into foreclosure, can this affect my second home once I have title to it?

In the event that you default on your first mortgage, the bank may come after the equity in your second home since you still owe the bank money. That’s why it’s best to tread carefully and avoid foreclosure.

If a 10-year-old door has to be replaced, is the tenant responsible for paying the depreciated value of the door or its current value?

If the door has been damaged by the tenant, he would need to pay the cost of a new door times the percentage of useful life remaining in the door. This would depend on the materials used in making the door and its exposure to the elements. For example, a protected metal door would last longer than an exposed wooden door. In the event that the door was not damaged by the tenant, he would not be obliged to pay for it at all.

My tenants have an unauthorized pet that has damaged the carpeting and woodwork. Their security deposit won’t cover the depreciated value of carpet replacement plus the other damages. How can I claim compensation for this?

One of the best ways to make sure that you are well compensated for the damages is to ensure you are there with the tenants for a final walk-through of the property. You can then film all damages done to the property and let the tenants know if the damages amount to more than the security deposit, you are going to pursue them via small claims for the money that is owed.

Once you have gone through the property properly and listed all damages, ensure that you make a formal written, itemized estimate of all the costs. Send a copy of this to the tenants with a request to compensate you for the costs. You would need to do this within two weeks of their moving out so there is no room for arguing that you withheld damages or did not tell them on time. If, after all this, they still refuse to pay, you could go to court, produce a copy of the estimate as proof of damages, and sue them to recover the costs.

If my tenants removed the wall to wall carpeting in my property, do they pay for the original value of the carpet that they removed or the depreciated value of it?

Your tenants need only pay the depreciated or pro-rated cost of replacing the carpet. In most rentals, the carpet usually only lasts for only about 8 to 10 years.

Depreciation expenses are usually charged against the amount of revenue generated by using an asset. When you depreciate acquired real estate, you automatically reduce your income tax liability by showing a lower income. An expert may be able to help you understand specific issues related to the depreciated value of your property.

Ask a Real Estate Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 5379
Experience:  17 years of legal experience including real estate law.
4460311
Type Your Real Estate Law Question Here...
characters left:
2 Real Estate Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Real Estate Lawyers are online & ready to help you now

Tina
Lawyer
Satisfied Customers: 4813
16 years of legal experience including real estate law.
Law Pro
Lawyer
Satisfied Customers: 6227
20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Barrister
Lawyer
Satisfied Customers: 4966
13 years real estate, Realtor. Landlord 24+ years

Recent Depreciated Value Questions

< Last | Next >
View More Real Estate Law Questions